Smart Home - South Korea

  • South Korea
  • Revenue in the Smart Home market is projected to reach €6.6bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 10.96%, resulting in a projected market volume of €10.0bn by 2028.
  • Household penetration will be 60.5% in 2024 and is expected to hit 119.0% by 2028.
  • The average revenue per installed Smart Home currently is expected to amount to €490.50.
  • A global comparison reveals that most revenue is generated United States (€35,470.0m in 2024).
 
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Analyst Opinion

The Smart Home market in South Korea is experiencing significant growth and innovation driven by changing customer preferences and local special circumstances.

Customer preferences:
Customers in South Korea are increasingly seeking convenience, efficiency, and connectivity in their homes. The demand for smart home devices that can be controlled remotely via smartphones or voice assistants is on the rise. Additionally, there is a growing interest in energy-efficient solutions and home security systems among consumers.

Trends in the market:
In South Korea, the Smart Home market is witnessing a surge in the adoption of Internet of Things (IoT) technology. This trend is fueled by the country's advanced digital infrastructure and tech-savvy population. Smart appliances, such as refrigerators, air conditioners, and washing machines, are becoming more popular as they offer enhanced functionality and energy savings. Home automation systems that can integrate various devices and provide seamless control are also gaining traction in the market.

Local special circumstances:
South Korea is known for its strong technology sector and high internet penetration rate, creating a conducive environment for the growth of the Smart Home market. The government's initiatives to promote smart cities and sustainable living further contribute to the expansion of smart home technologies in the country. Moreover, the competitive landscape with local tech giants driving innovation in the industry adds to the dynamic nature of the market.

Underlying macroeconomic factors:
The robust economy of South Korea supports consumer spending on smart home devices and technologies. As disposable incomes rise and urbanization continues, more households are investing in smart home solutions to improve their quality of life. Additionally, the increasing awareness of environmental issues and the need for energy conservation drive the demand for eco-friendly smart home products in the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.

Vue d’ensemble

  • Revenue
  • Key Players
  • Product Types
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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