Smart Home - Vietnam

  • Vietnam
  • Revenue in the Smart Home market is projected to reach €304.7m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.64%, resulting in a projected market volume of €473.4m by 2028.
  • Household penetration will be 15.4% in 2024 and is expected to hit 25.7% by 2028.
  • The average revenue per installed Smart Home currently is expected to amount to €83.66.
  • A global comparison reveals that most revenue is generated United States (€35,980.0m in 2024).
 
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Analyst Opinion

Amidst the bustling technology landscape in Vietnam, the Smart Home market is experiencing significant growth and transformation.

Customer preferences:
Vietnamese consumers are increasingly drawn to Smart Home devices due to their convenience, efficiency, and ability to enhance daily life. The desire for interconnected devices that offer remote control and automation features aligns with global trends towards smart living.

Trends in the market:
In Vietnam, the Smart Home market is witnessing a surge in demand for products such as smart lighting, security systems, and energy management solutions. This trend is being primarily driven by the rising middle-class population, urbanization, and the growing awareness of energy efficiency.

Local special circumstances:
One unique aspect influencing the Smart Home market in Vietnam is the country's rapid urbanization rate. As more individuals migrate to urban areas, there is a greater need for solutions that can optimize living spaces and provide enhanced security measures. Additionally, the increasing disposable income among Vietnamese consumers is enabling them to invest in smart technologies for their homes.

Underlying macroeconomic factors:
The economic growth in Vietnam, coupled with the government's focus on digital transformation, is creating a conducive environment for the expansion of the Smart Home market. As the country continues to develop its infrastructure and technology ecosystem, the adoption of Smart Home devices is expected to become more widespread, driving further market growth.

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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