Market Insights Digital

Smart Home - Canada

  • Canada
  • The Smart Home market in Canada is projected to witness a substantial growth in revenue.
  • By 2024, the projected revenue is expected to reach €2.9bn.
  • This growth is projected to continue with an annual growth rate (CAGR 2024-2028) of 9.61%.
  • As a result, the market volume is expected to reach €4.2bn by 2028.
  • In terms of household adoption, the number of active households in Canada is expected to reach [users_currentlayer_yearend] by 2028.
  • The penetration rate of Smart Home market technology is anticipated to increase from 41.0% in 2024 to 68.6% by 2028.
  • Currently, the average revenue per installed Smart Home market in Canada is expected to amount to €429.40.
  • When compared globally, it is worth noting that United States generates the highest revenue in the Smart Home market, with €35,980.0m projected for 2024.
  • Canada's smart home market is experiencing rapid growth, driven by the increasing demand for energy-efficient and connected devices in households across the country.

Key regions: United States, United Kingdom, Germany, Europe, Norway

 
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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 segment. 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 digital products and services 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 twice a year in case market dynamics change.

Vue d’ensemble

  • Revenue
  • Smart Homes
  • Demographics
  • Key Players
  • Global Comparison
  • Methodology
  • Key Market Indicators
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