Control & Connectivity - Mexico

Mexico

Revenue in the Control & Connectivity market is projected to reach US$226.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 13.71%, resulting in a projected market volume of US$379.3m by 2028.
In the Control & Connectivity market, the number of active households is expected to amount to 10.9m users by 2028.
Household penetration will be 8.6% in 2024 and is expected to hit 27.3% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$70.44.

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Analyst Opinion

The Control & Connectivity market in Mexico is experiencing significant growth and development.

Customer preferences: Mexican customers are increasingly demanding control and connectivity solutions for their homes and businesses. This is driven by the need for convenience, security, and energy efficiency. Customers are looking for smart home automation systems that allow them to control various aspects of their homes, such as lighting, temperature, and security, through their smartphones or other devices. In addition, businesses are seeking connectivity solutions that enable them to streamline their operations and improve efficiency.

Trends in the market: One of the key trends in the Control & Connectivity market in Mexico is the increasing adoption of Internet of Things (IoT) technologies. The IoT allows for the interconnection of devices and systems, enabling seamless communication and control. This trend is driving the demand for control and connectivity solutions, as businesses and homeowners seek to leverage the benefits of IoT technologies. Another trend in the market is the integration of artificial intelligence (AI) and machine learning (ML) capabilities into control and connectivity systems. These technologies enable automation and intelligent decision-making, further enhancing the convenience and efficiency of control and connectivity solutions.

Local special circumstances: Mexico has a large and growing middle class, which is driving the demand for control and connectivity solutions. As incomes rise, more people are able to afford these technologies, leading to increased adoption. In addition, the Mexican government has been promoting the use of smart technologies, including control and connectivity solutions, to improve energy efficiency and reduce carbon emissions. This has created a favorable environment for the growth of the Control & Connectivity market in Mexico.

Underlying macroeconomic factors: The Mexican economy has been growing steadily in recent years, which has contributed to the growth of the Control & Connectivity market. As the economy expands, businesses and consumers have more disposable income to invest in control and connectivity solutions. In addition, the Mexican government has been investing in infrastructure development, including the expansion of broadband internet access. This has improved connectivity across the country, making it easier for businesses and consumers to adopt control and connectivity solutions. In conclusion, the Control & Connectivity market in Mexico is experiencing significant growth and development, driven by customer preferences for convenience, security, and energy efficiency. The increasing adoption of IoT technologies and the integration of AI and ML capabilities are key trends in the market. The large and growing middle class, government support, and the overall economic growth of Mexico are contributing to the expansion of 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.