Smart Home - Malaysia

  • Malaysia
  • The Smart Home market in Malaysia is expected to experience significant growth in the coming years.
  • According to projections, the revenue in this market is projected to reach MYR US$353.8m by 2024.
  • Furthermore, it is anticipated that the market will continue to expand at an annual growth rate of 12.93% (CAGR 2024-2028), resulting in a projected market volume of MYR US$575.5m by 2028.
  • This growth is driven by the increasing number of active households, which is expected to reach [users_currentlayer_yearend] by 2028.
  • In terms of household penetration, the Smart Home market is expected to have a penetration rate of 17.8% in 2024, which is projected to increase to 29.5% by 2028.
  • This indicates a growing adoption of Smart Home market technology among Malaysian households.
  • Currently, the average revenue per installed Smart Home market in Malaysia is expected to be MYR US$239.30.
  • This figure reflects the revenue generated per Smart Home market installation in the country.
  • In a global comparison, it is worth noting that United States leads in terms of revenue generated in the Smart Home market.
  • In 2024, United States is projected to generate revenue of US$38,800.0m.
  • This highlights the significant market presence and consumer demand for Smart Home market products and services United States.
  • The demand for smart home devices in Malaysia is growing rapidly, driven by the increasing urbanization and tech-savvy population.

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.

Overview

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