Russian smart home market to hit US$2.3 billion by 2023
by Stuart Wilson, Tuesday 19 March 2019
Market research from Statista has highlighted the huge growth opportunities in the Russian smart home segment. Sales in the smart home market are forecast to hit US$609m in 2019, with an annual growth rate of 40.4% driving the overall market value to US$2.37 billion per annum by 2023. Household penetration of smart home solutions stands at just 2.8% in 2019, but is projected to climb to 10.7% by 2023.
The Statista research also highlights the potential of specific smart home categories in Russia. Drilling down to a category level, the research claims that the value of the smart appliances segment will be US$178m in 2019, growing to US$725m by 2023 with a compound annual growth rate of 42.2%.
The smart home security segment is expected to hit US$357m by 2023, growing at 36.7% year-on-year from a value of US$102m in 2019. Revenues in the control and connectivity segment amounts to US$117m in 2019. Control and connectivity revenue is expected to show an annual growth rate of 45.4%, resulting in a market value of US$521m by 2023.
Smart home energy management solutions are forecast to grow at 44.5% a year, reaching a value of US$264m in 2023, compared to US$61m in 2019. Sales in the comfort and lighting segment are projected to increase at 45.9% per annum to climb from a market value of US$47m in 2019 to US$212m by 2023.
The home entertainment smart home segment amounts to US$105m in 2019, according to Statista. Revenue is expected to show an annual growth rate of 28.8%, resulting in a market volume of US$288m by 2023.
The overall number of Russian households with smart home solutions is forecast to increase from 1.5 million in 2019 to hit 5.5 million in 2023.