Control & Connectivity - India

India

Revenue in the Control & Connectivity market is projected to reach €1.1bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.52%, resulting in a projected market volume of €1.9bn by 2029.
In the Control & Connectivity market, the number of active households is expected to amount to 42.3m users by 2029.
Household penetration will be 5.6% in 2024 and is expected to hit 14.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €67.31.

Mercado

Región

Comparación de regiones

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Analyst Opinion

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

Customer preferences: Customers in India are increasingly seeking products and services that offer control and connectivity features. This is driven by the growing adoption of smart devices and the increasing need for seamless connectivity. Consumers are looking for products that can be easily controlled and connected to other devices, such as smartphones and tablets. They also prefer products that offer advanced features like voice control and remote access. Additionally, customers in India prioritize affordability and value for money when making purchasing decisions in the Control & Connectivity market.

Trends in the market: One of the key trends in the Control & Connectivity market in India is the increasing demand for smart home devices. Smart home devices, such as smart speakers, smart thermostats, and smart security systems, are gaining popularity among Indian consumers. These devices offer control and connectivity features, allowing users to control various aspects of their homes through their smartphones or voice commands. The convenience and energy-saving benefits of smart home devices are driving their adoption in India. Another trend in the market is the growing demand for connected cars. Indian consumers are increasingly looking for cars that offer advanced connectivity features, such as in-car entertainment systems, GPS navigation, and smartphone integration. Connected cars provide a seamless and personalized driving experience, enhancing convenience and safety for users. The increasing affordability of cars and the improving infrastructure for connectivity in India are contributing to the growth of the connected car market.

Local special circumstances: India has a large and rapidly growing middle class population, which is driving the demand for Control & Connectivity products and services. The increasing disposable income and changing lifestyles of the middle class are fueling the adoption of smart devices and connected technologies. Additionally, the government's initiatives to promote digitization and connectivity, such as the Digital India campaign, are creating a favorable environment for the growth of the Control & Connectivity market in India.

Underlying macroeconomic factors: The economic growth of India is a key driver of the Control & Connectivity market. As the Indian economy continues to grow, consumers have more purchasing power and are willing to spend on Control & Connectivity products and services. The increasing urbanization in India is also contributing to the market growth, as urban dwellers have higher disposable incomes and are more likely to adopt smart devices and connected technologies. Furthermore, the improving internet infrastructure and the growing penetration of smartphones in India are facilitating the adoption of Control & Connectivity products and services. In conclusion, the Control & Connectivity market in India is witnessing significant growth and development. Customer preferences for control and connectivity features, the increasing demand for smart home devices and connected cars, the large and growing middle class population, and the underlying macroeconomic factors are driving the market growth in India.

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.