Control & Connectivity - Vietnam

Vietnam

Revenue in the Control & Connectivity market is projected to reach US$51.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.45%, resulting in a projected market volume of US$101.3m by 2029.
In the Control & Connectivity market, the number of active households is expected to amount to 3.5m users by 2029.
Household penetration will be 6.6% in 2024 and is expected to hit 15.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$36.18.

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Analyst Opinion

The Control & Connectivity market in Vietnam is experiencing significant growth due to several key factors.

Customer preferences: In Vietnam, customers are increasingly demanding more advanced control and connectivity solutions for their homes and businesses. With the rise of smart homes and the Internet of Things (IoT), there is a growing need for seamless integration and control of various devices and systems. Customers are looking for solutions that offer convenience, energy efficiency, and security. They want to be able to control their lighting, temperature, security systems, and other devices from their smartphones or other connected devices. Additionally, businesses are seeking connectivity solutions that enable them to streamline their operations and improve efficiency.

Trends in the market: One of the major trends in the Control & Connectivity market in Vietnam is the adoption of smart home technology. As more and more households in Vietnam become connected, there is a growing demand for smart home devices and solutions. This includes smart lighting systems, smart thermostats, smart security systems, and other connected devices that can be controlled remotely. The increasing affordability of these devices and the growing awareness of their benefits are driving the adoption of smart home technology in Vietnam. Another trend in the market is the integration of control and connectivity solutions in commercial buildings. Businesses in Vietnam are realizing the importance of smart building technology in improving operational efficiency and reducing costs. This includes the use of building automation systems, energy management systems, and other control and connectivity solutions. These technologies enable businesses to monitor and control various aspects of their buildings, such as lighting, HVAC systems, and security, from a centralized platform.

Local special circumstances: Vietnam is a rapidly developing country with a growing middle class and increasing urbanization. This has led to a rise in disposable income and a higher demand for modern amenities and technologies. As a result, there is a strong market for control and connectivity solutions in Vietnam. The government is also actively promoting the adoption of smart technologies and has launched initiatives to support the development of smart cities in the country. This creates a favorable environment for the growth of the Control & Connectivity market in Vietnam.

Underlying macroeconomic factors: The strong economic growth in Vietnam is contributing to the development of the Control & Connectivity market. The country has experienced a steady increase in GDP and a rising middle class, which has led to higher consumer spending. This, in turn, has increased the demand for control and connectivity solutions in both residential and commercial sectors. Additionally, the government's focus on infrastructure development and the expansion of the manufacturing sector are driving the need for advanced control and connectivity technologies. In conclusion, the Control & Connectivity market in Vietnam is experiencing significant growth due to customer preferences for advanced control and connectivity solutions, the adoption of smart home technology, the integration of control and connectivity solutions in commercial buildings, local special circumstances such as rapid urbanization and government support, and underlying macroeconomic factors such as strong economic growth and infrastructure development.

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.