The global smart home devices market is projected to have a CAGR of 17.8% during the forecast period. The current valuation of the smart home devices market is US$ 58.4 Billion in 2023. The value of the smart home devices market is anticipated to reach a high of US$ 300 Billion by the year 2033.
The key elements pushing the demand for smart home devices are the rising need for energy-efficient and low-carbon-emission solutions, which eventually drive the global smart home devices industry growth. The rapid adoption of new technologies such as the internet of things (IoT), blockchain, smart speech recognition, artificial intelligence (AI), and others has a significant influence on market growth.
According to FMI’s most recent report, the market would expand at a CAGR of 18.7% between 2021 and 2031. This product category is expected to have a sizable sales share because millennial interest in entertainment and other controls has increased significantly in recent years. Other smart home equipment like fitness trackers, smart sensors, etc. have gained appeal as a result of the fact that these are also regarded as smart gadgets.
Manufacturers of smart home devices are also making sure that their products and services are compatible with platforms from Google, Apple, Samsung, and Amazon in order to reach the widest audience possible.
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Key Takeaways from the Smart Home Devices Market Study
- Driven by increasing demand for connected devices, the global smart home devices market is poised to reach US$ 42 Bn by 2021
- As an early adopter, the U.S. will emerge as a key market, accounting for over 17% of global sales of smart home devices
- Backed by high spending power of consumers, the U.K. market will exhibit an impressive y-o-y growth at a little above 17%
- Germany and France will continue exhibiting high demand for smart home devices in Europe
- Japan will remain a lucrative market in East Asia besides China
Green Building Initiatives Paving the Way for Growth
Numerous nations have started green building projects, which has led to profitable expansion potential. For instance, the government of India offers incentives to IGBC, a body that carries out activities to construct environmentally friendly and sustainable structures.
The Kohinoor Hospital in Mumbai, a spectacular example of a green building endeavour, has benefited greatly from these activities. The hospital is the first LEED Platinum-certified green hospital in Asia. Patients might receive better care while paying less because the structure is built to use less water and power. This effort will contribute to the development of considerable potential for smart home technology in the upcoming years.
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Who is winning?
Some of the key players present in the smart home device market are Samsung electronics Co. Ltd, LG Electronics, Siemens AG, Samsung electronics Co. Ltd, Honeywell International Inc., Schneider Electric, Koninklijke Philips N. V, Amazon.com Inc., Robert Bosch GmbH, Apple Inc., Nest Labs, UNITED TECHNOLOGIES, Panasonic Corporation, Sony Corporation, and Midea Group among others. Extensive discount are often offered to driven a desire among end consumers to adopt products embedded with smart technologies.
Get Valuable Insights into the Smart Home Device Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global smart home device market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.
The study divulges compelling insights on the smart home device market based on the product type (Lighting control security and access control, HVAC control, entertainment and other controls), Price Range (Below US$ 25, US$ 25-35 and Above US$ 35), Sales Channel (Direct Sales, Mono Brand, Supermarket/Hypermarket, Department Stores, Specialty Stores, Online Retailers and other sales channel) across seven major regions.
Smart Home Devices Market by Category
Product Type
- Security Lighting Control Smart Home Device
- Access Control Smart Home Device
- HVAC Control Smart Home Device
- Entertainment and Other Control Smart Home Device
- Kitchen & Home Appliances
- Healthcare Smart Devices
Price Range
- Below US$ 25 Smart Home Device
- US$ 25-35 Smart Home Device
- Above US$ 35 Smart Home Device
Sales Channel
- Direct Sales
- Mono Brands
- Supermarkets/Hypermarkets
- Department Stores
- Specialty Stores
- Online Retailers
- Other Sales Channel
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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