The demand for smart home devices worldwide is expected to experience a compound annual growth rate (CAGR) of 17.8%. It is projected that the market revenue will reach US$ 58.4 billion in 2023 and is anticipated to soar to US$ 300 billion by 2033.
The increasing adoption of Internet of Things (IoT) technology in homes has paved the way for a surge in smart home solutions, offering users the convenience of modifying lighting and other settings with a simple tap of a finger. This trend is driven by growing consumer demand for convenience, comfort, and energy efficiency in households, fueled further by the increasing availability and affordability of high-speed internet connectivity.
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.
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 Billion 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.
Who is winning?
Some of the key players present in the smart home device market are
- Samsung Electronics Co. Ltd.
- LG Electronics
- Siemens AG
- 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
- Midea Group
- ORVIBO Inc.
Extensive discount are often offered to driven a desire among end consumers to adopt products embedded with smart technologies.
Complete Market Review: A Full Report Analysis
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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