Global smart home devices sales is expected to grow at a healthy CAGR of over 18% during the study forecast period 2021-2031, despite a period of less growth in 2020, according to a latest study by ESOMAR-certified market research firm, Future Market Insights. The research study tracks smart devices sales in 20+ countries, offering a lucid analysis on how growth trend will unfold.
Since past many years the players are trying to provide eco- friendly smart home devices, keeping pace with the soaring demand for sustainability among consumers. Against this backdrop, some of the well-established players are increasingly undertaking efforts to maintain utmost operational transparency and offer most responsibly sourced smart home devices.
For instance, Sakar International, Inc. offers Wireless Smart Multi Colored LED Bulb named Vivitar, which is enabled with timer which allows you to set on/off schedules for each light bulb individually. This smart bulb is energy efficient and eco-friendly device which improves your household for customized lighting.
In addition, smart home device manufacturers are ensuring that their products and services are compatible with Amazon, Google, Samsung, and Apple platforms in order to reach the largest possible audience.
FMI in its latest study has forecast the market to rise at a CAGR of 18.7% between 2021 and 2031. In terms of product type, entertainment & other controls is expected to hold a noteworthy revenue share, as entertainment & other controls has gained a significant millennial attention in the past few years. Other smart home devices like fitness tracker, smart sensors etc. have also gained popularity as these are also classified as the smart devices.
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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
“Expansion of online stores is helping the smart home devices sales to pick up. Besides this, collaboration efforts and strategic tie-ups undertaken by the leading players are likely to create growth opportunities for the market.” says an FMI analyst.
Green Building Initiatives Paving Way for Growth
Green building initiatives undertaken by several countries around the world have been creating lucrative growth opportunities.For instance, in India the government is providing certain incentives to IGBC which is a council in India implementing certain initiatives to build sustainable and eco-friendly buildings. These initiatives have played a major role in Kohinoor Hospital in Mumbai, which is a remarkable example of the green building initiative.
The hospital is Asia’s first Platinum-rated LEED-certified green hospital. Patients can enjoy improved care while paying lesser as the building is designed to save money on power and water. In the coming years, this initiative will aid in the creation of significant opportunities for the smart home technologies.
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.