Despite a period of slower growth in 2020, a recent analysis by ESOMAR-certified market research firm Future Market Insights projects that worldwide sales of smart home devices will increase at a strong CAGR of over 18% between 2021 and 2031. The research study tracks the sales of smart gadgets in more than 20 countries and provides a clear estimate of how the growth trend will play out.
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.
The smart home devices market is currently exhibiting growth at an impressive pace. Due to the increasing popularity of technological advancements, device and appliance manufacturers now have the focus on fostering smarter homes.
Advanced automated systems such as monitor lighting, temperature, multi-media, security shields, entertainment systems, window and door operations, and others, which can be operated by users through smartphones and computers are being launched. Focus on smart home technologies is expected to rise, paving way for the expansion of smart home devices market.
Future Market Insight’s latest edition of the study offers comprehensive insights into the market trends, value (US$ Bn) projections, recent developments, and dynamics. The report tracks the global value of smart home devices market in various high-growth countries across regions such as South Asia & Pacific, Middles East, and Latin America offering the most profitable opportunities to stakeholders. The report also analyzes the impact COVID-19 has had on the economy in general, and thermal printing in particular.
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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 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.
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Competitive Landscape
Some of the prominent players in global smart home devices market include 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.
The players have opportunities to generate sales and improve their position in the smart devices market by implementing latest ideas into their products. They also can widen their distribution methods by collaborating with the industries. There is incredible focus on staying up-to-date with the latest technologies. Therefore, product launches are a common strategy as market players seek to offer state-of-the art technologies to their consumers.
For instance,
- Apple, one of the pioneers of smart home devices, has been working on combining TV Box and HomePod speakers to revive their smart home efforts.
- In 2019, Google launched Google Assistant Connect with the intent of wooing smart home device manufacturers. This launch was intended to make it easier for companies to integrate Google Assistant technology into their products.
- In 2020, Panasonic launched its IoT and artificial intelligence-enabled platform called Miraie in India, through which it plans to introduce a wide range of connected air conditioners, switches, and smart door bells in India.
Smart Home Devices Market by Category
Product Type
- Security Lighting Control Smart Home Device
- Dimmers
- Switches
- Sensors
- Access Control Smart Home Device
- Video Surveillance
- Access Control
- Fire and Smoke Detectors
- HVAC Control Smart Home Device
- Smart Thermostats
- Heating and Cooling Coils
- Entertainment and Other Control Smart Home Device
- Audio, Volume, & Multimedia Controls
- Home Theater System Controls
- Others
- Kitchen & Home Appliances
- Smart Refrigerators
- Smart Vacuum Cleaners
- Smart Coffee Makers
- Others
- Healthcare Smart Devices
- Fitness Tracker
- Blood Pressure Monitor System
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
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years
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