Smart Home Devices Market is expected to grow at a healthy CAGR of over 18% during the study forecast period 2021-2031
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.
Get Valuable Insights into 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.
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Key Questions Answered in the Report
- What is the Smart Home Devices market size?
The global smart home devices market is expected to register a CAGR of 18.7% during the forecast period 2021-2031. As per Future Market Insights, the global smart home devices market valuation is around US$ 42 billion in 2021.
- Which is the most lucrative market for smart home devices?
The U.S. is exhibiting considerably high demand within the global market for smart home devices. Sales in the U.S. is expected to account for a notable share of 72.5% of sales within North America.
- Which are some of the leading companies in the Smart Home Devices market?
Some of the leading companies in Smart Home Devices 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, Midea Group and among others.
- Which is the top-selling smart home device?
As per FMI, the demand for entertainment and other control smart home devices is considerably high, accounting for maximum sales in the smart home devices market.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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