Increasing Penetration of Internet of Things (IoT) Technology into Home Appliances is expected to uplift the Smart Home Devices Demand Worldwide
The global smart home devices market is poised to reach US$ 320,530.9 Mn by 2027, expanding at a CAGR of 20.4% during the forecast period from 2019 to 2027. These days, rising home accidents and security theft have increased the adoption of smart devices. In addition, the rising discretionary income of people worldwide, along with the availability of a wide range of smart devices, is another major factor supporting the market growth. Recently, stats published by The Royal Society for the Prevention of Accidents (RoSPA) in the year 2019 revealed that the majority of deaths in the U.K. are the result of home accidents. Nearly 6,000 deaths occurred in the U.K. due to home accidents last year. Similarly, other countries are also facing the same problem of rising home accidents. In the wake of the same, consumer trend is dramatically shifting towards implementing smart appliances at home so that upcoming accidents can be prevented. For example, in Germany, people are predominantly adopting intelligent home appliances during building construction and renovation. As a result, EnOcean Alliance has predicted the total adoption rate of smart home appliances will reach 58% by 2025.
Market Synopsis
Lighting Control Segment is expected to witness Highest CAGR over the Forecast Period
New energy regulations and government initiatives towards reducing electricity consumption are the prime factors flourishing the demand for smart lighting systems in the near future. Furthermore, in 2014, the European Commission announced its plan for a Nearly Zero-energy Building (NZEB) target by 2020 and all public buildings to be converted into NZEB by 2018. On account of the same, the lighting control segment is anticipated to flourish with double-digit growth throughout the forecast period. Furthermore, the enlightenment of users to adopt controlled lighting and smart switches instead of conventional ones are other major factors proliferating segment growth. As a result, companies are enhancing their product portfolio by seeking a constant surge in demand for controlled lighting and smart switches. For instance, in October 2018, Signify launched Interact Pro, an IoT lighting system and software for SMEs (Small and Medium Enterprises). The system controls and manages the intensity and ON/OFF feature of lighting in offices, thereby reducing energy costs and increasing productivity.
The Asia Pacific to witness Highest Growth Rate over the Forecast Period
Asia Pacific is expected to register the highest CAGR during the forecast period. The major reason behind the significant growth is a large number of ongoing smart home projects and favorable government policies in the region. China is the major contributor to the highest CAGR of the Asia Pacific region in the smart home devices market because of the new urbanization plan, smart city projects, and Made-in-China 2025 strategy. Following this, market players are also establishing their strong footprint in the Artificial Intelligent of Things (AIoT) market, which will boost market growth significantly. Xiaomi, a China-based electronics company, announced to launch of Mi Home, an AIoT smart home concept. The concept has combined two technologies, i.e. Artificial Intelligence (A.I.) and the Internet of Things (IoT). Xiaomi has successfully developed smart door locks, washer and dryer machines, kitchen smart top sets, and many more products with AIoT. The devices can be controlled by Mi phones and other smart Mi wearables.
Key Players & Competitive Landscape:
Some prominent players profiled in the global smart home devices market report include Signify Holding, General Electric, Whirlpool Corporation, L.G. Electronics, Samsung Electronics Co. Ltd., Siemens AG, and United Technologies Corporation. In addition, the report covers other major players: Honeywell International, Schneider Electric S.E., Amazon, Assa Abloy, Johnson Controls International, Apple Inc., Google Inc., Legrand SA, Robert Bosch GmbH, ADT, Ingersoll-Rand PLC, ABB Ltd., Hubbell Inc., and Vivint among others.
Historical & Forecast Period
This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2017 to 2027, considering 2018 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The smart home devices market research offers market size and forecasts based on market dynamics and predominant trends shaping the industry. In addition, the report provides an all-round view of the global smart home devices market based on product type and geography. Key segments covered in the report are as follows:
Product Type Segment (2017–2027; US$ Mn)
Lighting Control
Security & Access Control
HVAC Control
Entertainment Control
Smart Kitchen & Home Appliances
Others (Home Healthcare, Smart Furniture, etc.)
Geography Segment (2017–2027; US$ Mn)
North America (U.S., Rest of North America)
Europe (U.K., Germany, France, Rest of Europe)
Asia Pacific (China, Japan, India, Rest of Asia Pacific)
Rest of the World (Middle East & Africa, Latin America)
Frequently asked questions :
The market for Smart Home Devices Market is expected to reach US$ XX Bn by 2027.
The Smart Home Devices Market is expected to see significant CAGR growth over the coming years, at 20.4%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Competitive Dashboard,are some of the major players in the global market.
