"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, rising discretionary income of the 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 year 2019 revealed that the majority of deaths in the UK are the result of home accidents. Nearly 6,000 deaths occurred in UK due to home accidents last year. Similarly, other countries are also facing the same problem of rising home accidents. In the wake of 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. EnOcean Alliance has predicted the total adoption rate of smart home appliances would reach 58% by 2025.
Market Synopsis
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"Lighting Control Segment is expected to witness Highest CAGR over the Forecast Period"
New energy regulations and government initiative towards reducing electricity consumption are the prime factors flourishing the demand for smart lighting systems in the near future. In year 2014, the European Commission announced its plan for Nearly Zero-energy Building (NZEB) target by 2020 and all public buildings to be converted into NZEB by the year 2018. In account of same, 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 the segment growth. Seeking constant surge in demand of controlled lighting and smart switches companies are also enhancing their product portfolio. 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 the energy cost and increasing the productivity.
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"Asia Pacific to witness Highest Growth Rate over the Forecast Period"
Asia Pacific is expected to register the highest CAGR during forecast period. The major reason behind the significant growth is large number of ongoing smart homes projects and favorable government policies in the region. China is the major contributor for the highest CAGR of Asia Pacific region in the smart home devices market because of new urbanization plan, smart city projects, and Made-in-China 2025 strategy. Following this, market players are also establishing their strong footprint in Artificial Intelligent of Things (AIoT) market that will again boost the market growth significantly. Xiaomi, a China-based electronics company, announced to launch Mi Home, an AIoT smart home concept. The concept has combined two different technologies i.e. Artificial Intelligence (AI) and Internet of Things (IoT). Xiaomi has successfully developed smart door locks, washer and dryer machine, kitchen smart top set, many more products with AIoT concept. The devices can be controlled by Mi phone and other smart Mi wearables.
Key Players & Competitive Landscape:
Some of the prominent players profiled in the global smart home devices market report include Signify Holding, General Electric, Whirlpool Corporation, LG Electronics, Samsung Electronics Co. Ltd., Siemens AG, and United Technologies Corporation. Other major players covered in the report include Honeywell International, Schneider Electric SE, 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 research study titled smart home devices market offers market size and forecasts based on market dynamics and predominant trends shaping the industry. The report provides 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:
| ATTRIBUTE |
DETAILS |
| Research Period |
2018-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Million |
| Segmentation |
|
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)
|
Key questions answered in this report
- What was the global market size smart home devices in 2017 & 2018?
- What is estimated forecast and market projections up to 2027?
- Which is largest regional market for smart home devices?
- Which region has the largest penetration of smart home devices?
- Which is the most preferred product type of smart home devices?
- Which are the predominant trends shaping the global smart home devices market?
- Which is the most promising, attractive, and less-explored region in the global smart home devices market?
- Who are the leading vendors in the global smart home devices market?
- What are the premiere strategies adopted by the leading manufacturers in the global smart home devices market?
