The global market for smart home devices is poised to exceed 1 billion unit shipments, reaching a valuation of US$ 57.4 billion in 2019. The widespread adoption of these devices is attributed to increased consumer spending in developed countries and the robust telecommunication infrastructure across these regions. Furthermore, with the advent of 5G connectivity post-2020, the smart home devices market is expected to register a significant Compound Annual Growth Rate (CAGR) until 2025. Investments in infrastructure projects, such as smart cities, and government initiatives promoting efficient lighting and energy projects, are anticipated to further fuel market growth.
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Global Smart Home Devices Market, by Product Type:
In 2019, the video entertainment segment is expected to hold the largest revenue share, surpassing 35%, followed by the speaker segment with over 20%. The smart speaker segment has witnessed significant growth in developed countries and is gaining momentum in developing nations like India and Brazil. Key players in this category, such as Amazon Echo and Google Home, focus on introducing smart speaker products supporting Amazon’s Alexa or Google Assistant. Additionally, devices supporting Siri, Cortana, and Bixby are expected to gain momentum in the coming years.
Global Smart Home Devices Market Key Developments, Insights, and Trends:
Established players are strategically entering the smart home devices market and expanding their portfolio through product launches. Leveraging their extensive distribution networks, these players aim to market their smart home devices and gain a competitive edge against local counterparts.
In August 2019, Sony Corporation launched the 'SRS-XB402M,' a new wireless speaker with Alexa support, to tap into the smart home devices market.
In May 2019, Amazon broadened its product portfolio by introducing the 'Amazon Echo Show 5,' a new speaker in the Amazon Echo Show range.
Global Smart Home Devices Market, by Region:
The US smart home devices market dominates the global market, accounting for over 45% market share in 2019. This is attributed to increasing consumer spending, robust internet infrastructure, and growing adoption of Internet of Things (IoT)-based devices in the country. South Korea and Germany follow as the second and third-largest revenue contributors, respectively. The markets in Eastern Europe and Asia Pacific are expected to register significant CAGR during the forecast period due to government initiatives, digitalization, and robust growth in telecom infrastructure.
Global Smart Home Devices Market Size and Forecast: Competition Landscape:
Key market players are introducing new products and expanding their presence in emerging regions to seize lucrative revenue opportunities. Moreover, strategic acquisitions are employed to complement product offerings and enhance their presence at the local or regional level.
In February 2019, Amazon acquired Eero, a US-based mesh Wi-Fi system provider, to complement its product offerings in the smart home devices market.
In July 2019, Ezlo Innovation, a smart solutions provider, acquired Centralite Systems, a US-based smart home devices manufacturer, to broaden its product portfolio.
Some key smart home devices market players include:
Electrolux AB (Frigidaire)
Carrier Corporation
LG Electronics Inc.
The Whirlpool Corporation
Dyson Ltd
Amazon.com, Inc.
Xiaomi Corporation
Google LLC
Honeywell International Inc.
Bose Corporation
Denon
Sonos
NETGEAR Inc.
D-Link Corporation
Ring Inc.
Samsung Electronics Co., Ltd.
Nest
Ecobee
Koninklijke Philips N.V.
LIFX
TP-Link Technologies Co., Ltd.
Belkin International, Inc.
Research Scope:
By Product Type:
Smart Speakers
Video Entertainment
Security Systems
Appliances
Thermostats
Lighting
Outlet and Switches
Smoke Detectors
Others
By Distribution Channel:
Online/e-commerce
Retail Stores
By Connectivity Type:
Wi-Fi
Cellular
Bluetooth
Others
