Smart Home Devices Market Overview by 2031

Smart Home Devices Market Overview by 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.

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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.

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, 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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Smart Home Devices Market by Category 

Product Type

  • Security Lighting Control Smart Home Device
  • Access Control Smart Home Device
  • HVAC Control Smart Home Device
  • Entertainment and Other Control Smart Home Device
  • Kitchen & Home Appliances
  • Healthcare Smart Devices

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


  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa (MEA)

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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The post Smart Home Devices Market Overview by 2031 appeared first on Future Market Insights.

Published Thu, 28 Apr 2022 00:10:04 -0500

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