Posted On: NOV-2024 | Categories : Consumer Goods
Smart homes save time, money, and energy using linked appliances and gadgets to carry out activities, actions, and automatic routines. Together with AI, robots, and advancements in IoT technology, they represent the continuous transformation of the common household appliance. AI is already making an impact by accelerating reaction times and serving as an automation link between the homeowner and their house. The global market was worth around 155 billion dollars in 2023. More than 90% of people in China own one or more smart home devices, making it the country with the highest percentage of smart home device owners.
There are anticipated to be more than 400 million smart houses in 2024. Around 171 million smart speakers were supplied in 2022, making them the most well-known market segment. The market volume is expected to double by 2024. Other significant market categories for smart homes include video entertainment systems like smart TVs, home security and monitoring systems, and smart appliances.
In 2023, the worldwide smart home market was estimated to be worth USD 100.42 billion.
North America led the smart home market with 40%, followed by Asia Pacific (31%).
189 million smart home devices were supplied globally in the first half of 2024, a 5.9% drop from 2023.
Over 5.5 million smart home appliances, such as Google Assistant and Alexa, will be shipped by 2030.
Installing smart devices in their homes typically costs Americans $1,173.
By 2025, there will be 478.2 million smart device-equipped homes globally; by 2027, that figure will rise to 672.57 million.
In the United States, Google Assistant (85.4 million), Apple's Siri (81.1 million), and Amazon Alexa (73.7 million) have the most users as of 2023.
From 2018 to 2023, the number of homes in the United States utilizing smart home devices climbed by 10.2% year to 63.43 million.
The number of people using smart home devices is expected to rise over the next four years, reaching 69.91 million by the end of 2024.
According to estimates, there will be 77.05 million U.S. users in 2025, 84.92 million in 2026, and 93.59 million in 2027.
There are 360.68 million smart home users globally, according to Statista.
Global smart home users are predicted to reach 422.119 million by the end of 2024, and the indicator is predicted to see larger numbers in future years.
In addition, there were 493.55 million users in 2025, 576.22 million in 2026, 672.5 million in 2027, and 785.16 million in 2028.
From 2023 to 2028, the worldwide smart home market's revenue per user is anticipated to decline steadily, reaching $78.9. Therefore, the average revenue per smart house will be $294.94 by 2028.
Voice Assistant
It is projected that in 2024, there will be 8.4 billion digital voice assistants worldwide, more than the world's population.
Approximately 34% of Americans utilize the search-by-voice tool at least once a month.
The total value of transactions performed via voice assistants on smart-home devices is anticipated to increase from $22 billion in 2020 to $164 billion in 2025.
By 2026, the voice assistant market will reach $99 billion.
Heating and Cooling
Smart thermostats with Energy Star certification can reduce the time spent heating and cooling a house by at least 8% and 10%, respectively.
By 2026, the smart thermostat industry was expected to grow to over $8 billion.
By the end of 2022, 19.6 million smart thermostats were installed in the US.
According to estimates, installing smart thermostats in every home with an HVAC system by 2026 may reduce the energy used annually for space heating and cooling by 9%.
Global sales of smart thermostats are expected to reach $4.9 billion in 2024, 6.2 billion in 2025, 8 billion in 2026, 10.4 billion in 2027, 13.8 billion in 2028, 18.6 billion in 2029, and $25.5 billion in 2030.
Smart TV
The most common smart home technology installed in houses are speaker systems and smart TVs.
Statistics on home automation systems show that smart entertainment systems like Google Chromecast, Apple TV, or Amazon FireTV are present in 44% of smart homes.
The demand for smart TVs was estimated at 268.9 million units worldwide in 2020, and between 2021 and 2028, the industry will increase at a compound annual growth rate (CAGR) of 20.8%.
Due to the need for extremely high-resolution picture quality, the market for TVs with greater resolutions, including 8K, is expected to grow at a CAGR of about 17% between 2023 and 2030.
Larger displays over 65 inches are projected to grow at nearly 16% CAGR, while the 46-55 inch category led market revenue in 2022.
Because of its vast app ecosystem, Android TV held the biggest revenue share in 2022 and controlled the industry. As more people resort to e-commerce platforms for their electronic purchases, the online sales channel for smart TVs is predicted to increase fastest between 2023 and 2030.
Home Security
The global market for smart home security generated $3.27 billion in revenue in 2022. It is predicted to surpass $5 billion by 2025.
Home insurance prices can be reduced by 20% with smart security systems.
The global smart doorbell industry is expected to generate $13 billion in sales.
In 2023, home security systems generated $4.3 billion in total sales worldwide, making them one of the smart home devices market's fastest-growing segments. In the meantime, the segment is anticipated to produce $5.05 billion in global revenue by 2025.
With a growth rate of 13.81% from 2024 to 2029, the global smart home security industry is projected to generate $32.46 billion by the end of 2024 and $61.97 billion by 2029.
According to 2023, the most popular gadget types are alarm systems (35%), video doorbells (38%), access control (10%), and video surveillance (42%).
Appliances
The largest portion of market revenue is produced by smart appliances. In 2023, consumers worldwide are expected to spend $21.5 billion.
It is anticipated that the worldwide smart kitchen industry will reach $43 billion by 2027.
By the end of 2024, the number of smart speakers sold worldwide is predicted to exceed 280 million, and the market is projected to grow to $30 billion.
In 2024, the United States will have the biggest market share at 25%, followed by Germany at 10%.
As of 2023, the most common ways that smart speakers are used in Germany are daily (66.80%), monthly (23.50%), and never (9.70%).
It is anticipated that the smart refrigerator industry will be worth $3.61 billion by 2024. At a compound annual growth rate (CAGR) of 3.14% from 2024 to 2028, the market is expected to surpass $4.22 billion by 2029.
With a 30% market share in 2023, Whirlpool, Samsung, and Haier are the top three producers of smart refrigerators.
China holds a market share of over 55%, while North America and Europe each account for 25%.
Lighting
It is anticipated that 21.5% of households will have smart lighting by 2027, up from 6.6% in 2022.
About 15% of the electricity used in a typical home is used for lighting, and installing LED lighting can save an average household $225 a year in energy costs.
The market for smart lighting is predicted to nearly double from $11 billion in 2020 to $44 billion by 2030.
With 375 million units shipped in 2023, the Far East and China held the market share for smart home appliances, followed by North America (192.5 million units), Latin America (31 million units), Europe (219.6 million units), and the rest of the world (121.8 million units).
By 2024 and 2025, the Far East and China will have shipped 521.8 million and 726.7 million smart home device units, respectively, followed by Europe (283.1 million and 384.9 million), North America (250 million and 329.2 million), Latin America (45 million and 68.8 million), and the rest of the world (175.8 million and 260.9 million).
Our everyday lives are becoming more and more reliant on the idea of smart home systems as technology advances. Smart homes are revolutionizing how we interact with our living spaces by providing unmatched convenience, security, and energy efficiency. Due to recent technological advancements, Smart Home Systems (SHS) have become essential to everyday living. These systems offer convenience, security, and energy efficiency by utilizing cutting-edge technology to build intelligent, effective homes. There are even more opportunities for SHS in the future, such as robotics powered by AI and sustainable energy sources. The promise of human ingenuity will be reflected in homes as these breakthroughs develop. Our lives are shaped by smart home technologies, which promise a peaceful, technologically connected living space.