Smart Homes Market Driven by Rise in Disposable Income

The growth of the devices of the smart homes are driven by various factors such as the Internet of Things, Water detectors, and Thermostats. And as the energy efficiency trend engulfs the world and consumers continue the smartphone addiction, the smart homes market will continue flourishing, according to a recent business intelligence by IndustryARC. According to the report, global smart homes market was valued between $70 and $75 billion in 2018, and the demand is estimated to grow with a CAGR between 10% and 14% during the forecast period of 2019 to 2025. The research report is titled “Smart Homes Market: By System Types (Security systems, HVAC, Lighting Control Systems, Entertainment); By Standards & Protocols (DALI, KNX, Wi-Fi, Zigbee, Enocean), By Application & By Geography - Forecast (2019-2025)”. 

According to Consumer Technology Association, the smart homes market has made its way with a healthy increase in 2018, by reaching up to the margin of $4.6 billion, which is 36 percent increase from 2017. Considering the home applications as the key application, August, Inc. a mid-size home automation company, recently launched a wire-free doorbell camera that can be connected to a phone crisp and realistic videos. Owing to such inventions, the smart homes market is experiencing a rapid and significant growth every year in the home application segment with superlative application CAGR between 12% and 15% during the forecast period of 2019 to 2025.

North America has the most advanced smart homes market, which will reach up to $40 billion by 2020, according to International Housewares Associations. The growth of the demand in North America has been driven due to the demand for an energy management system. The smart homes are now well-equipped with smart meters that provide a greater utility which helps in understanding how much electricity is being used. North America was held between 25% and 28% of the regional smart homes market share. With the sustained growth, North America can continue leading the smart homes market. 

With an increasing disposable income, it has become easier for the consumers to experience a whole new world with smart products which get customized according to the lifestyle of the people. Smart devices include lights, thermostats, and air conditioners with Wi-Fi capabilities that allow the consumers to control these with smart devices remotely. This is leading to a tangible demand influx in the smart homes market. 

The Millennials are the new house owners. According to Dream Casa, one in four millennials have already installed at least one of these smart home devices compared to 12% of the total population. With this holistic approach, millennials are seeking a more balanced life as compared to others, and are leading the way for implementing smart home technologies which is a great driving factor for smart homes market.   

Some of the key companies identified in the report that are currently holding majority shares in the global smart homes market are Siemens AG, Honeywell International, Johnson Controls International, Google, United Technologies Corporation, Amazon Inc., Schneider Electric SE, Robert Bosch GmbH, ABB Ltd, and Hubbell Inc.

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