San Francisco, 31 March 2030: The Report Smart Home Hardware Market Size, Share & Trends Analysis Report By Type (Control & Connectivity Devices, Smart Appliances (HVAC, Smart Kitchen Appliances)), By Region, And Segment Forecasts, 2023 - 2030
The global smart home hardware market size is expected to reach USD 180.85 billion by 2030, expanding at a 14.3% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. With the proliferation of smartphones and other mobile devices, homeowners are looking for ways to control their homes remotely and conveniently. Smart home devices provide them with remote access to various home appliances and systems, including lighting, security, temperature control, and entertainment. Another smart home hardware growth driver is the increasing awareness of energy conservation and the need for sustainable living. Smart home devices are designed to be energy-efficient and environmentally friendly, making them attractive to consumers concerned about reducing their maintenance costs, and subsequently, carbon footprint.
Smart appliances such as refrigerators and dishwashers are equipped with features such as Wi-Fi and mobile connectivity, artificial intelligence integration, touchscreen controls, attached cameras inside to scan food types for refrigeration purposes, and more. Additionally, the robust mobile penetration rate and connectivity options such as mobile data or Wi-Fi increase the demand for the segment.
For instance, in May 2022, Samsung Electronics Ltd launched its smart washing machine with artificial intelligence, mobile application connectivity, and support. Besides, in August 2022, Samsung Electronics Ltd. launched its smart refrigerators with an inbuilt Bixby assistant in India. The refrigerators recognize voice commands and offer personalized information. Additionally, it is convenient for customers to monitor the refrigerator remotely via mobile and in-built use camera to digitally label food products with expiry dates.
The COVID-19 pandemic has also contributed to the growth of the smart home industry as more people are spending time at home and looking for ways to make their homes more comfortable and convenient. With the rise of remote work and the need for more connected devices, the demand for smart home hardware is anticipated to grow in the forecast period. Additionally, as people spend more time at home, there has been an increased demand for smart home devices that make life easier, more convenient, and safer.
For instance, the Indian Government’s Smart Cities mission, which aims to transform urban areas into technologically advanced and sustainable cities, also drives the growth of India's smart home hardware market. This initiative has increased homeowners' adoption of smart home devices as they seek to create more efficient and eco-friendly homes.
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The increasing availability of affordable smart home devices and the growing number of compatible devices are significant drivers of the smart home hardware industry. In the past, smart home devices were expensive and often required professional installation, which made them inaccessible to most homeowners. However, with advancements in technology and the introduction of new players in the market, the prices of smart home devices have significantly decreased, making them more affordable for the average homeowner.
Moreover, the growing number of compatible devices in the market has made it easier for homeowners to customize their smart home systems according to their needs and preferences. For example, homeowners can now choose from various smart home devices compatible with popular voice assistants like Amazon Alexa or Google Assistant, allowing them to control their devices through voice commands. The quick acceptance of modern technologies, such as the blockchain, Internet of Things (IoT), smart voice recognition, artificial intelligence (AI), and others, significantly impacted market growth. The technology equips smart home products to recognize the voice of users and give them personalized responses. An improved adoption rate of IoT in developing and developed regions has helped grow the smart home hardware industry. The capability of technologies to allow interconnectivity between devices has helped generate further market demand.
The Asia Pacific region has seen significant growth in the smart home hardware market in recent years. The region is growing due to countries such as China, India, and Japan, which drive demand for smart home products. The increasing popularity of smart home devices can be attributed to several factors, including rising disposable income, growing urbanization, and increasing awareness about the benefits of smart home technology. In addition, the proliferation of smartphones and other mobile devices has made it easier for consumers to control and monitor their homes remotely. Further, China is expected to grow at the highest CAGR during the forecast period, owing to the increasing adoption of home automation systems and the growing popularity of voice-activated assistants such as Alibaba.com; T-mall Genie, and Baidu's DuerOS.
Increased deployment of internet and digital gadgets post the COVID-19 outbreak, has led to significant growth in the demand for smart home devices. The increased disposable incomes among individuals due to decreased day-to-day expenses have led to rapid demand for home security solutions, including smart locks and cameras, to facilitate contactless deliveries during COVID-19. With people becoming more conscious about health during this period, increased demand for smart home healthcare solutions, like remote chronic health monitoring systems, has been witnessed. Also, with the changing lifestyle of individuals due to the work-from-home norms, there is a growing demand for smart speakers or hubs to track tasks & meetings and maximize productivity.
