Smart Homes To Reach $200 Billion By 2026: Here's What You Need To Know
Aug 21, 2023
According to the characteristics of product equipment, smart home terminal equipment can be roughly divided into six categories: smart home appliances, smart home appliances, smart connection control, smart home security, smart light sensor, and smart home energy management.
According to IDC statistics, the product types with the largest shipments of smart home devices in the world in 2022 include video entertainment, home monitoring/security, smart lighting, and smart audio, accounting for about 79.6% of total shipments.
Against the background of the rapid development of Internet of Things technology and network communication technology, the global smart home market continues to grow. According to statistics from Statista, the scale of the global smart home industry has grown from US$39.8 billion in 2017 to US$104.4 billion in 2021, with a compound growth rate of 27.26%. In 2022, the market size is expected to exceed 120 billion US dollars. It is estimated that by 2026, the global smart home industry market will exceed 200 billion US dollars, reaching 207.8 billion US dollars, and the industry has a broad space for development.
What needs to be seen is that the current overall market penetration rate of the global smart home industry is not high. According to the research report released by Entrepreneur Consulting, the countries with a smart home penetration rate of more than 30% in 2022 are mainly European and American countries. More than 40%, they are the top two countries with the highest penetration rate in the world, and the market scale is relatively large. Since the Chinese market started later than developed countries in Europe and the United States, the penetration rate is relatively low, about 15%. In Southeast Asia, only Malaysia, Thailand and Indonesia have a penetration rate of more than 10%, about 13%. The Southeast Asian market is expected to have greater market potential in the future due to the overall younger age structure of consumers. The penetration rate of African countries does not exceed 10%.
