Single-family Smart Homes Global Market Report 2020-30: COVID-19 Growth and Change - PRNewswire

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NEW YORK, July 9, 2020 /PRNewswire/ --

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The global single-family smart homes market is expected to decline from $63.4 billion in 2019 to $60.8 billion in 2020 at a compound annual growth rate (CAGR) of -4.24%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing and remote working, and the closure of industries and other commercial activities. The entire supply chain from production to international trade has been impacted. The market is then expected to recover and reach $104.20 billion in 2023 at a CAGR of 19.7%.

The single-family smart homes market consists of sales of smart appliances and their related services used in single-family homes. Smart homes are futuristic buildings equipped with advanced electronics and wireless devices. The smart home system requires a web portal or smartphone application to interact with the automated system as a user interface. The smart home appliances include smart entertainment, smart lighting, home security and smart appliances, which are controlled by sensors, timers, switches and remote controllers.

North America was the largest region in the single-family smart homes market in 2019. Asia Pacific is expected to be the fastest-growing region in the forecast period.

Technological advancements related to the internet of things (IoT) and smart home devices is a major trend in the industry. According to a report published by TrendinFocus in July 2019, a big number of users have started using IoT devices and smart homes. The global number of IoT-connected devices is projected to nearly triple from the 2018 estimates, reaching 43 billion by 2023. The newly launched smart speakers by Google Assistant and Amazon Alexa are shaping the growth of smart devices. Moreover, in December 2019, Lenovo, a Chinese multinational technology company, launched a range of smart home devices including smart bulbs, smart display and smart camera. The company aims at expanding its product portfolio in India. Therefore, technological advancement in IoT and smart home devices is expected to remain a key trend and boost the revenue for the single-family smart homes market.

The single-family smart homes market covered in this report is segmented by product into smart lighting; entertainment; smart appliances; others and by technology into Wi-Fi; Bluetooth; GSM/GPRS; RFID; others.

High installation cost is projected to limit the growth of the single-family smart homes market. According to the No Boundaries Advisory report published in October 2018, smart devices cost 30% to 50% more than conventional devices. The average cost of installation for a home automation system is $1,000 more with a high-end price of $3,500, which makes it unaffordable to a large group of population. Therefore, the high installation cost associated with high-cost smart appliances is expected to act as a major restraint for the growth of the single-family smart homes market.

The increasing number of connected homes and growing implementation of smart home appliances including speakers, home healthcare products, lightning systems, smart kitchen, smart furniture, and HVAC control solutions is projected to contribute to the higher demand for single-family smart homes market. The number of connected homes in the USA increased from 17 million in 2015 to 29 million in 2017 and the number is expected to continue to increase in the coming years. Therefore, the increasing implementation of smart home appliances together with a growing number of connected homes across the globe is anticipated to boost the demand for single-family smart homes market over the forecast period.

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