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Single-Family Smart Homes Global Market Report 2021: COVID 19 Growth And Change to 2030

Single-Family Smart Homes Global Market Report 2021: COVID 19 Growth And Change to 2030

  • May 2021
  • 175 pages
  • ID: 6070272
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the single-family smart homes market are Lennar Corporation, Meritage Homes Corporation, Metricon, Porter Davis, Henley, Carlisle, Elan Homes (Nortek Security & Control, LLC), PulteGroup Inc., KB Smart Home and TRI Pointe Group.

The global single-family smart homes market is expected grow from $56.52 billion in 2020 to $62.3 billion in 2021 at a compound annual growth rate (CAGR) of 10.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $114.93 billion in 2025 at a CAGR of 17%.

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.

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. According to the smart home statistics 2020, the smart house market will near 40 billion USD in the US. 57% of Americans maintain that owning smart products in their house protects them about 30 minutes per day, that’s 182.5 hours a year, or approximately a week and a half. 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.

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 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.

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.

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