Company ITC Global sales of smart home devices rose 4.5% last year to 801.5 million units. According to analysts, the market is expected to grow by an average of 12.2% by 2025, with 1.4 billion devices sold by 2025.
Even with the Kovidu-19 epidemic, consumers are beginning to look at home automation products in detail, such as smart home speakers, the analytics firm said.
“The smart home market was relatively resilient during the epidemics, however it faced some challenges in 2020 – rising unemployment, economic recovery or the random pace of lockdowns., ”Explains Adam Wright z IDC.
“Consumers have shifted their spending from holidays or various cultural and social events to home gadgets and home entertainment. This is one reason why the demand for smart speakers or smart lighting is growing significantly, ”He adds.
At the forefront of home entertainment and safety
ITC says the lion’s share of future demand will be monitored by the United States – where the smart home market is expected to grow by an average of 3.8% year-on-year to 451.3 million units by 2025. The second largest market is China with an average annual growth rate of 21.9% and the Western European market with an average annual growth rate of 14.7%.
“While emerging markets will undoubtedly dominate export volumes, emerging markets such as India and Latin America are expected to quickly become another battleground for companies such as Google and Amazon, which currently dominate the smart home market., ”He comments Jitesh Uprani z IDC.
According to analysts, video entertainment is the largest category, accounting for 27.6% of all exports by 2025, followed by home surveillance and security systems such as smart cameras or locks. This type should be 21.2% of the market.
ITC expects smart speaker and display sales growth to slow over the next few years as the market is almost closed and consumers are looking for other access to smart home assistants such as thermostats, appliances and televisions.
According to experts, long-term security and privacy concerns, input and consumer price sensitivity and current costs for equipment and services, or economic uncertainty caused by volatility in labor and financial markets around the world will slow market growth in the coming years.
Desk – Sales development forecast by equipment type (millions of pieces)
|
Type |
Sale 2020 |
Share 2020 |
Sale 2025 |
Share 2025 |
C.A.G.R. ’20 -’25 |
|
Video |
296.3 |
37.0% |
393.5 |
27.6% |
5.8% |
|
Audio |
130.7 |
20.5,% |
302.5 |
21.2% |
13.0% |
|
Home and security |
164.2 |
16.3% |
205.9 |
14.4% |
9.5% |
|
Others |
210.3 |
26.2% |
526.4 |
36.9% |
20.1% |
|
Total |
801.5 |
100.0% |
1 428.3 |
100.0% |
12.2% |
Source: ITC
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