Smart Thermostat Market Assessment 2025

Description

SYNOPSIS:

Smart thermostats are becoming a common feature in consumers' homes, offering convenient climate control, and acting as a critical energy management tool. Their ability to offer utilities flexible load control through demand response programs make them highly significant in the next era utility and energy services. They are also a core component of the smart home and have the potential to act as a whole home hub as they incorporate more communication technologies and become more integrated with other devices and platforms.

INFOGRAPHICS

This market assessment analyzes industry market trends, a five-year forecast of unit sales and revenues in the US, and the competitive landscape including brands, portfolios, features, and pricing. It also provides consumer data on US consumers' engagement with smart thermostats, focusing on consumer familiarity, purchase motivations, the buyer journey, including purchase and install channels, average sales price, product returns, and barriers to purchase, user experience with leading brands' thermostats, controls/interface preferences, and appeal of next generation features.

Key questions addressed:

1. What are the leading brands and key competitors in the smart thermostat market?
2. What are the current market trends and barriers to growth?
3. How is the market projected to grow through 2030?
4. How familiar are consumers with smart thermostats and their value?
5. What are the main purchase channels and methods for smart thermostats?
6. What features do consumers find most appealing?
7. What benefits do consumers expect regarding energy savings?
8. How do premium thermostats compare with basic and mid-tier options?
9. Are consumers interested in using their smart thermostat as a whole-home hub?

ANALYST INSIGHT:

"Smart thermostat makers must leverage not only next-gen hardware to appeal to the mass market and to ensure that the thermostats end up on the wall, but they must consider that for consumers to value smart thermostats, consumers must be educated on their features and money savings." - Daniel Holcomb, Senior Analyst, Parks Associates.

Defining Smart Thermostats

Executive Summary

Smart Thermostat Purchases and Intentions to Buy
Tech Affinity Among Smart Thermostat Owners
Smart Thermostat Purchase Intention
Top 5 Smart Thermostat Brands
Net Promoter Score of Top Smart Thermostat Brands
Concept Testing: Preferred Smart Thermostat Models
Prefer Hub Smart Thermostat by Smart Home Device Ownership
Top 10 Smart Thermostat Features
Opportunity to Be the Go-To Source for Energy Insights
Net Promoter Scores (NPS): Smart Thermostats vs. Energy Providers

The Smart Thermostat Market: Industry Trends & Forecast

Key Industry Trends
Product Evolution & Sunset: Lifecycle Management
Ecosystem Expansion & Integration
AI and Automation Enhances Smart Home Ecosystems
Heat Pump Offerings Integrating with Connected Thermostats
Competitive Product Launches & Differentiation
Ecobee's Expanding Portfolio
Market Forces Impacting Smart Thermostat Adoption
Market Forces Impacting Smart Device Market Sizing and Forecasts
US Forecast - Smart Thermostats: Annual Unit Sales (#M) and Annual Sales Revenue at End-user Value ($M)

The Competitive Landscape

Newly Released Smart Thermostat Models and Pricing
Beyond Self-Install: Business Models and Hardware
Beyond Self-Install: The Differentiators
Smart Thermostat Portfolio Comparison-Pricing and Features
Top 10 Brands Owned: Smart Thermostat
Top 10 Brands Recently Purchased: Smart Thermostat
Net Promoter Score of Smart Thermostat Brands

Smart Thermostat Key Trending Metrics

Smart Thermostat Key Market Drivers
Smart Thermostat Key Market Drivers by Top Brands Owned
Smart Thermostat: High Familiarity, Perceived Value, and Affordability
Smart Thermostat Ownership
Top 5 Smart Home Device Adoption
Smart Thermostat Purchases and Intentions to Buy
Smart Thermostat Segments by Demographic Factors
Smart Thermostat Segments by Housing Factors
Smart Thermostat Ownership Among Tech Adopter Segments
Tech Affinity Among Smart Thermostat Owners

Smart Thermostat Buyer Journey

Awareness Channel of Smart Home Devices
Age of Smart Thermostats
Age of Smart Thermostats Among Owners who Intend to Buy
Smart Thermostat Channel Rankings (2015 - 2024)
Smart Thermostat: Average Selling Price
Smart Thermostat: Installation Method
Smart Thermostat: Type of Purchase
Reasons for Smart Thermostat Return

Smart Thermostat Usage

Frequency of Smart Thermostat Usage
Frequency of Smart Thermostat Usage by Age
Temperature Adjustment Settings of Smart Thermostats
Consumer Perception Regarding Energy Savings
Monthly Savings From Smart Thermostat Use - Estimated Savings: % of Monthly Bill
Monthly Savings From Smart Thermostat Use - Estimated Savings: Amount ($) of Monthly Energy Costs
Estimated Monthly Saving Amount by Consumer Perception
Plans for Smart Thermostats When Moving
Smart Thermostat Purchase Intention

Demand Response Engagement

Demand Response Participation
Information Source for Demand Response Programs By Smart Thermostat Owners
Information Source for Demand Response Programs By Smart Thermostat Brands
Incentive to Participate in Demand Response Program
Preferred Incentive to Allow Electricity Provider Adjust Thermostat
Willingness to Adjust Smart Thermostats Among Owners
Reasons for Not Participating in Demand Response Program

Next-Generation Features

Appeal of Smart Thermostat Features Among Smart Thermostat Owners or Intenders
Appeal of Smart Thermostat Features: Owners vs Intenders
Type of Smart Thermostat Most Likely to Buy Among Smart Thermostat Intenders
Type of Smart Thermostat Most Likely to Buy by Smart Home Device Ownership
Demographics of Intenders Preferring Premium Hub Thermostat
Type of Smart Thermostat Most Likely to Buy by Household Income
Standout Thermostat Features Differentiating Tiers: Premium Hub vs. Learning Thermostat
Standout Thermostat Features Differentiating Tiers: Learning Thermostat vs Basic Thermostat

Energy Usage Insights

Monitoring Home Energy Usage Through Other Applications Among All US Internet Households
Monitoring Home Energy Usage Through Other Applications Among Owners of Specified Devices
Willingness to Share Energy Usage Data Between Devices, by Device Ownership
Willingness to Share Energy Usage Data Between Devices, by Smart Thermostat Brands
Preferred Provider for Energy Usage Monitoring and Optimization App by Smart Thermostat Owners
Preferred Provider for Energy Usage Monitoring and Optimization App by Smart Thermostat Brands

Smart Thermostat Control

Smart Thermostat Control Methods
Top Devices or Services to Control Using Voice Assistant
Valuable Features from New AI Assistants by Smart Thermostat Ownership

Technical Issues

Smart Thermostat Technical Problems Experienced
High Difficulty of Initial Setup by Smart Home Devices
Smart Home Thermostats: Resolution of Technical Problems

Smart HVAC Service

HVAC Service Use, by Smart Thermostat Adoption
HVAC Service Features, by Smart Thermostat Adoption
Smart HVAC Service Appeal
Appeal of Smart HVAC Service By Smart Home Device & Service Usage
Appeal of Smart HVAC Service By # of Services Included in Current HVAC Package
Important Elements of a Smart HVAC Service