PUBLISHER: The Business Research Company | PRODUCT CODE: 1217009
PUBLISHER: The Business Research Company | PRODUCT CODE: 1217009
“Single-Family Smart Homes Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on single-family smart homes market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for single-family smart homes ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The single-family smart homes market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Companies Mentioned: Lennar Corporation; Meritage Homes Corporation; Metricon; Porter Davis; Henley
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
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, TRI Pointe Group.
The global single-family smart homes market will grow from $83.78 billion in 2022 to $99.14 billion in 2023 at a compound annual growth rate (CAGR) of 18.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The single-family smart homes market is expected to grow to $191.83 billion in 2027 at a CAGR of 17.9%.
The single-family smart homes market consists of sales of smart appliances such as smart lighting, entertainment, smart appliances, and others and their related services used in single-family homes. Values in this market are: 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The single-family smart homes are futuristic single-family 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.
Asia Pacific is the largest region in the single-family smart homes market in 2022. Eastern Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the single-family smart homes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in single-family smart homes are smart lighting, entertainment, smart appliances, and others. Smart lighting is a type of lighting that is designed to save energy while also providing security and convenience. This could incorporate energy-efficient fixtures and automatic controls that adjust based on factors including occupancy or daylight availability. The different technologies include Wi-Fi, Bluetooth, GSM/GPRS, RFID, and others, and the software and services used include proactive and behavioural. These types of services are provided by large contractors and small contractors.
The increasing number of connected homes and the growing implementation of smart home appliances, including speakers, home healthcare products, lightning systems, smart kitchens, smart furniture, and HVAC control solutions, is projected to contribute to the higher demand for the single-family smart homes market. According to the smart home statistics of 2021, 57% of homes in Britain contain a smart device, and 23% of Britain, that is 66.44 million people, have a smart item. In addition, in the UK, there are 2.22 million smart homes. 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 the single-family smart home market over the forecast period.
High installation costs are projected to limit the growth of the single-family smart home market. For instance, the typical cost to automate a home in the US is between $2,000 and $7,000, with most homeowners spending around $5,500 to automate their lights, door locks, and thermostats, as well as install a smart speaker, hub, and smart plugs in three rooms. Therefore, the high installation cost associated with high-cost smart appliances is expected to act as a major restraint on the growth of the single-family smart home market.
Technological advancements related to the internet of things (IoT) and smart home devices are a major trend in the industry. According to a Forbes, US-based business magazine, the number of cellular IoT connections is expected to reach 3.5 billion in the year 2023 . Similarly, in 2020, the number of connected IoT devices used was 11.3 billion. According to IoT Analytics, the global number of linked IoT devices will reach 27 billion by 2025. The newly launched smart speakers by Google Assistant and Amazon Alexa are shaping the growth of smart devices. For instance, in September 2021, Amazon, an American e-commerce company, launched a new home security and smart home devices including smart doorbells and smart thermostats . Therefore, technological advancement in IoT and smart home devices is expected to remain a key trend and boost the revenue for the single-family smart home market.
The countries covered in the single-family smart homes report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values - that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The single-family smart homes market research report is one of a series of new reports from The Business Research Company that provides single-family smart homes market statistics, including single-family smart homes industry global market size, regional shares, competitors with a single-family smart homes market share, detailed single-family smart homes market segments, market trends and opportunities, and any further data you may need to thrive in the single-family smart homes industry. This single-family smart homes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.