Smart Home Hardware Market Size, Share & Trends Analysis Report By Type (IoT Hardware for Control & Connectivity Devices, Security & Surveillance Equipment, Smart Appliances), By Region, And Segment Forecasts, 2022 - 2028

Report Overview

The global smart home hardware market size was valued at USD 21.81 billion in 2021 and is expected to witness a CAGR of 12.7% from 2022 to 2028. The growing adoption of smart home devices and the rising importance of home monitoring systems are the key factors driving the smart home hardware market. Moreover, the rising development of broadband and increased usage of smartphones to control smart devices remotely are other factors that drive the market demand. COVID-19 outbreak positively impacted the smart home hardware market. The market has witnessed a considerable surge, as was largely used for remote monitoring of patients during the COVID-19 pandemic.

Smart home hardware are the devices that act as the central point of the smart home system and can process and sense data and communicate wirelessly. It is an electric device that can be connected with smart home systems and interact with other devices and can make decisions on command. The smart home hardware is connected through the internet and store information in the cloud and acts according to the behavior. These devices and appliances consist of television, alarm system, doorbells, speakers, and many others.

Smart home hardware has numerous benefits such as it can manage all the devices from one place, maximizing home security, increase energy efficiency as well a remote control for all functions. They are also used for remote monitoring while connected to a mobile device, laptop, or desktop computer. Smart home hardware is highly used because they are energy efficient as well as manages the task at one time. 

The COVID-19 pandemic has positively affected the smart home hardware market. As per the survey, voice control device-based orders and shipments have grown by more than 30%. According to the report by Xiaomi, more than 51% of customers have been reported to buy at least one smart home device during the COVID-19 pandemic. Therefore, the smart home hardware market is expected to grow steadily during the forecast period. 

Type Insights

The IoT hardware for smart appliances segment dominated the market and contributed a revenue share of over 65% in 2021 and is forecast to expand at a CAGR of 13.0% from 2022 to 2028. The demand for smart appliances has increased more due to the COVID-19 pandemic because most of the population is working from home, which resulted in spending more on smart appliances. Moreover, smart home appliances are being highly adopted as they can be remotely controlled, and thus, huge demand for IoT hardware for smart appliances contributes to the market revenue. 

The IoT hardware for security & surveillance equipment segment is expected to witness 2^nd highest CAGR of 12.3% from 2022 to 2028. IoT hardware for security & surveillance equipment is used to keep watch over homes and property from both inside and outside by acting as an extra pair of eyes and ears to monitor. As per the survey, the adoption of IoT hardware for security & surveillance equipment is increasing due to smart camera systems and analytical software. The security & surveillance equipment is highly used for detection as well as monitoring purpose. Thus, the IoT hardware for the security & surveillance equipment segment is expected to register the 2^nd fastest CAGR during the forecast period.

Regional Insights

Regional analysis revealed that the Asia Pacific accounted for a significant market revenue share of over 35% in 2021. As per the research, China is the 2^nd largest market by shipment volume for smart home hardware in 2020. In this region, the smart home hardware is built with advanced technology and is relatively economical such as smart refrigerators, kitchen appliances, washing machines, and more thereby creating a high demand for the smart home hardware market. In addition, the economic growth, increasing urbanization, and big telecom industry in the Asia Pacific have increased the demand for the smart home hardware market. Thus, contributes to more revenue generation in the Asia Pacific.

North America is forecast to register the 2^nd highest CAGR of 12.8% from 2022 to 2028. The pandemic has accelerated flexible work approaches offered by employers which accelerated the high adoption of IoT smart home devices in North America. According to Smart Home Technology Usage, Satisfaction, and Purchase Intent, over 80 million U.S. households purchased smart home devices in 2020. Moreover, nearly 30 million U.S. households added smart home hardware during the forecast period. Thus, the region is expected to expand at the 2^nd fastest CAGR during the forecast period. 

Key Companies & Market Share Insights

The global market is characterized by the presence of established as well as new players. Major players operating in this market are offering various advantages such as new product launches and partnerships. In October 2020, Google LLC introduced Google Nest's new smart thermostat in their smart home division. In addition to that, some of the top market players such as Amazon.Com Inc., Google LLC, and Samsung Electronics Co. Ltd. are making product development to gather maximum market share. Some of the prominent players in the global smart home hardware market include:

• Google LLC

• Amazon.Com Inc.

• Honeywell Corporation Inc.

• Schneider Electric SE

• Johnson Control Inc.

• ABB Ltd.

• Legrand

• Panasonic Corporation

• Samsung Electronics Co. Ltd.

• General Electric Company 

Smart Home Hardware Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For this study, Grand View Research has segmented the global smart home hardware market report based on type, and region:

• Type Outlook (Revenue, USD Million, 2017 - 2028)

  • IoT Hardware for Control & Connectivity Devices

  • IoT Hardware for Security & Surveillance Equipment

  • IoT Hardware for Smart Appliances

• Regional Outlook (Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • South Africa