GVR Report cover Smart Remote Market Size, Share & Trend Report

Smart Remote Market Size, Share & Trend Analysis Report By Application, By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2022 - 2028

  • Report ID: GVR-4-68039-933-3
  • Number of Pages: 88
  • Format: Electronic (PDF)

Report Overview

The global smart remote market size was valued at USD 2.38 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.2% from 2022 to 2028. This can be attributed to the increasing demand for smart remotes, used for home appliances in developing regions such as the Asia Pacific. The rising inclination of the consumers towards convenience, in excess of cost, has led to the innovations and improvements in the gadgets that enrich the user experience, coupled with advancements in technologies such as graphical user interface (GUI). Thus these factors have ultimately impacted the advancements in remote control technology, like a smart remote.

U.S.Smart Remote Market Size, By Application, 2019 - 2028 (USD Million)

Advances in the smart remote is due to the major consumer electronics manufacturing companies, as they are influenced by multimodal output capabilities and situation awareness of the latest computing devices such as smartphone etc. Furthermore, the market players are partnering with e-commerce platforms to enhance their penetration in the untapped market by promoting sales of their products. All these factors are expected to drive the growth of the smart remote market during the forecast period.

The rise in disposable incomes, increasing urbanization, and growing working population, along with changing lifestyles are the factors boosting the market growth. Also, a substantial increase in flexible income and easy financing schemes has led to a lessening in replacement cycles of electronic products like remote controls. Likewise, growing online retailing is a crucial factor for the companies to reach out and increase their new buyer’s base.

Growing investment by the market players in the latest technologies to present innovative products is further expected to increase the industry sales. However, the availability of low-cost smart remotes in the market as compared to expensive smart remotes available from the leading brands may hamper the market growth during the forecast period. Owing to the COVID-19 pandemic, the industry witnessed a steady demand.

Application Insights

Smart TV application segment contributed a revenue share of more than 94.0% in the global market during 2021 owing to its increasing demand. Smart TVs are also accompanied by a smart remote from its set itself which is furnished with advanced features. Smart remotes play a vital role as they have voice-controlled features, coupled with many other essential features. Furthermore, the growing demand for smart TVs from developing regions, due to its better picture quality, is further projected to propel the growth of this smart TV application segment, during the forecast period.

Other application segment is also likely to showcase lucrative growth in this smart remote market. Other segment includes smart home appliances such as smart AC; smart thermostat etc. where the universal smart remote plays the role of the advanced remote controller. And this smart remote can be used for smart TV functions also. The demand for this smart remote designed for home appliances is augmenting from emerging economies such as China. Thus, all these factors are expected to propel the growth of this segment, during the forecast period.

Distribution Channel Insights

Offline distribution channel segment contributed to the highest share of 82.0% in the global market revenue in 2021. The segment includes specialty stores, hypermarkets, supermarkets, independent retail stores, etc. The plan of the organized retail sector has guaranteed better visibility of consumer electronic products. Additionally, increasing organized retail sector in developing economies such as China, and India and developed economies like Japan are further expected to augment demand for the smart remote control in coming years.

Global Smart Remote Market Share, By Distribution Channel, 2021 (%)

Online segment will register the highest growth above 10.3% from 2022 to 2028. This can be attributed to its growing usage. Leading smart home appliance manufacturers are tying up with online retailers to reach the new buyer’s base. Also, the surge in sales of smart home appliances primarily via company's own websites and other e-commerce platforms are further expected to propel the growth of online distribution channel segment, during the forecast period.

Regional Insights

The Asia Pacific contributed to the highest share of 42.0% in the global market revenue in 2021 and is expected to continue its dominance in coming years, owing to rising demand for smart home appliances from the nations like China, Japan, and India. Moreover, rising disposable income and growing middle-class population within this region is also the main factor for the persistent demand for smart home appliances, which will substantially increase the demand for smart remote.

Middle East and Africa is expected to grow significantly from 2022 to 2028. This can be credited to fast adoption of smart home appliances within this region. Growing demand for smart appliances, due to the increasing consumer inclination towards Internet of Things (IoT) technologies, along with growth in expenditure on smart home appliances are the factors propelling enlargement of the smart remote market.

Key Companies & Market Share Insights

Key players are focusing on introducing new advanced products to meet increasing demand. Furthermore, key players are collaborating with small players to increase their expansion in the market along with capitalizing in new manufacturing plants to increase production capacity. Some prominent players in the global smart remote market include:

  • Samsung Electronics Co. Ltd.

  • Sony Corporation

  • LG Electronics Inc.

  • Toshiba Corporation

  • Haier Electronics Group Co., Ltd.

  • Philips

  • Logitech International S.A.

  • Bose Corporation

  • Universal Electronics

  • Crestron Electronics, Inc.

  • HBC-radiomatic GmbH

  • Ruwido

  • SMK-Link Electronics

  • Infrared Remote Solutions

 Smart Remote Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 2,568.3 million

Revenue forecast in 2028

USD 4.13 billion

Growth rate

CAGR of 8.2% from 2022 to 2028

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2028

Quantitative units

Revenue in USD million/billion CAGR from 2022 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Application, distribution channel, region

Regional scope

North America, Europe, Asia Pacific, Central & South America, Middle East & Africa

Country scope

U.S., Germany, U.K., France, China, Japan, South Africa, Brazil

Key companies profiled

Samsung Electronics Co. Ltd.; Sony Corporation; LG Electronics Inc.; Toshiba Corporation; Haier Electronics Group Co., Ltd.; Philips; Logitech International S.A.; Bose Corporation; Universal Electronics; Crestron Electronics, Inc.; HBC-radiomatic GmbH; Ruwido; SMK-Link Electronics; Infrared Remote Solutions

Customization scope

Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2017 to 2028. For this study, Grand View Research has segmented the global Smart Remote Market based on the application, distribution channel, and region.

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

    • Smart TV

    • Other

  • Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)

    • Offline

    • Online

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

    • North America

      • U.S.

    • Europe

      • Germany

      • U.K.

      • France

    • Asia Pacific

      •  China

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

      • South Africa

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