Smart Remote Market Size, Share & Trends Analysis Report By Application (Smart TV, Other), By Distribution Channel (Offline, Online), By Type, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global smart remote market size was valued at USD 2.33 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2023 to 2030. The rising inclination of consumers toward convenience over cost has led to innovations and improvements in 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. Also advances in the smart remote is due to 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. For instance, in June 2022, Simpler Media Group, Inc., a B2B digital publisher, in their recent survey, stated that 70% of consumers would spend more if their experience of using a product is convenient. For convenience, customers are willing to pay more.

To improve the end-user experience, TV providers have started experimenting with more advanced capabilities on remotes, such as Bluetooth connectivity, Wi-Fi, keyboard interfaces, voice recognition, and even touchscreen functionality. For instance, in April 2022, Samsung, a provider of home electronics and other technology, partnered with ABB, a Swedish Swiss multinational company, to expand Samsung's IoT integration into more buildings and homes. The collaboration of both companies would establish a one-stop shop for IoT solutions, enabling building technology monitoring and control to be simple to access. Together, the two businesses will create a cloud-to-cloud integration that will give users enhanced access and control.

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

Application Insights

The smart TV application segment accounted for the largest revenue share of over 85%in 2022. The high share of the segment is attributed to the growing internet penetration, declining product prices, rapid technological advancements, and the digital transformation of the broadcasting sector. The COVID-19 pandemic boosted demand for smart T.V.s due to technological developments, the ongoing proliferation of video apps, and enhanced interoperability and connectivity with others. For instance, in June 2020, Jiangsu Shinco Technology Co., LTD, a Chinese consumer electronics manufacturer, stated that there was a significant rise in the sale of Smart T.V. in India during the COVID-19 pandemic.

The other application segment is also likely to showcase lucrative growth during the forecast period. The other segment includes smart home appliances such as smart A.C., smart thermostats, and smart lighting, among others, where the smart remote plays the role of the advanced remote controller. The demand for this smart remote 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

The offline distribution channel segment held the largest revenue share of over 80% in 2022. The segment includesspecialty stores, hypermarkets, supermarkets, and independent retail stores. The plan of the organized retail sector has guaranteed better visibility of consumer electronic products. Additionally, the increasingly organized retail sector in developing economies such as China, Japan, and India is further expected to enrich the demand for smart remote control in the coming years. For instance, in September 2022, Samsung, a South Korean company specializing in a wide range of industry and consumer electronics, launched the new premium Store at the Citywalk Mall in India.

The online segment is predicted to foresee significant growth over the forecast period. This share can be attributed to the increasing popularity of online platforms such as Amazon.com, Inc.; Flipkart; and eBay, Inc. Key manufacturers of smart home appliances are partnering with online retailers to acquire a new buyer base. The growth in sales of smart home appliances, mainly through various e-commerce platforms and company websites, is expected to propel the demand for the online distribution channel.

For instance, in October 2022, Shopify, a Canadian e-commerce platform for retail point-of-sales systems and online stores, stated that the pandemic has changed consumer shopping. Further, the company also mentioned that consumers are spending 68.57% on home electronics and devices through online shopping, which highlights the growth potential of online retail in the future.

Type Insights

The infrared smart remote-control segment contributed a revenue share of over 43% in 2022. The growth is attributed to an all-in-one smart remote feature that uses voice commands to operate any appliance in a single room. It can control every remote-controlled equipment in a room, including speakers, air conditioners, TVs, set-top boxes, and more. Infrared technology is used to control electronic devices with remote controllers. The technology is prevalent for TVs, cable boxes, satellite receivers, DVRs, and other home automation devices. Further, mechanical devices such as motors and lifts can also be controlled using infrared technology.

The radio smart-remote-control segment is predicted to foresee significant growth in the forecast years. Radio smart remote control is frequently used for car alarm fobs, garage door openers, and radio-controlled toys. These are also utilized in televisions, satellite receivers, high-end stereo systems, and other remotely controllable devices, as well as in home entertainment equipment. Advanced metering infrastructure (AMI) is an integrated system consisting of smart electricity meters, data management systems, and communication networks. It enables reciprocal communication between utilities and meter endpoints. AMI system automatically conveys the data directly to the utility at predetermined intervals and does not need any utility personnel to collect the data.

Regional Insights

Asia Pacific dominated accounted for the largest revenue share of over 40% in 2022. As an outcome of the Covid-19 pandemic, governments have eased restrictions to facilitate the growth of infrastructure development and regulatory reforms to accelerate connected homes. Therefore, impacting the growth of the smart remote market. For instance, in March 2020, the Indian government formally authorized the usage of telehealth services. The South Korean government also loosened telemedicine regulations.

Middle East and Africa is expected to showcase significant growth over the forecast period. It is anticipated that the region's market for smart homes will benefit from high per capita income, rising demand for opulent homes, and a developing Internet of Things (IoT) industry. Lighting controls, security & access controls, HVAC controls, and entertainment controls are readily available in the MEA market for smart homes and exhibiting quick adoption.

In the MEA region, entertainment systems are gradually becoming a standard feature of homes, and these methods are becoming more and more popular as the millennial generation grows. Multiple entertainment systems are integrated via entertainment control systems, which are then utilized to conveniently regulate and control the entertainment systems.

Key Companies & Market Share Insights

Manufacturers of smart remote controls constantly strive to provide quality cutting-edge solutions by leveraging interactive technologies, multi-modal output capacity, and context awareness of modern computing devices. Several major players own around 50% of the market share for smart remote controls, which is still highly concentrated. These firms emphasize developments in software and hardware sensing and other technologies to maintain a competitive edge and raise profits by offering non-visual interaction experience-based offerings to consumers. 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

Global Smart Remote Market Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segment from 2017 to 2030. For this study, Grand View Research has segmented the global smart remote market report based on application, distribution channel, type, and region:

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Smart TV

  • Other

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

  • Offline

  • Online

• Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Infrared Smart Remote-Control

  • Bluetooth Smart Remote-Control

  • Wi-Fi Smart Remote-Control

  • Radio Smart-Remote-Control

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa