Recently, relevant reports predict that global consumer spending on smart home-related hardware, services and installation costs will reach US$131 billion in 2023, an increase of 10% compared to 2022.
The report also believes that in the next five years, consumer spending in the smart home field will grow at a compound annual growth rate of nearly 8%.
By 2028, smart home spending will reach $191 billion.
The global smart home market is growing rapidly.
As people’s demand for convenience and smart life increases, smart home products are widely used.
Products such as smart speakers, smart lighting, and smart security are favored by consumers.
At the same time, the development of artificial intelligence and Internet of Things technology has also promoted the vigorous development of the smart home market.
Judging from the current demand in the global smart home industry, consumers’ acceptance of smart home products has continued to increase in recent years.
Relevant data shows that from 2016 to 2021, the number of households with smart home devices around the world continues to grow.
It will reach 260 million households in 2021.
Looking at market segments, as of 2021, the number of global smart lighting, smart security and smart home control and link users has exceeded 100 million, and the number of energy management, home entertainment and smart home appliance users has also exceeded 80 million.
In terms of global smart home industry supply, global smart home shipments will continue to grow from 2017 to 2021, especially in 2017 –
There has been rapid growth in the past three years in 2019.
In 2020, despite the severe impact of the COVID-19 epidemic on the world economy, global smart home device shipments will continue to grow, reaching 854 million units, a year-on-year increase of 4.1%; in 2021, global smart home device shipments will grow at a rate of 11.7%, reaching 896 million units.
Regarding the market size of the global smart home industry, according to relevant data, from 2017 to 2021, the global smart home market size will increase year by year, reaching US$104.42 billion in 2021, a year-on-year increase of 32.56%.
Experts analyze that China has become the world’s largest smart home consumer country, accounting for 50% – 60% of the global market share.
In the future, with the development of artificial intelligence technology and the continuous progress of smart home ecology, the penetration rate of smart homes in China will accelerate.
According to data from a survey company, China’s domestic smart home market is expected to reach US$45.3 billion by 2026.
To sum up, the global smart home market shows a good development trend, and both demand, supply and market scale are constantly expanding.
China occupies an important position in the field of smart home, and its future development prospects are very broad.
This is undoubtedly a huge opportunity for companies engaged in foreign trade of smart home-related products. They can take advantage of the growth trend of the global market and sell more high-quality Chinese smart home products to the world.
