Major players in the market are Lennar Corporation; Meritage Homes Corporation; Metricon; Porter Davis; Henley; Carlisle; Elan Homes (Nortek Security & Control LLC); PulteGroup Inc.; KB Smart Home and TRI Pointe Group.
The global single-family smart homes market is expected to grow from $70.15 billion in 2021 to $83.78 billion in 2022 at a compound annual growth rate (CAGR) of 19.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $162.87 billion in 2026 at a CAGR of 18.1%.
The single-family smart homes market consists of sales of smart appliances and their related services used in single-family homes.Smart homes are futuristic 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. The smart home appliances include smart entertainment, smart lighting, home security and smart appliances, which are controlled by sensors, timers, switches and remote controllers.
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 which adjust based on factors including occupancy or daylight availability. The different technologies include Wi-Fi, Bluetooth, GSM/GPRS, RFID, others and the software and service used include proactive and behavioral.
Asia Pacific is the largest region in the single-family smart homes market in 2021.Eastern Europe is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing number of connected homes and growing implementation of smart home appliances including speakers, home healthcare products, lightning systems, smart kitchen, smart furniture, and HVAC control solutions is projected to contribute to the higher demand for single-family smart homes market. According to the smart home statistics 2021, 57% of homes in Britain contain a smart device, and 23% of Britain, i.e., 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 single-family smart homes market over the forecast period.
Technological advancements related to the internet of things (IoT) and smart home devices is a major trend in the industry.According to a report published by TrendinFocus in July 2019, a big number of users have started using IoT devices and smart homes.
In 2020, the number of connected IoT devices used were 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. Moreover, in December 2019, Lenovo, a Chinese multinational technology company, launched a range of smart home devices including smart bulbs, smart display and smart camera. The company aims at expanding its product portfolio in India. 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 homes market.
High installation cost is projected to limit the growth of the single-family smart homes 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 for the growth of the single-family smart homes 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.
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