According to Statista, global sales of smart home products amounted to US$ 33.4 billion in 2017. This figure is set to rise to an incredible US$ 112.8 billion by 2022. The greatest volume of sales is expected in the USA, followed by Europe and China.
Jun 15 2018
The USA: a pioneer in digital lifestyles
The concept of the smart home emerged in the USA as early as the 1980s. But its development was rather sluggish even here until the mid-2000s. Average consumers had little interest in complex solutions for lighting, heating and cooling control. In 2018, however, the market volume of smart home solutions in the USA will exceed €17 billion and the sales forecast by 2022 is around €30 billion. This makes the USA the undisputed leader in the digital lifestyle sector. The comfort and lighting segment is expected to achieve annual sales growth of 16.2% in the United States. Revenue of approximately €1.5 billion in 2018 will therefore rise to roughly €2.7 billion by 2022.
German market still not really playing along
German consumers are still rather sceptical when it comes to the subject of “connected lifestyles”. In its recent Smart Home Consumer Survey, Deloitte polled 2,000 Germans aged from 19 to 75 on the subject of smart homes. Although consumer interest in connected lifestyles is growing, especially in the comfort and security segment, data protection concerns are preventing excessive excitement.
High costs, worries about products that have not yet been perfected and are complicated to install and fear of attacks by hackers are also slowing down consumer acceptance in the German market.
The good news
In a study by German-based “eco”, the Association of the Internet Industry, in cooperation with management consultancy Arthur D. Little, fantastic sales growth is envisaged in the German smart home market. By 2022, sales in the German market are expected to increase to €4.3 billion. Strong growth is forecast especially in the energy management and lighting and window control segments. Last but not least, the powerful new customer group represented by Generation Y is a glimmer of hope for the smart home industry. Today’s digital natives, aged between 18 and 35, are used to organising their everyday lives using their mobile phones and are expected to finally make the dream of connected living a reality in Germany.
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