The global Smart Home Thermostats market was valued at US$ 1656.3 million in 2022 and is projected to reach US$ 3653 million by 2029, at a CAGR of 12.0% during the forecast period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
| Market size in 2022 | US$ 1656.3 million | Forecast Market size by 2032 | US$ 3653 million |
|---|---|---|---|
| Growth Rate | CAGR of 12.0% | Number of Pages | 200+ Pages |
A smart home thermostat is a device that gives you the ability to remotely control and monitor the temperature of your home using your smartphone, tablet, or computer. It connects to your home’s heating, ventilation, and air conditioning (HVAC) system and provides more advanced features and functionality compared to traditional thermostats.
These intelligent thermostats can be programmed to automatically adjust the temperature based on your preferences and schedule, ensuring both energy efficiency and comfort. They come equipped with features like learning algorithms that learn from your behavior over time, motion sensors that detect occupancy and adjust the temperature accordingly, and the capability to create personalized heating and cooling schedules.
One of the main advantages of smart thermostats is their internet connectivity, which allows you to control them remotely. Whether you’re at home or away, you can easily change the temperature, modify settings, and monitor your energy usage, offering you convenience and flexibility. Many smart thermostats even integrate with popular virtual voice assistants such as Amazon Alexa or Google Assistant, enabling voice commands for adjusting the temperature and other functions.
Additionally, smart thermostats often provide energy usage reports and insights, enabling you to keep track of and analyze your energy consumption patterns. This valuable information empowers you to make informed decisions about energy-saving practices, potentially leading to a reduction in your utility bills.
This report aims to provide a comprehensive presentation of the global market for Smart Home Thermostats, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Smart Home Thermostats.
Report Scope
This report aims to provide a comprehensive presentation of the global market for Smart Home Thermostats, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Smart Home Thermostats.
The Smart Home Thermostats market size, estimations, and forecasts are provided in terms of and revenue ($ millions), considering 2022 as the base year, with history and forecast data for the period from 2018 to 2032. This report segments the global Smart Home Thermostats market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
This report contains market size and forecasts of Smart Home Thermostats in global, including the following market information:
Global Smart Home Thermostats Market Revenue, 2018-2023, 2024-2032, ($ millions)
Global Smart Home Thermostats Market Sales, 2018-2023, 2024-2032, (10K)
Global top five Smart Home Thermostats companies in 2022 (%)
The global smart home thermostats market is dominated by prominent players like Google Nest, Honeywell, EcoBee, Emerson, LUX/GEO, and others, collectively holding a substantial market share of over 56%. These leading companies are primarily headquartered in North America and Europe, which are recognized as major hubs for smart home technology.
In terms of product segmentation, the largest segment in the market is wifi technology, commanding a significant share of over 73%. This indicates the widespread acceptance and adoption of wifi-enabled thermostats, allowing users to conveniently regulate and monitor their home temperatures remotely through internet connectivity.
When it comes to distribution channels, offline sales emerge as the predominant channel, capturing the largest share of over 86%. This suggests that consumers still prefer the traditional route of purchasing smart home thermostats through physical retail stores, underlining the continued significance of brick-and-mortar establishments. However, the online sales channel is growing rapidly, and is expected to account for a larger share of the market in the coming years.
These trends shed light on the strong market presence of established industry players, the increasing popularity of wifi-enabled thermostats, and the enduring importance of offline sales channels. However, it’s essential to acknowledge that market dynamics can evolve over time, necessitating the reference of the latest industry reports for the most accurate and up-to-date information on the global smart home thermostats market.
We surveyed the Smart Home Thermostats manufacturers, suppliers, distributors and industry experts on this industry, involving the sales, revenue, demand, price change, product type, recent development and plan, industry trends, drivers, challenges, obstacles, and potential risks.
| Report Attributes | Report Details |
|---|---|
| Report Title |
Smart Home Thermostats Market Size, Emerging Trends, Technological Advancements, and Business Strategies 2023-2032 |
| Market size in 2022 | US$ 1656.3 million |
| Forecast Market size by 2029 | US$ 3653 million |
| Growth Rate | CAGR of 12.0% |
| by Type |
|
| by Application |
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| by Distribution Channel |
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| key players |
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| Historical Year | 2018 to 2022 (Data from 2010 can be provided as per availability) |
|---|---|
| Base Year | 2022 |
| Forecast Year | 2030 |
| Number of Pages | 100+ Pages |
| Customization Available | Yes, the report can be customized as per your need. |
Total Market by Segment:
Global Smart Home Thermostats Market, by Type, 2018-2023, 2024-2032($ Millions) & (10K)
Global Smart Home Thermostats Market Segment Percentages, by Type, 2022 (%)
- WiFi Technology
- ZigBee Technology
- Z-Wave Thermostats
- Bluetooth Thermostats
Global Smart Home Thermostats Market, by Application, 2018-2023, 2024-2032($ Millions) & (10K)
Global Smart Home Thermostats Market Segment Percentages, by Application, 2022 (%)
- Heating
- Cooling
- Ventilation
Global Smart Home Thermostats Market, by Distribution Channel, 2018-2023, 2024-2032($ Millions) & (10K)
Global Smart Home Thermostats Market Segment Percentages, by Distribution Channel, 2022 (%)
- Online Retail
- Offline Retail
Global Smart Home Thermostats Market, By Region and Country, 2018-2023, 2024-2032 ($ Millions) & (10K)
Global Smart Home Thermostats Market Segment Percentages, By Region and Country, 2022 (%)
North America :
- U.S.
- Canada
Europe :
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific :
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America :
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa :
- South Africa
- GCC Countries
- Rest of the Middle East & Africa (ME&A)
Competitor Analysis
The report also provides analysis of leading market participants including:
Key companies Smart Home Thermostats revenues in global market, 2018-2023 (Estimated), ($ millions)
Key companies Smart Home Thermostats revenues share in global market, 2022 (%)
Key companies Smart Home Thermostats sales in global market, 2018-2023 (Estimated), (10K)
Key companies Smart Home Thermostats sales share in global market, 2022 (%)
Key Trends:
The demand for voice control is on the rise: Voice control is becoming more and more popular because it enables users to operate their devices without using their hands. This is particularly convenient for smart home thermostats, as users can simply tell the thermostat to adjust the temperature without having to physically touch it.
Increased interest in energy efficiency: Consumers are becoming more conscious of the importance of energy efficiency and are actively seeking ways to conserve energy in their homes. Smart home thermostats can assist users in saving energy by automatically adjusting the temperature when they are not at home or by learning their preferences and adjusting accordingly.
Technological advancements are driving innovation: As technology continues to progress, we can anticipate the release of even more innovative smart home thermostats in the future. These thermostats will likely introduce new features and capabilities that we can’t even envision today. For instance, some thermostats now come equipped with occupancy sensors, enabling them to automatically adjust the temperature when the house is unoccupied.
The emergence of connected homes: Connected homes are gaining popularity as more people seek ways to automate their living spaces. Smart home thermostats can be seamlessly integrated with other smart devices, such as security systems, lights, and locks. This integration enables users to control all their devices through a single interface and create personalized automations.
Increasing popularity of mobile devices: Mobile devices are gaining widespread popularity, leading to a greater demand for smart home devices that can be controlled using mobile apps. Smart home thermostats can be easily managed through smartphones or tablets, allowing users to adjust the temperature from anywhere in the world.
The rise of the subscription model: The subscription model is gaining traction among smart home device users, as it provides access to various features and services through a monthly fee. This model is particularly favored for smart home thermostats, as it grants users access to features like remote control and geofencing without the need for an outright purchase of the thermostat.
Further, the report presents profiles of competitors in the market, key players include:
- Google Nest
- Honeywell
- EcoBee
- Emerson
- LUX/GEO
- Carrier
- Energate Inc.
- Tado GmbH
- Control4
- Netatmo
- Hive Home
Recent Developments:
- Nest Thermostat + Google Assistant: Google has announced a new version of its Nest Thermostat that includes Google Assistant built-in. This means that users can now control their thermostat with their voice, as well as get information about the weather, traffic, and more.
- Honeywell Lyric Round: Honeywell has released a new version of its Lyric Round thermostat that features a sleeker design and improved energy efficiency. The new thermostat also includes a number of new features, such as geofencing and remote access.
- Ecobee Smart Thermostat with voice control: Ecobee has released a new version of its Smart Thermostat that features voice control support for Amazon Alexa and Google Assistant. The new thermostat also includes a number of other new features, such as a humidity sensor and a built-in scheduler.
- Schneider Electric Wiser Link: Schneider Electric has released a new smart thermostat called Wiser Link. The thermostat is designed to be easy to install and use, and it can be controlled with a smartphone or tablet.
