Smart Home Device Shipments to Exceed 2.5 Billion in 2030

Despite a challenging global economy over the past two years, the smart home device market has remained resilient. This market’s durability can be attributed to a broad portfolio of devices driving use cases such as security, safety, comfort, convenience, control, and energy efficiency. TechInsights’ smart home device forecast covers 18 categories, including smart speakers and displays, home hubs, thermostats, door locks, video doorbells, surveillance cameras, and many more.

TechInsights predicts that global unit shipments of smart home devices will grow at nearly (data points available in full report) percent CAGR between 2024 and 2030, exceeding 2.5 billion units—more than double the shipment volumes of 2023. Concurrently, global wholesale revenue from these devices will rise by (data points available in full report) percent to reach $(data points available in full report) billion over the same period.

Key Growth Drivers

1. Economic Recovery: Stabilizing inflation and interest rates will boost consumer spending on smart home tech.
2. Improved Usability: Easier setup and management make smart devices more accessible.
3. Enhanced Value: Increasing benefits like convenience and energy savings drive adoption.

Market Trends

• Smart Cameras: Projected to surpass (data points available in full report) percent household penetration by end of 2024.
• Video Doorbells: Currently below (data points available in full report) percent globally, but higher in the US.

Regional Insights

Initiatives like Matter will enhance device interoperability, boosting demand. Asia Pacific, North America, and Western Europe will remain key markets, while growth rates in regions like CALA, CEE, and MEA will be higher but contribute less to total volumes.

Strategic Focus

Manufacturers should target price reduction, improved user experience, and enhanced value proposition to tap into the growing market. Detailed strategic insights are available in the full report.