The North America Smart Home Hardware Market would witness market growth of 11.8% CAGR during the forecast period (2022-2028).
Smart houses and home automation are two misleading words that refer to a variety of monitoring, automating, and controlling tasks in a home. Smart home systems, with exception of simple home automation solutions, which could include everything from motorized garage doors to automated security systems, need a smartphone application or web portal to communicate with an automated system. The growing relevance of addressing security issues is expected to fuel significance of smart and connected homes comprehensively. Moreover, the market expansion is likely to be aided by breakthrough wireless technologies such as security and access regulators, HVAC controllers, and entertainment controls.
New product ideas are always being invested in by the companies. Google's Nest smart-home division, for instance, just released a new smart thermostat. The new Nest Thermostat is a less complicated version of the Nest Learning Thermostat or Nest Thermostat E, and it costs USD 129.99, which is USD 40 less than The Nest E costs USD 120 much less than top-of-the-line Nest Learning Thermostat of the third generation. It was instantly available for pre-order. T-Mobile has stated that a 5G-based home network will be available by 2024. The goal is to bring coverage to previously unserved rural areas across the country. T-Mobile is now testing a version of the service on its 4G LTE network with a small number of subscribers.
Smart house popularity figures suggest that Americans prefer home automation gadgets more than other countries, with a substantial penetration rate of and an anticipated total of multiple million smart homes. As people gain a better understanding of technologies and smart home hardware, the regional market would flourish in the coming years. In few years, the comprehensive number of AI-centric homes is predicted to surpass a new record figure. The expanding emphasis on security, along with wireless innovation and improvement in the internet of things (IoT), is benefiting the region.
Naturally, millennial, which grew up with technology, are the most excited about smart home technologies. The majority of people are willing to pay extra for a home with smart devices. Smart home adoption is expected to accelerate when Gen Z reach adulthood and begin purchasing homes. In addition, smart home technology is not just for kids anymore. From smart pillboxes to voice-activated and fall detector appliances, numerous products and services cater to the requirements of the elderly. As home automation systems make healthcare more accessible to elders, it is observed that a substantial share of old age population are eager to spend extra money on smart gadgets for the house and garden. Thus, due to increasing preference of smart home gadgets, the regional smart home hardware market is likely to propel in the forecast period.
The US market dominated the North America Smart Home Hardware Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $9,941.5 Million by 2028. The Canada market is estimated to grow at a CAGR of 14.3% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 13.3% during (2022 - 2028).
Based on Product, the market is segmented into IoT Hardware for Control & Connectivity Devices, IoT Hardware for Security & Surveillance Equipment, and IoT Hardware for Smart Appliances. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Smart Home Hardware Market is Estimated to reach $48 Billion by 2028, at a CAGR of 12.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC, Amazon.com, Inc., Schneider Electric SE, Honeywell International, Inc., ABB (ASEA Brown Boveri) Group, Johnson Controls International PLC, Panasonic Corporation, Legrand S.A., Samsung Electronics Co. Ltd., and General Electric (GE) Co.
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