India Smart Home Market Research Report 2023 offers a comprehensive analysis of the market, including business opportunities, growth, and trend analysis for various applications, types, and regions such as North America, Europe, Asia-Pacific, South America, Middle East, and Africa. The report delves into important producers, market developments, opportunities, challenges, and threats to the market as a whole. It is a 100+ page report that provides a detailed examination of growth statistics, opportunities, trends and the competitive landscape in the industry.
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The smart home market in India is expected to reach INR 324.14 Bn by 2024, from INR 90.15 Bn in 2019, expanding at a compound annual growth rate (CAGR) of ~29.17%.
Increasing disposable income, rising geriatric population and initiatives undertaken by the government for smart city development, have provided an impetus to the smart home market in India. In addition, escalating demand for energy-efficient systems and growing popularity of smart speakers have also been fueling market growth. However, high cost of smart home devices is expected to limit the widespread adoption of these products in the country.
Market segmentation:
Based on product type, the smart home market is segmented into smart lighting, control and entertainment systems, security and access control, smart thermostat, and smart home appliances.
The smart home appliance segment is the leading segment, which held a market share of ~45.55% in 2019. These appliances are controlled either using smartphones, voice or touch technology, making it more convenient for users to operate. These control features have attracted several users to adopt connected appliances in their households. This, in turn, has propelled the growth of the smart home appliance market in India.
Smart lighting is anticipated to be the fast-growing segment, expanding at a CAGR of ~47.57% during the forecast period. Various energy-saving initiatives by the government, along with improved awareness about energy-efficient lighting products have increased the adoption of smart lighting among Indians.
The control and entertainment systems segment is expected to expand at a CAGR of ~27.48%. Smart speakers have gained immense popularity among the growing millennial and Gen-Z population. Smart speaker manufacturers like Amazon, Apple and Google are adding new features such as voice recognition in regional languages, music playback, and streaming podcasts, among others, to attract more customers. Apart from smart speakers, entertainment systems like Amazon Fire TV Stick, Apple TV and Google Chromecast are also expected to flourish in the Indian market.
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Market insights:
Voice-activated assistants like Alexa, Bixby, Google Home and Siri are being increasingly adopted as controlling units for the Indian smart home ecosystem. Hence, original equipment manufacturers (OEMs) are launching new smart home products compatible with more than one voice assistant.
Smartphones have become the primary interface for remotely controlling smart home devices. The companies are leveraging the potential of smartphone apps to provide remote access to users. Users can easily receive notifications/warnings about unauthorized entry, operate air conditioners, and control lighting systems, among other functions, using such apps.
Companies covered
ABB India Ltd.
Honeywell International India Pvt. Ltd.
Amazon India Ltd.
Google India Pvt. Ltd.
Legrand (India) Pvt. Ltd.
Prama Hikvision India Pvt. Ltd.
Samsung India Electronics Pvt. Ltd.
Schneider Electric India Pvt. Ltd.
Signify Innovations India Ltd.
Xiaomi Technology India Pvt. Ltd.
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Our most recent research report showcases the thriving expansion of the India Smart Home Market and offers in-depth insights into the projected market size, share, and revenue until 2030.
The report addresses the following key questions regarding the India Smart Home market:
- What is the expected growth rate of the market in the upcoming years and what factors are driving this growth?
- How do consumers perceive and adopt different types of India Smart Home in the market?
- How are regulatory policies and government initiatives impacting the growth of the India Smart Home market?
- What is the market share of the top 5 players in the India Smart Home market and how is it likely to change in the future?
- What are the latest technologies and innovations in the India Smart Home market and how are they shaping the industry landscape?
- How do macroeconomic factors such as inflation, GDP, and exchange rates affect the India Smart Home market?
- What are the challenges related to the supply chain and logistics that India Smart Home market players face and how are they addressing them?
- How is the changing consumer behavior and preferences influencing the dynamics of the India Smart Home market?
- What are the potential risks and uncertainties associated with investing in the India Smart Home market, and how can they be mitigated?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of India Smart Home market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the India Smart Home market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the India Smart Home market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate India Smart Home business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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