Single-Family Smart Homes Global Market Report 2024

The single-family smart homes market size has grown rapidly in recent years. It will grow from $99.14 billion in 2023 to $117.28 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The historical period's growth can be ascribed to robust economic expansion in emerging markets, a low-interest-rate environment, and an upsurge in internet penetration.

The single-family smart homes market size is expected to see rapid growth in the next few years. It will grow to $226.28 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The anticipated growth in the forecast period is linked to urbanization, the expanding Internet of Things (IoT), and a rising geriatric population. Key trends expected in this period involve the adoption of green construction and energy-efficient techniques, investment in integration with voice assistants, emphasis on security solutions, incorporation of artificial intelligence and robotics, utilization of predictive analytics techniques, and investment in smart switches and displays.

The rising prevalence of connected homes and the increasing integration of smart home appliances, encompassing speakers, home healthcare products, lighting systems, smart kitchens, smart furniture, and HVAC control solutions, is expected to contribute to heightened demand in the single-family smart homes market. As per 2021 smart home statistics, 57% of households in Britain feature a smart device, with 23% of the population - equivalent to 66.44 million people - owning at least one smart item. Notably, there are 2.22 million smart homes in the UK. Consequently, the growing deployment of smart home appliances, coupled with the expanding network of connected homes globally, is poised to drive demand for the single-family smart home market throughout the forecast period.

The increasing embrace of the Internet of Things (IoT) is anticipated to drive the expansion of the single-family smart home market in the forthcoming years. IoT-enabled smart homes, also referred to as connected homes, leverage internet-connected devices for remote monitoring and management of various appliances and systems. IoT is a pivotal element in smart homes as it facilitates the connection, interaction, and data exchange among objects and systems. Homeowners derive numerous benefits from this communication and data-sharing paradigm, enhancing the comfort, efficiency, and security of their daily activities. For instance, in May 2023, as reported by IoT Analytics GmbH, a Germany-based information analysis platform, the global count of connected IoT devices is expected to surge by 16% to reach 16.7 billion in 2023. Hence, the increasing adoption of IoT is propelling the growth of the single-family smart home market.

Prominent companies in the single-family smart homes market are concentrating on introducing innovative products, such as a suite of connected home products, to better cater to the needs of their existing customer base. A suite of connected household products comprises a collection of smart appliances and gadgets designed to work seamlessly together, creating a smart home environment. Typically, internet-connected, these items can be remotely operated through a smartphone or similar devices. For example, in February 2021, Lennar Corporation, a US-based smart home construction company, unveiled Lennar Communities Connected by Ring - a groundbreaking range of connected home devices integrated into new Lennar residences, seamlessly managed through the Ring app. This initiative enhances The Connected Home by Lennar with a user-friendly interface, setting a new standard for the design and enjoyment of communities. The Connected Home by Lennar incorporates sought-after technological features, emphasizing safety and efficiency in a suite of leading smart devices, reflecting Lennar's steadfast commitment to crafting homes that meet the evolving needs of families.

Technological advancements in the realm of the Internet of Things (IoT) and smart home devices represent a significant trend in the industry. According to Forbes, the number of cellular IoT connections is anticipated to reach 3.5 billion in 2023, and according to IoT Analytics, the global count of linked IoT devices is projected to reach 27 billion by 2025. The introduction of new smart speakers by Google Assistant and Amazon Alexa is influencing the growth of smart devices. For instance, in September 2021, Amazon, an American e-commerce company, launched a range of home security and smart home devices, including smart doorbells and smart thermostats. Consequently, technological advancements in IoT and smart home devices are poised to persist as a key trend, driving revenue growth in the single-family smart home market.

Major companies operating in the single-family smart homes market report are Lennar Corporation, PulteGroup, Inc., Meritage Homes Corporation, KB Smart Home, TRI Pointe Group Inc., Shea Homes, Metricon, McGuyer Homebuilders, Inc., Porter Davis, Henley and home automation, Carlisle and home automation, Plantation homes, Tianjin Quick Smart House Co.Ltd., Larsen & Toubro, Gera Developments Company, Panchshil developers, Daiwa House Industry Co, Ltd., Kier Group PLC, ELAN home, Loxone, Belmar Builders, D.R. Horton, Toll Brothers, Taylor Morrison, Ryan Homes, Ashton Woods, Lennar homes, Habitat for Humanity, International Cooperative Alliance, The Brazilian Association Of Real Estate Loans And Savings Companies, Smart home building contracting LLC, Simpletech, Qi Systems.

Asia-Pacific was the largest region in the single-family smart homes market in 2023. Eastern Europe is expected to be the fastest-growing region in the global single-family smart homes market during the forecast period. The regions covered in the single-family smart homes market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the single-family smart homes market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain. The single-family smart homes market consists of sales of smart appliances such as smart lighting, entertainment, smart appliances, and others and their related services used in single-family homes. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary product categories within single-family smart homes encompass smart lighting, entertainment systems, smart appliances, and other related devices. Smart lighting is specifically designed to optimize energy efficiency while enhancing security and convenience. This involves the integration of energy-saving fixtures and automated controls that adapt based on factors such as occupancy or daylight availability. Various technologies, including Wi-Fi, Bluetooth, GSM/GPRS, RFID, among others, are employed, and the software and services utilized encompass both proactive and behavioral aspects. These services are offered by a range of providers, including both large and small contractors.

The single-family smart homes market research report is one of a series of new reports that provides single-family smart homes market statistics, including single-family smart homes industry global market size, regional shares, competitors with a single-family smart homes market share, detailed single-family smart homes market segments, market trends and opportunities, and any further data you may need to thrive in the single-family smart homes industry. This single-family smart homes market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.