Smart Home Device Sales Up Amid COVID19
Worldwide shipments of smart home devices are forecast to remain resilient despite the impact of COVID19, climbing 4.1% on-year in 2020, according to latest IDC numbers.
The research firm forecasts smart home device shipments to total 854 million units this year, jumping to over 1.4 billion in 2024 with a five-year compound annual growth rate of 14%.
The figures are tipped to come from increase consumer comfort in smart home automation, coupled with living space upgrades.
“From a demand-side perspective, smart home devices have remained quite resilient during the global coronavirus pandemic,” states Adam Wright, senior research analyst, Smart Home.Wright admits the global smart home market has lost some ground in 2020 versus prior forecasts, due to lockdown conditions and rising unemployment from COVID19.
Despite this, the research firm anticipates positive on-year growth for the sector this year, across all device categories – concurrent with consumers redirecting expenses from holidays to household goods.
Video entertainment smart home devices (inc. smart TVs, dongles) are tipped to remain the largest category in the forecast, consisting of 31.3% of all shipments in 2024. It follows advancements in the field from 8K to streaming platform upgrades and gaming improvements.
An increase in the capability of home network connections is also tipped to spark a lift in home automation goods.
Smart TV shipments are tipped to further accelerate as consumers see the proposition of upgrading as more attractive amid price competition. Shipments within this niche are expected to notch 60% of the smart home device category by 2024.
Home monitoring products (e.g. smart doorbells) and smart speakers are also expected to further grow, concurrent with increased user familiarity and rising home automation exposure.