India Smart Home Market: Application, Opportunity and Forecast 2023

Bharat Book Bureau Provides the Trending Market Research Report on “Smart Home Market in India (2018–2023)” under Consumer Goods Category. The report offers a collection of superior market research, market analysis, competitive intelligence and industry reports.

A smart home is a home with better, faster and enhanced operating abilities and performance. In a smart home, the electronic devices such as fridge, television, air conditioning [heating, ventilation and air conditioning (HVAC)], lighting, and camera systems are usually controlled remotely by the smartphone. Home automation is the linking of several appliances along with monitoring and controlling devices used in a home through an intelligent network over a medium such as coaxial cable, electrical power wiring, infrared, radio frequency, or spread spectrum technology, coordinated by a computer. Globally, the smart home market is estimated to reach a value of INR 4.2 Tn by 2023 growing at a compound annual growth rate (CAGR) of ~14.77% from 2018.

In India, the Smart Home Market is in its nascent stage and is expected to increase at an astounding growth rate in the coming years. Currently, the penetration level of smart homes is higher in Indian metro cities such as Bangalore, Delhi, Mumbai and Pune, and accounts for majority of the smart home market. Smart lighting, smart speakers, smart thermostats, smart home hub and smart surveillance are some of the major smart home offerings in the country. Under the Make in India program, the Government of India is taking measures such as reduction in customs duty on telecommunication products to boost the electronics manufacturing sector, which in turn is expected to drive growth in the Indian smart home market

Market segmentation

On the basis of end users the Indian home automation market can be segmented into residential segment, commercial segment and hospitality segment. Within the home automation market, residential segment accounts for more than half of the market.

In the commercial segment, security and access systems, and efficient building management system are the major driving factors. The segment is dominated by three major companies, namely Samsung, Bosch and Honeywell.

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Key growth factors

An increase in the working population and rise in income of the middle class is one of the key demand drivers of the smart home market in India. Favorable demographics and changing consumer behavior is providing a conducive environment for the growth of automated devices
The burgeoning demand of electricity and its increasing cost is a major concern for consumers. The smart home appliances allow devices to communicate among themselves in order to control the use of energy, thereby emerging as an effective solution of saving energy. Thus, consumers are increasingly adopting smart devices to minimize energy costs
Threats and key players

Consumers in India display a price sensitive behavior and a high cost implies a lower installation rate among the Indian consumers. Therefore, the adoption and penetration of smart devices is less in the country
ABB India Limited, Honeywell Automation India Limited, Oakter, Silvan Innovation Labs Private Limited, and L&T Electricals and Automation Limited are some of the major companies offering smart home products in the country.
What is covered in the report?

Overview of the global and Indian smart home market
Historical, current and forecasted market size data for the global smart home market (2016 to 2023)
Historical, current and forecasted market size data for the Indian smart home market (2016 to 2023)
Qualitative analysis of the India home automation market and its segments by end users — residential segment, commercial segment, and hospitality segment)
The Internet of Things (IoT) value chain of the Indian smart home market
Qualitative analysis of the major drivers and challenges affecting the market
Key smart home offerings in the country
Analysis of the competitive landscape and profiles of major players operating in the market
Key recent developments associated with the smart home market in India
Why buy?

Get a broad understanding of the smart home market in India, the dynamics of the market and current state of the sector
Strategize marketing, market entry, market expansion and other business plans by understanding the factors driving growth in the market
Be informed regarding the key developments in the smart home market in India
Understand major competitors’ business strategies and market dynamics and respond accordingly to benefit from the market
Browse our full report with Table of Contents:

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