Though the global market is forecast to return to growth in 2023, it will remain relatively low at 4.6 per cent with most of the growth coming from emerging markets as well as China…reports Asian Lite News
Worldwide shipments of smart home devices are expected to decline 2.6 per cent in 2022 to 874 million units with smart speakers and video entertainment devices such as TV and streaming devices facing the brunt of the decline.
Worsening macroeconomic conditions have led to a reduction in the outlook for global smart home device shipments, according to the International Data Corporation’s (IDC) ‘Worldwide Quarterly Smart Home Device Tracker’.
“Shipments of smart home devices have been impacted significantly by ongoing supply chain disruptions,” said Adam Wright, senior research manager, Smart Home and Office Devices.
“Moreover, we’re witnessing downward pressure on demand in 2022 as inflation continues to squeeze consumers’ wallets. Looking ahead, we expect volatility will continue to inhibit the market’s growth in 2023 and beyond,” he mentioned.
Though the global market is forecast to return to growth in 2023, it will remain relatively low at 4.6 per cent with most of the growth coming from emerging markets as well as China.
“Though smart speakers arguably helped launch the smart home category, the shine of these products has largely worn off for consumers in developed markets such as the US and China with shipments expected to decline in the long run,” said Jitesh Ubrani, research manager for IDC’s Mobility and Consumer Device Trackers.
Smart speakers will now rely on emerging markets and places like Europe where language and lack of services have been a barrier to adoption in the past,” Urban added.
Among the other form factors, home monitoring/security products such as cameras, doorbells, or door locks, as well as smart lighting and video entertainment products will account for the largest share and experience the highest growth rates within the smart home market, the report mentioned.