Study identifies 6 trends in US smart home market

September 28, 2018

Parks Associates has issued a new report analysing the US smart home market.

Findings of the study include:

  • Broadband households are buying additional smart devices as more purchase channels open to them
  • 16% of broadband households own two or more smart home devices
  • Smart thermostats are the best selling smart home category (Nearly 50% of smart thermostats bought in 2017 were purchased as an upgrade to an older model, while 16% of smart thermostats were sold through HVAC dealers)
  • 26% of households report owning at least one smart home device, 22% have plans of purchasing a smart home device over the past year.
  • 13% of broadband households own a smart thermostat
  • Purchasing of smart home devices has increased from 26% in 2014 to 48% in 2017
    34% of consumers are reporting high intention to purchase a device.

Brad Russell, research director of connected home at Parks Associates, said: “The buyer journey for smart home households is important to study and understand, as we see one purchase frequently leading to a second and third, with householders acquiring devices incrementally rather than all at once.

“For smart thermostats, a household that buys this device frequently moves on to a smart speaker with personal assistant as their second or third smart home purchase.”

“As the smart home industry attempts to cross the chasm—moving from adoption among early adopters to the early majority—brands in the space fervently seek to understand the value propositions that drive product adoption and how to improve perceived product value,” said Patrice Samuels, senior analyst, Parks Associates.

From Smart Energy