Smart Home Market in India 2023

A smart home is a home with better, faster and enhanced operating abilities and performance. In a smart home, electronic devices such as fridge, television, air conditioning, lighting, and camera systems are usually controlled remotely using smartphones.

Smart Home Market in India 2023 report provides in-depth Market analysis.



Globally, the smart home market is estimated to reach a value of INR 4.2 Tn by 2023, expanding 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 metropolitans such as Bangalore, Delhi, Mumbai and Pune,
Under the ‘Make in India’ program, the Indian government is taking measures to reduce customs duty on telecommunication devices to boost the electronics manufacturing sector, which is in turn expected to drive growth in the Indian smart home market.

Key growth factors:-
  • An increase in the working population and rise in income of the middle class are the key demand drivers of the smart home market in India. Favorable demographics and changing consumer behavior are providing a conducive environment for the growth of automated devices
  • The burgeoning demand for electricity and its increasing costs are major concerns for consumers. The smart home appliances allow devices to communicate among themselves in order to control the use of energy, thereby emerging as effective energy-saving solutions. Thus, consumers are increasingly adopting smart devices to minimize energy costs
Threat 
Indian consumers are price sensitive, and high costs imply lower installation rates. Therefore, the adoption and penetration of smart devices in the country is limited.

Key Players
  • ABB India Limited,
  • Honeywell Automation India Limited, 
  • Oakter, 
  • Silvan Innovation Labs Private Limited,
  • L&T Electricals and Automation Limited
are some of the major companies offering smart home products in the country.

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