Home Automation

Industry Overview - March 2023

By most estimates, 2022 was a difficult year for home technology investments.  Consumer electronics retail revenue fell -8% compared to an historic 2021 as a multitude of economic challenges from higher gas prices to higher interest rates threatened consumer spending.  Home Automation sales were impacted by lower spending as well. Industry revenue in 2022 declined -2% compared to 2021 as key categories including Smart Lighting, Smart Thermostats, and Home Security Systems faced lower sales. 

Ownership & Usage - February 2023

Home Automation revenue grew 1% in 2022 as security and monitoring devices continued their growth trend.  Security Cameras and Smart Doorbells, the category’s largest revenue segments, saw sales increase 1% and 2%, respectively, in 2022 over 2021.  Meanwhile, sales of convenience focused devices including Smart Power and Smart Displays declined in 2022 resulting in mostly flat household adoption levels. 

Key Insights uncovered in this consumer report include:

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