USD 230.70 Million
Report ID: SQSG25H2006 | Region: Global | Published Date: September, 2022 | Pages: 246 | Tables: 89 | Figures: 70
Global Smart remote Market is valued at USD 230.70 Million in 2021, and it is anticipated to attain a value of USD 353.32 Million by 2028, at a CAGR of 6.2% over the prediction period (2022-2028).
Smart remote is a type of remote control that have control over several gadgets. It can control the gadgets through Wi-Fi network. The smart remote market is being driven by the developing number of remote-controlled electronic gadgets and the simplicity of involving a single remote control for all devices.
This can be credited to the rising interest for smart remotes, utilized for home appliances in emerging regions such as Asia Pacific. The rising tendency of the customers towards comfort, in excess of cost, has prompted the developments and upgrades that enhance the client experience, combined with progressions in technologies such as graphical user interface (GUI). Therefore these aforementioned aspects have finally influenced the progressions in remote control innovation, similar to smart remotes.
Global Market Size
USD 230.70 Million
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The global smart remote market is segmented based on type, distribution channel, application and region. Based on type it is segmented into IR, RF, Bluetooth and WiFi smart remotes. Based on distribution channel it is bifurcated into online, offline. On the basis of Applications it is classified into Residential and Commercial. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Type
The WiFi based smart remote control innovation keeps on witnessing significant demand, essentially determined by shifting buyer inclination for convenience in the utilization of residential and commercial industrial electronic devices. Nonetheless, with buyers inquisitive to leave old and experience new devices, acceptance of innovative items.
Radio smart remote based variations is possibly going to advance at a substantial pace by 2028. Since radio-frequency smart remote controls doesn't need internet, and can send signals through thick layers of blockades is projected to upsurge the consumption in the near future.
Analysis by Distribution Channel
Offline distribution channel fragment added the most noteworthy share in the worldwide smart remote market revenue in 2021. The segment involves supermarkets, hypermarkets, specialty stores, independent retail stores, etc. The arrangement of the coordinated retail area has ensured attractive visibility of shopper for the existing electronic items. Also, expanding coordinated retail area in emerging economies such as India, China and Japan are expected to increase demand for the smart remote control in the estimated timespan.
Online channels will enroll the most notable development rate from 2022 to 2028 due to its evolving utilization. Foremost smart home appliance producers are joining hands with online retailers to arrive at the new purchaser's base. Likewise, the flood in deals of smart home appliances primarily by means of organization's own websites and other e-commerce platforms are further expected to impel the development of online distribution channels, during the projected time frame.
Analysis by Application
Residential applications contributed a considerable revenue share in the global smart remote market during 2021. This is attributed to the rising interest for smart home appliances such as smart televisions, smart AC; smart thermostat etc. These are joined by a smart remote from its set itself which is outfitted with cutting edge properties. Smart remotes assume a fundamental part as they have voice-controlled features, along with numerous other vital features. Moreover, the developing interest for smart televisions from developing countries, owing to its better picture quality, is further projected to push the development of this smart televisions, directly augmenting the residential application section, during the projected time frame.
Commercial application segment is likewise liable to showcase pleasing development in the smart remote market. Here the devices controlled by smart remote requires to control much more appliances than in residential set-up. In addition, these smart remotes can be utilized for residential appllications as well. The consumption for smart remotes intended for appliances and devices in commercial set-up is mounting from economies such as China.
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Asia Pacific added to the most elevated portion in the overall industry revenue in 2021 and is estimated to proceed with a sturdy growth rate, attributable to rising interest for smart home devices from the countries such as Japan, China, and India. Additionally, rising middle-class population and growing disposable income within the region is on of the primary factor for the continued demand for smart home appliances, which will significantly expand the interest for smart remote in the coming years.
Middle East and Africa is anticipated to develop essentially from 2022 to 2028. This can be credited to the quick acceptance of smart home apparatuses inside this region. Developing interest for smart devices, due to the rising purchaser tendency towards Internet of Things (IoT) advancements, alongside development in use on smart home apparatuses are the factors moving the expansion of the smart remote market.
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The existence of several international players defines the global smart remote market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. In our Smart Remote market reports, some of the leading Smart Remote manufacturers are as follows: Sony Corporation, Samsung Electronics Co. Ltd., LG Electronics Inc., Haier Electronics Group Co., Ltd., Toshiba Corporation, Philips, Bose Corporation, Logitech International S.A., Universal Electronics, HBC-radiomatic GmbH, Crestron Electronics, Inc., Ruwido, Infrared Remote Solutions, SMK-Link Electronics among several others.
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According to our analysis, expansion of IoT-associated devices is a key factor for smarter living, besides quick penetration of smaller sensors into existing home structures, driving the smart remote demand. However, low cost remotes compared to costly smart remote controls, such as, android and iOS enabled remotes can limit the growth for smart remotes.
|Market size value in 2021||USD 230.70 Million|
|Market size value in 2028||USD 353.32 Million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Smart Remote Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Remote Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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