Top Smart Thermostat Companies

Global Smart Thermostat Market size was valued at USD 4.21 Billion in 2023 and is poised to grow from USD 4.99 Billion in 2024 to USD 19.40 Billion by 2032, growing at a CAGR of 18.5% in the forecast period (2025-2032).

The leading firms in the market are engaged in research and development (R&D) activities for offering new functions, better user interfaces and compatibility with smart home systems. In addition, the expanding relationship among key players, retail shops, HVAC contractors and online retailers to assure nationwide availability and convenience of their products is having a positive effect on smart thermostat industry growth. Furthermore, a number of prominent stakeholders are partnering with local distributors and service providers throughout the world as a whole in order to expand their reach and attract new users. Besides this, active promotion and marketing activities by manufacturers on social media, advertising and digital marketing in order to increase brand visibility and promote their product offerings are fueling the market growth. 'Alphabet Inc.', 'Carrier Global Corp.', 'Centrica Plc', 'Computime Group Ltd.', 'Control4 Corp.', 'ecobee', 'EcoFactor Inc.', 'Emerson Electric Co.', 'GridPoint Inc.', 'Honeywell International Inc.', 'Johnson Controls International Plc.', 'Legrand SA', 'NETATMO SAS', 'Nortek', 'Radio Thermostat Co. of America', 'Robert Bosch GmbH'

The popularity of smart thermostats is growing rapidly due to the rising demand for energy-efficient solutions. In recent times, most of the consumers and businesses are searching for ways for decreasing energy bills and minimize environmental impact. The smart thermostats are providing efficient control over heating and cooling systems, which is helping in improving energy use. The incorporation of these devices with broader smart home ecosystems is also supporting market growth. 

Incorporation with Voice Assistant: The trend in the smart thermostat market is the integration with voice assistants, such as Alexa and Google Home. Consumers are increasingly looking for the easy way to manage their home environment with spoken language, and thus smart thermostats that can plug into these platforms are becoming more important. This smart thermostat market trend is improving user experience and boosting adoption among technology-oriented consumers.

North America is dominating with the largest smart thermostat market share. This growth can be attributed to the increasing share of the market for smart home devices and services, energy efficiency efforts, and increasing demand for IoT devices. Consumers in this sector are quite tech savvy and knows the benefits of a smart thermostat such as convenience, cost reduction, and environmental benefit, which is boosting the deployment of smart thermostats. Furthermore, the US smart thermostat market is leading because the government agencies support energy efficiency targets for buildings. This is encouraging the adoption of smart thermostats, which are vital for minimizing CO2 emissions and fight against climate change.