India's Smart Home Market Set to Double by 2028, Security Devices Lead the Way
India's smart home market is experiencing explosive growth, driven by increasing affordability, rising consumer incomes, and a growing preference for convenience and security. According to a report by Redseer Strategy Consultants, the market is projected
Smart HomeSecurity DevicesIndiaRedseer Strategy ConsultantsHome AutomationReal Estate MumbaiAug 01, 2024
Security-centric devices such as smart cameras and locks are leading the charge in smart home adoption, with high consumer satisfaction rates. The decreasing cost of smart home devices is a key factor in their rising popularity. With more Indians embracing digital lifestyles, the demand for connected home solutions is expected to surge. The report predicts that the penetration of smart devices will jump from 8-10% in 2023 to 25-28% by 2028.
The study highlights a growing preference for smart home devices among Indian consumers, with nearly 70% of respondents expressing interest in or already using smart home products. Factors such as convenience, security, and energy efficiency are driving this adoption.Security cameras and smart locks are leading the charge in enhancing home security, while smart lighting and small appliances are also gaining popularity. Currently, 44% of consumers own smart home devices, with another 25% considering future purchases.
Frequently Asked Questions
What is the current size of the smart home market in India?
The current size of the smart home market in India is Rs 90,000 crore.
What is the projected size of the smart home market in India by 2028?
The projected size of the smart home market in India by 2028 is Rs 140,000 crore.
What is the leading category in the smart home market in India?
Security-related products are the leading category in the smart home market in India, contributing around 14% to the market.
What is the current penetration rate of smart devices in India?
The current penetration rate of smart devices in India is 8-10%.
What is the expected penetration rate of smart devices in India by 2028?
The expected penetration rate of smart devices in India by 2028 is 25-28%.
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