Smart Thermostats Expected to Surpass 8.1 Million Units Sold by 2030, Revenue Projections Exceeding $1.1 Billion
Parks Associates has released a comprehensive analysis of the smart thermostat market, providing insights into projected trends and consumer behaviors for the next five years. According to their report, titled 'Smart Thermostat Market Assessment 2025', sales in the U.S. are anticipated to reach a staggering 8.1 million units by the year 2030. This growth will result in annual revenues exceeding $1.1 billion, reflecting a significant demand for these energy-efficient devices.
Currently, smart thermostats are found in approximately 16-17% of U.S. internet households. The leading brands in the market include Google Nest, Honeywell Home, and ecobee, with Google Nest and Honeywell leading recent purchase trends. These brands have successfully capitalized on the growing interest in home automation and smart energy management.
The report sheds light on the motivations behind consumer adoption of smart thermostats. A primary driver is the desire for remote control over home heating and cooling systems, paired with increasing concerns about high energy bills—61% of households cite costs as a reason for their interest in smart technologies. Notably, the demographic of smart thermostat owners is shifting; the report highlights that 37% identify as 'Early Majority' tech buyers, up from only 26% in 2020. These consumers are more pragmatic and are looking for tangible value from their investments rather than simply seeking the latest technology.
Further indicating a trend towards improved functionality, around 32% of current owners engage with energy insights offered by their smart thermostats, albeit primarily limited to HVAC systems.
Experts from Parks Associates, such as Senior Analyst Daniel Holcomb, stress that manufacturers of smart thermostats need to leverage advanced hardware to ensure widespread adoption. They also recommend educating consumers about the energy-saving features and financial benefits of these devices. Holcomb specifically pointed out that Resideo's Honeywell Home brand has seen strong performance due to its integration with security solutions and energy management platforms.
However, competitive pressure is evident. Despite ecobee's advancements in energy feature integration, it has yet to capture substantial market share from leaders like Nest and Honeywell. Nevertheless, brands such as Sensi are gaining traction among consumers in the market.
As the smart home market evolves, the need for innovative, user-friendly technology is essential for capturing the mass market. Parks Associates emphasizes that smart thermostat manufacturers must continue to educate consumers on the potential savings achievable through usage of their products and firmly establish their technology in homes across the United States.
This in-depth report is part of Parks Associates' research offerings, which are available for purchase. With a history dating back to its founding in 1986, Parks Associates provides valuable insights into various sectors, including home security, digital media, and connected health. To schedule an interview or request specific data, interested parties can reach out to Mindi Sue Sternblitz-Rubenstein, a key representative of the organization.
Currently, smart thermostats are found in approximately 16-17% of U.S. internet households. The leading brands in the market include Google Nest, Honeywell Home, and ecobee, with Google Nest and Honeywell leading recent purchase trends. These brands have successfully capitalized on the growing interest in home automation and smart energy management.
The report sheds light on the motivations behind consumer adoption of smart thermostats. A primary driver is the desire for remote control over home heating and cooling systems, paired with increasing concerns about high energy bills—61% of households cite costs as a reason for their interest in smart technologies. Notably, the demographic of smart thermostat owners is shifting; the report highlights that 37% identify as 'Early Majority' tech buyers, up from only 26% in 2020. These consumers are more pragmatic and are looking for tangible value from their investments rather than simply seeking the latest technology.
Further indicating a trend towards improved functionality, around 32% of current owners engage with energy insights offered by their smart thermostats, albeit primarily limited to HVAC systems.
Experts from Parks Associates, such as Senior Analyst Daniel Holcomb, stress that manufacturers of smart thermostats need to leverage advanced hardware to ensure widespread adoption. They also recommend educating consumers about the energy-saving features and financial benefits of these devices. Holcomb specifically pointed out that Resideo's Honeywell Home brand has seen strong performance due to its integration with security solutions and energy management platforms.
However, competitive pressure is evident. Despite ecobee's advancements in energy feature integration, it has yet to capture substantial market share from leaders like Nest and Honeywell. Nevertheless, brands such as Sensi are gaining traction among consumers in the market.
As the smart home market evolves, the need for innovative, user-friendly technology is essential for capturing the mass market. Parks Associates emphasizes that smart thermostat manufacturers must continue to educate consumers on the potential savings achievable through usage of their products and firmly establish their technology in homes across the United States.
This in-depth report is part of Parks Associates' research offerings, which are available for purchase. With a history dating back to its founding in 1986, Parks Associates provides valuable insights into various sectors, including home security, digital media, and connected health. To schedule an interview or request specific data, interested parties can reach out to Mindi Sue Sternblitz-Rubenstein, a key representative of the organization.
Topics Consumer Technology）
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