Smart Remote Market Value to Reach USD 353.32 Million by 2028, at a CAGR of 6.2% from 2022-2028, Thanks to Increasing Launches of Remote-Controlled Electronic Gadgets
SkyQuest's research report on the smart remote market offers a comprehensive analysis of the latest technological advancements, innovations, and future market prospects. It also provides insights into the industry share, sales, revenue generation, funding analysis, and overall business environment. In addition, the report covers a range of important aspects related to the market, including its major accomplishments, studies and upgrades, new product introductions, local growth opportunities, competitive landscape, and market size.
Westford USA, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The Asia Pacific region is poised to dominate the smart remote market, driven by the efforts of market players to expand their reach in untapped areas. These companies are partnering with e-commerce platforms to promote the sales of their products and reach a wider customer base. Advances in technology are also contributing to the growth of the market. Leading consumer electronics companies are investing in developing multi-modal output capabilities and situation awareness feature in their devices, such as smartphones, influencing smart remotes' development.
According to SkyQuest, the number of households adopting smart home technology is projected to grow significantly in Asia and Europe, with nearly 30 million households expected to adopt these technologies by 2028. Furthermore, with the growing popularity of smart homes, the demand for smart remotes is expected to continue to grow, making it a promising investment opportunity for market participants.
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Tables - 89
Figures - 70
A smart remote is a cutting-edge technology that allows for the seamless control of multiple devices in a connected home environment. Unlike traditional remote controls, a smart remote can control a wide range of devices, including televisions, air conditioners, and smart home systems, through a Wi-Fi network or infrared technology. As a result, integrating smart remotes into the smart home ecosystem has revolutionized how we interact with our devices.
Prominent Players in Smart Remote Market
Samsung Electronics Co. Ltd.
LG Electronics Inc.
Haier Electronics Group Co., Ltd.
Logitech International S.A.
Crestron Electronics, Inc.
Infrared Remote Solutions
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Residential Application Segment to Register Remarkable Growth Rate owing to Increasing Product Consumer Base
The residential sector was a significant contributor to the revenue of the global smart remote market in 2022. This is due to the growing popularity of smart home appliances such as smart TVs, smart air conditioners, smart thermostats, and others. These devices come equipped with advanced features and are often controlled through a smart remote, which has become an integral part of the smart home experience. In addition, the growing demand for smart TVs in developing countries, particularly for their superior picture quality, is expected to drive the growth of the residential application segment in the projected time frame.
The Asia Pacific region dominated the smart remote market in 2022, accounting for the largest revenue share. It can be attributed to several factors, including the impact of the Covid-19 outbreak on the region. The pandemic has prompted governments to ease restrictions and prioritize infrastructure development and regulatory reforms, which have positively impacted the growth of the connected homes market. Furthermore, Asia's rising middle-class population and growing disposable income have played a key role in driving the demand for smart home appliances. As the demand for these devices continues to grow, the market for smart remote controls is also expected to expand.
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Offline Distribution Segment to Capture Largest Market Share as Companies Emphasizing Retail Expansions
The offline distribution channel has emerged as a significant contributor to the growth of the smart remote market. As per SkyQuest's research, this segment has accounted for a substantial share of the market revenue in 2022 and is poised to maintain its dominance in the coming years. The segment comprises various retail outlets such as supermarkets, hypermarkets, specialty stores, and independent retail stores. In addition, the widespread availability of these devices in physical stores has made it convenient for consumers to make informed purchasing decisions.
The Middle East and Africa region is poised for remarkable smart home market growth. With increasing per capita income and growing demand for luxurious homes, the region is expected to see a substantial rise in the adoption of smart home technology. In addition, the Internet of Things (IoT) industry is also expected to play a significant role in driving growth in the smart homes market in the MEA region. Smart home technology has already made significant inroads in the region, with products such as lighting controls, security & access controls, HVAC controls, and entertainment controls being readily available and witnessing fast adoption.
SkyQuest's comprehensive study of the smart remote market leveraged primary and secondary research methods to understand the current market landscape thoroughly. Our research delved into market dynamics, supply-demand imbalances, pricing trends, product preferences, consumer behaviors, and more. The insights in the report are further validated through primary research with industry experts and key opinion leaders across multiple countries. To ensure the accuracy of our findings, we utilized various market estimation and data validation methodologies to compile and verify our data.
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Key Developments in Smart Remote Market
At CES 2022, SMK Electronics Corporation introduced their cutting-edge Android TV OEM Remote Control (SAT RC). This innovative smart remote combines the convenience of Universal IR and Voice Input control with the versatility of a Bluetooth Low Energy remote control platform. As a result, the SAT RC makes controlling your entertainment system easier than ever, allowing you to switch between devices and control your TV with voice commands.
Samsung, a home electronics and technology leader, has teamed up with ABB, a well-known Swedish-Swiss multinational company, to bring the Internet of Things (IoT) to more buildings and homes. This strategic partnership aims to create a one-stop shop for IoT solutions, making monitoring and controlling building technology easier. Furthermore, combining the expertise and resources of both companies, they plan to simplify the process of accessing and managing IoT solutions, providing a more convenient and efficient experience for their customers.
Logitech has revolutionized home entertainment with its universal smart remote. This device allows for seamless control of up to 15 devices, including TV, cable box, sound system, and more. Not only does it simplify the process of switching between devices, but it also grants access to hundreds of compatible home entertainment apps, providing an all-in-one solution for your home entertainment needs.
Key Questions Answered in Smart Remote Market Report
What are the global smart remote market's estimated growth rate and projected size?
What are the main factors and emerging patterns contributing to the market's growth?
Which global market segment is predicted to experience the highest growth in the coming years?
What impact have the major market participants had on the overall industry growth?
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