COVID-19 Updates
Home » Industry News » Where the Smart Home Market Is Growing
smart home market

Where the Smart Home Market Is Growing

The U.S. smart home market is growing quickly. In fact, the Home Improvement Research Institute (HIRI) projects that the market will more than triple in size from 2018 to 2022.

Five years ago, safety and security devices were the biggest draw for people to start buying smart home products. Today, consumer electronics is now the top-selling category by far, HIRI’s research shows. Consumer electronics include smart speakers, such as Amazon’s Alexa, and smart appliances.

Surveyed retailers continue to sell more smart home products to consumers than any other channel, though homebuilders who incorporate smart products into their projects are becoming increasingly common. HIRI predicts that the builder channel will grow rapidly from 2018 to 2022 as a route for smart home products to go to market, with a compound annual growth rate of 61.7 percent.

top routes to market for Smart home products

Top 3 Smart Home Categories

Learn more about HIRI and access market sizing and category data by joining HIRI at HIRI.org.

About Kate Klein

Kate Klein
Kate is profiles editor for Hardware Retailing magazine. She reports on news and industry events and writes about retailers' unique contributions to the independent home improvement sector. She graduated from Cedarville University in her home state of Ohio, where she earned a bachelor's degree in English and minored in creative writing. She loves being an aunt, teaching writing to kids, running, reading, farm living and, as Walt Whitman says, traveling the open road, “healthy, free, the world before me.”

Check Also

House Projects

How Stay-at-Home Orders Influence Home Projects

People who aren’t homebodies have become homebound in recent months, and data shows that an …

covid-19 home improvement

COVID-19: Its Impact on the
Home Improvement Industry

 

Wednesday, Sept. 30 at 2 P.M. ET