Recently, IDC released the ‘global smart home equipment shipments report for the first quarter of 2020’. The report shows that in the first quarter of this year, global smart home equipment shipments were 168.6 million units, an increase of 37% over the previous year. Judging from the report content, the fastest growth in global smart home equipment shipments was smart speakers, which reached 23.2 million units.
Among them, Amazon ranked first. It led the market with shipments of 5.1 million units. Google followed closely with shipments of 4.1 million units in the first quarter. The domestic brands Alibaba, Baidu and Xiaomi ranked third, fourth, and fifth, respectively.
Also Read: Apple, Google, And Amazon Form Alliance To Create New Smart Home Standard
According to the IDC’s ‘China’s Smart Home Equipment Market Quarterly Tracking Report’ China’s smart speaker market shipped 11.22 million units, an increase of 787.2% over the previous year. China has surpassed the United States to become the world’s largest smart speaker market.
Smart Home Equipment Market Forecast
IDC predicts that by the end of this year, the global smart home equipment sales will reach 840.7 million units, which will increase to 1.46 billion in 2023, with a CAGR of 14.9%. This is largely due to the popularity of smart speakers and the interconnection of smart speakers with other smart appliances. Smart speakers allow users to control their smart devices with voice, which makes smart devices more widely recognized by consumers. IDC analyst Jitesh Ubrani said in the report: ‘The emergence of smart speakers and the recent smart displays have made the smart home market more accessible than ever before’. According to forecasts, by the end of this year, smart speaker shipments may reach 138.5 million units.
However, since other devices (such as TVs, lights, etc.) have started to use intelligent voice functions, according to IDC’s forecast, the growth in shipments of smart speaker equipment will slow down to 206.2 million units by 2023, a compound annual growth rate of 10.5%. In addition, video entertainment equipment is expected to take the lead, accounting for 29% of all shipments in 2023. Due to advances in TV technologies such as 8K, higher refresh rates, HDR, and larger sizes, many consumers will upgrade their TV. Home surveillance/security equipment (mainly consisting of cameras, door locks, and doorbells) will account for 23.9% of shipments in 2023, with a compound annual growth rate of 20.8%.