The smart home market in EMEA declined 7.2% in the second quarter of 2020, compared to the same period of the previous year, according to research by
The market accounted for 20.287 million units between April and June.
'Almost all product categories declined compared to the previous year,' said
'The Central and
In 2024, the smart home market is expected to reach more than 200 million units, and grow at a compound annual growth rate (CAGR) of 16.19% in 2020-2024
'Smart home devices are expected to rebound in the coming quarters and return to growth,' said Arantes. 'Google and Amazon released new products recently, with new features that bring more value to the consumer, such as the new Chromecast with a new operating system. In the last quarter of the year, we are also expecting have strong sales events with Black Friday and the delayed Amazon Prime days in October.'
'We expect further growth in the TV product category in the long term,' said Prenosil. 'On one hand, better display quality, updated HbbTV content, integration with streaming platforms, and smart assistants, and on the other hand a lower market share of smart TV devices will have a positive effect on demand in CEE.'
Category Highlights
Video entertainment device shipments suffered a decline of 12.1% compared to the same period of 2019, staying below the mark of 11 million units. Contrary to Smart TVs, digital media adapters were able to keep the growth in a period before the upgrades for some brands.
Smart speakers grew 8.9% year-over-year, reaching nearly 4.5 million units. Amazon and Google continue to be the leading brands in this space, taking more than 90% of the total market.
Home monitoring/security, lighting, and thermostats shipped 3.9 million units in the quarter, which represents a decrease of 13.7% compared to the previous year.
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