Smart home market to reach Rs 36,000 crore by 2028 as more Indians embrace advanced tech

Smart home market to reach Rs 36,000 crore by 2028 as more Indians
embrace advanced techJuly 31, 2024Bengaluru, July 31 (IANS) The smart home category in India, valued at Rs 8,000 crore in 2023, is projected to reach Rs 36,000 crore by 2028, underscoring India’s rapidly growing appetite for advanced home technologies, a report said on Wednesday.The overall smart and non-smart home category, valued at Rs 90,000 crore in 2023, is now projected to expand approximately by 1.5 times, reaching Rs 1,40,000 crore by 2028, according to data provided by Redseer Strategy ConsultantsWhile security-related products are expected to lead the charge, contributing around 14 per cent to the market, other categories are also poised for steady growth by the given timeframe.”India’s smart home market is at an inflexion point due to changing market dynamics, most notably the growing customer interest, which has led to a 4 times increase in smart home device penetration since pre-Covid levels,” said Amitabh Kumar, Engagement Manager at Redseer.This trend is further bolstered by rising internet penetration, now at 55 per cent, enabling a wider array of use cases for smart home devices.According to the report, smart home devices in India have evolved from basic, high-energy-consuming gadgets to sophisticated, connected systems that can be easily controlled by phones.Key categories driving this revolution include security (cameras, doorbells, locks), lighting and control (lights, switches, plugs), and small appliances (air purifiers, vacuum cleaners).”Smart lighting and small appliances are also gaining popularity, with smart bulbs achieving an NPS (net promoter score) of 72 and smart air purifiers leading the small appliance category with an NPS of 85,” said the report.The study revealed that 70 per cent of consumers are either using or interested in using smart home devices. Currently, 44 per cent of consumers own smart home devices, with another 25 per cent are potential users considering future purchases.–IANSna/svnhttps://ians.in/detail/smart-home-market-to-reach-rs-36000-crore-by-2028-as-more-indians-embrace-advanced-tech–20240731133305/