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Smart Thermostat Market Share

Report ID: GMI11266
Published Date: Oct 2024
Report Format: PDF

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Smart Thermostat Market Share

Key market players in the smart thermostat industry are focusing on strategic collaborations, product innovation, and expanding their distribution networks to maintain a competitive edge. Companies are investing heavily in research and development to integrate advanced technologies such as AI, machine learning, and voice control into their smart thermostats, enhancing functionality and user experience. Strategic partnerships with energy providers and smart home platforms are also being pursued to strengthen market positioning and offer integrated energy management solutions.

Additionally, market players are expanding their presence in emerging markets by offering affordable models and leveraging government energy efficiency programs. These strategies aim to capture a larger market share while addressing the diverse needs of both residential and commercial users.

Smart Thermostat Market Companies

The major players operating in the smart thermostat industry are:

Carrier Corporation
Daikin Industries, Ltd.
Johnson Controls
Trane Technologies
Mitsubishi Electric Corporation
LG Electronics

Authors: Suraj Gujar, Rutvij Kshirsagar

Frequently Asked Questions (FAQ) :

The global market for smart thermostat was reached USD 3.7 billion in 2023 and is anticipated to grow at a CAGR of over 21% between 2024 and 2032, led by the widespread adoption of IoT and smart home technologies.

The standalone smart thermostats segment is expected to reach over USD 8.5 billion by 2032, due to their significant benefits in terms of convenience and energy efficiency.

The zigbee segment is set to register at a CAGR of over 23% between 2024 and 2032, propelled by advancements in AI and machine learning technologies.

The North America smart thermostat market held a 30% share of the global market in 2023, driven by the widespread adoption of smart home technologies and increasing energy efficiency initiatives.

The major players operating in the smart thermostat market are Carrier Corporation, Daikin Industries, Ltd., Johnson Controls, Trane Technologies, Mitsubishi Electric Corporation, LG Electronics.