1 in 3 Households Will Have a Smart Thermostat by 2027, |
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The market for smart thermostats in North America is on a trajectory for substantial growth with household penetration rates projected to increase to 33% by 2027 from 20% in 2023, according to the latest findings from ON World, a premier source of IoT market research. "Rising energy costs and inflation have propelled smart energy solutions to the forefront of household essentials," commented Mareca Hatler, ON World's Research Director. "The emergence of affordable connected thermostats, coupled with expanding utility energy efficiency initiatives, has significantly eased the path to adoption." In a comprehensive survey of 1,500 online adults in the US and Canada who are interested in smart home technologies, ON World uncovered key insights into consumer behavior and preferences: Smart Thermostat Ownership: Two in five (39%) owned at least one smart thermostat and a third of the smart thermostat owners owned at least one room temperature sensor. Respondents who own a smart thermostat typically buy more than one. In fact, they purchased an average of 1.5 smart thermostats in the last two years. Growing Interest in Smart Energy Products: 53% of respondents are more inclined to purchase smart energy products now than they were in 2021, highlighting an increasing consumer interest in energy management solutions. Future Purchase Plans: Nearly half (46%) plan to buy a smart thermostat in the next two years while a third (34%) are planning to buy a room temperature sensor. For those who are planning to buy in the next two years, they are planning to buy 2 smart thermostats and 2.5 room temperature sensors on average. Consumer Sentiments: Half of the survey participants report facing high energy rates, while 28% have experienced problems with power outages. A significant 71% consider utility rebates an important factor in their decision to purchase smart thermostats, underscoring the value of incentives in driving smart energy product adoption. For more information about our customizable market size forecasts and survey datasets, please contact us at: About ON World: Back to News
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