The shipments of smart light bulbs, lamp fixtures and light strips will increase 12X in the next five years in North America, according to a new study published by ON World.
Revenue generation within the market for smart light bulbs alone in the US and Canada will reach $1.5 billion by 2024, up from $254 million in 2018.
ON World survey consumers and over 70 manufacturers of smart light bulbs, home builders, smart home solution firms, chipset suppliers, installers and industry alliances.
Other key study findings include:
- 77% of consumers purchased their first smart light bulb within the past year
- Buyers are planning an average of 5.7 additional smart light bulbs over the next two years
- 1 in 4 buyers have returned at least one smart bulb over the past two years and 30% indicate that it was “moderately difficult” to “nearly impossible” to install their smart bulb
- Overall smart bulb ASPs dropped by 17% last year owing to the growing sales for hub-less, low cost smart bulbs using WiFi or Bluetooth
- The largest portion of smart bulb sales is currently from Amazon and Electronics outlets
- Approximately half of smart lighting purchases happen online
- The fastest growth over the next five years will come from mass-market retailers such as Walmart with its expanding e-commerce sales
- Voice assistants have simplified the technical complexity of deploying and configuring smart home devices
Mareca Hatler, research director at ON World, said: “Seamless integration with voice assistants such as Amazon Alexa and Google Assistant has driven growth for smart home lighting over the past 2-3 years. “Hub-less solutions that simplify smart home networks are attracting a growing number of first-time smart lighting buyers.”
For more information about the study, visit https://www.onworld.com/smarthomelighting