Global Wifi Thermostats Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Wifi Thermostats Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Wifi Thermostats market finds that the global Wifi Thermostats market reached a value of USD 1039.36 million in 2022. It’s expected that the market will achieve USD 2305.49 million by 2028, exhibiting a CAGR of 14.2% during the forecast period.

The COVID-19 pandemic has brought challenges to the normal operation of the supply chain. In the current economic globalization, the upstream and downstream industrial chains have never been so closely connected. The COVID-19 pandemic around the world has caused a large number of factories to stop production, isolate employees, and block transportation. This will affect the raw material transportation of Wifi Thermostats manufacturing companies. If the supply of raw materials is blocked, the production of Wifi Thermostats will also be affected. Therefore, dealing with the impact of COVID-19 on the global supply chain will become one of the main issues that Wifi Thermostats manufacturers need to deal with. In the short term, it is expected that the price of raw materials produced by Wifi Thermostats will rise, which will put pressure on the cost control of Wifi Thermostats producers.

Economic Factors

Economic factors are the main driving force for the development of the Wifi Thermostats industry. Wifi Thermostats is an upgraded product of ordinary thermostats, which can effectively improve the energy efficiency of the HVAC system, save energy costs, and improve living comfort.
Compared with traditional thermostats, the main disadvantage of Wifi Thermostats is the higher price, but with the development of the economy, people disposable income is also increasing. Therefore, people have more budget when choosing a home thermostat to choose and experience better Wifi Thermostats products.

Social Factors

Social factors are one of the important driving forces that promote the development of Wifi Thermostats industry. With the rapid economic development, people wealth has been accumulating rapidly and purchasing power has gradually improved, providing a solid foundation for Wifi Thermostats industry development.
For residential consumers, the HVAC system is an important part of the comfort of home life. Residential consumers are willing to pay the cost to purchase all the technologies and products that can improve the comfort of their homes. In addition, with the in-depth research and development of Wifi Thermostats product technology, its energy-saving advantages will be gradually enlarged. This will become another purchase driving force for residential consumers.
For commercial users, energy expenditure for heating in winter and cooling in summer is an important part of commercial operating costs. Therefore, the energy-saving features of Wifi Thermostats products for commercial users will be the biggest purchasing driving force for commercial users.

Region Overview:

In 2021, the share of the Wifi Thermostats market in North America stood at 73.61%.

Company Overview

Nest is one of the major players operating in the Wifi Thermostats market, holding a share of 36.72% in 2022.

Nest

Google Nest is a brand of Google LLC used to market smart home products including smart speakers, smart displays, streaming devices, thermostats, smoke detectors, routers and security systems including smart doorbells, cameras and smart locks.

Ecobee

Ecobee is a Canadian home automation company that makes smart thermostats, temperature and occupancy sensors, smart light switches, smart cameras, and contact sensors. The thermostats are controlled by using the built-in touchscreen, web portal, or app available for iOS, Android, and the Apple Watch.

Segmentation Overview:

By type, Battery-powered segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Residential segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Wifi Thermostats market covered in Chapter 3:

Honeywell
Hive
Lux Products
Netatmo
tado°
Ingersoll Rand (Trane)
Ecobee
Lennox
Carrier
Emerson
Nest

In Chapter 4 and Chapter 14.2, on the basis of types, the Wifi Thermostats market from 2018 to 2029 is primarily split into:

Battery-powered
Hardwired

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Wifi Thermostats market from 2018 to 2029 covers:

Commercial
Residential

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)