New research highlights factors that could drive smart thermostat growth, including grid instability and rising energy costs
DALLAS, Oct. 26, 2022 /PRNewswire/ — New research from Parks Associates shows that 13% of internet households have a smart thermostat. About one in four, equaling roughly 15 million households, report owning a Google Nest thermostat, while Honeywell and ecobee round out the top three brands in this product category. Parks Associates’ Smart Thermostat Market Assessment includes consumer data for smart thermostats, including trends across years and deep-dive insights on product usage, pain points, and preferences.
“Nest is the clear market leader, with the benefit of Google’s backing and a very strong brand,” said Chris White, Research Director, Parks Associates. “Honeywell (Resideo) is a strong second due to the strength in the professional installer channel, while ecobee stays competitive through bundling agreements with new security devices and Generac products.”
Prices in the category have fluctuated as consumers weigh the benefits of premium products against lower-cost models that may be offered by brands outside of the top three. To break the hold of the top brands, other brands will need to innovate features, bundle with other smart home or energy devices, and partner with energy providers.
Other research data highlights from Parks Associates:
- 45% of smart thermostat owners say the feature they use the most is “remote control from an app”
- Almost half of smart thermostat owners saved more money than they initially expected
- Engagement with these devices is high – most owners report adjusting their smart thermostat at least once a day
- 12% of new purchasers got their thermostat through their electricity provider
“Most smart thermostat device purchases are by first-time device owners,” White said. “While non-owners are always a critical segment in smart home categories, the greenfield consumer segment deserves even more attention in the smart thermostat market because repurchases and additional purchases are relatively rare.”
Smart Thermostat Smart Product Market Assessment identifies key market drivers and barriers and assesses growth of these products, including use cases, user profiles, and consumer attitudes and preferences. Key topics include adoption trends, new technology developments, key and emerging competitors, features offered, barriers to adoption, and consumer security and privacy concerns.
Parks Associates is hosting the final 2022 Smart Energy Summit session “Distributed Energy and New Value: Shifting from a Centralized Grid” on November 17. For more information or to register, go to www.smartenergysmt.com.
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About Parks Associates
Parks Associates, a woman-owned and woman-led internationally recognized market research and consulting company, specializes in emerging technology solutions serving the consumer and small to medium business (SMB) markets. Celebrating its 35th year in 2021, Parks Associates is a partner to companies navigating the changing consumer technology landscapes through data-driven market insights, extensive consumer and industry intelligence, custom marketing services, and executive networking experiences and conferences.
The company’s expertise includes home automation, control systems and security, digital media and platforms, entertainment and gaming, home networks, internet and video services, connected health and independent living solutions, mobile applications and services, support services, consumer electronics, and energy management solutions.
Each year, Parks Associates hosts industry webcasts, the CONNECTIONS™ Conference Series, Connected Health Summit, Smart Energy Summit: Engaging the Consumer, and Future of Video: OTT, Pay TV, and Digital Media. http://www.parksassociates.com
SOURCE Parks Associates