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Fueled by a rapidly growing appetite for advanced home technologies, increasing accessibility and affordability of smart home devices, India’s smart home market is likely to reach Rs 36,000 crore by 2028, according to a study by Redseer strategy consultants. The smart and non-smart home category, valued at Rs 90,000 crore in 2023, is expected to reach Rs 1,40,000 crore by 2028, the study revealed.
India has evolved from basic, high-energy consuming gadgets to more sophisticated systems which can easily be connected from phones. The categories driving the growth in the segment involve security cameras, doorbells, lights, switches, plugs and small appliances such as purifiers, and vacuum cleaners, according to the study.
As India’s internet penetration reached 55 per cent of the population in the calendar year 2023, the trend towards the adoption of connected home devices has picked up immensely. In 2023, the penetration rate of smart devices rose to 8 to 10 per cent and is likely to reach 12 to 15 per cent by CY25 and then further to 25-28 per cent by 2028. The smart home market was valued at Rs 8,000 in 2023.
“India's smart home market is at an inflection point due to changing market dynamics, most notably the growing customer interest, which has led to a 4X increase in smart home device penetration since pre-COVID levels. This trend is further bolstered by rising internet penetration, now at 55%, enabling a wider array of use cases for smart home devices,” said Amitabh Kumar, Engagement manager, Redsee.
As far as the most preferred smart devices are concerned, security cameras and smart locks are leading the charge in home security. Smart bulbs and smart air purifiers are the front-runners in the small appliance category, the study noted.
As per the study, over 70 per cent of consumers are either using or interested in using smart home devices. The convenience of automation and improved security are leading to a surge in the adoption of smart products.
