The global smart garage door controllers market is forecast to grow more than 23 percent annually between 2017 and 2021, according to the latest research by Technavio.
The global smart garage door controllers market is forecast to grow more than 23 percent annually between 2017 and 2021, according to the latest research by Technavio.
The report segments the global smart garage door controllers market by technology (Wi-Fi and Bluetooth), distribution channel (online channel and offline channel) and geography (the Americas, EMEA, and APAC).
Among the key findings include increase in average income per household contributes to the rising demand; the Wi-Fi segment dominated the market and accounted for a revenue share of around 78 percent in 2016; the Americas dominated the global smart garage door controllers market with a share of around 50 percent in 2016; and that the Chamberlain Group, Garageio, GoGogate, Nexx Garag, and Asante are the leading players in the market.
Increase in average income per household is one of the major factors driving the global smart garage door controllers market. Developing and developed countries are observing an increase in the population of high net worth individuals (HNWIs) and a steady rise in the preference for a luxurious lifestyle.
Due to the increase in disposable income, consumers’ spending capacity and their expenditure on luxury goods and services are increasing. Several individuals are concerned about the security and safety of their homes. This has led to the increased need for smart home security systems. The economic growth and rising individual household incomes have enabled consumers to spend on luxury items such as smart home security systems. This is likely to propel the market growth during the forecast period.
The Americas held the largest share of the global smart garage door controllers market in 2016. This region accounted for a market share of around 50 percent. North America contributes a major share of the market in the Americas.
Manufacturers face several issues while entering emerging markets in different regions, some of them include low awareness about the product and lack of proper public infrastructure and Internet connectivity. The growing Internet use and rising number of smartphone users are factors that will increase the awareness of technology-based products. This is expected to boost the market for smart garage door controllers in the Americas.
The global smart garage door controllers market is growing at a steady rate, and this growth is expected to continue during the forecast period. The market is consolidated as very few players are present in the market. Companies are investing in the development of smart and value-added products to strengthen their customer base and gain larger market shares.
The major players are The Chamberlain Group, Garageio, GoGogate, Nexx Garage, and Asante Garage. Most of the vendors differentiate their products by implementing value propositions to sustain in the market. The improvements in living standards and an increase in the purchasing power of consumers are some of the factors that are driving the sales of smart garage door controllers.