The single-family smart homes market consists of sales of smart appliances and their related services used in single-family homes. Smart homes are futuristic buildings equipped with advanced electronics and wireless devices.
The global single-family smart homes market is expected to decline from $63.4 billion in 2019 to $60.8 billion in 2020 at a compound annual growth rate (CAGR) of -4.24%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing and remote working, and the closure of industries and other commercial activities. The entire supply chain from production to international trade has been impacted. The market is then expected to recover and reach $104.20 billion in 2023 at a CAGR of 19.7%.