Impact of COVID-19 on the Door Intercom Market
A door intercom system is a standalone voice communications system that is used within a building. It is widely adopted by commercial and residential buildings owing to the increase in building automation. Video intercom systems are installed as audiovisual communications systems at the entry-exit points of societies, offices, and hotels, among other places. Besides, the increase in safety standards across the globe is driving the growth of the market. The outbreak of COVID-19 has significantly impacted the door intercom market. The spread of the COVID-19 pandemic has forced governments across the globe to take precautionary measures to contain the spread of the virus. The lockdowns imposed by the governments in most countries have resulted in the shutting down of schools, offices, and hotels. The construction of new offices has halted, which is severely hampering the growth of the market. Besides, the delays caused in the production and installation of door intercom systems in offices, hotels, and houses are responsible for the declining sales of door intercom systems, which, in turn, is hindering the growth of the door intercom market.
The adverse effects of COVID-19 are increasing day-by-day and affecting supply chains. The disruptions in supply chains, the uncertainties regarding the stock market, price fluctuations, and the slowdown in business activities are drastically impacting the growth of the market. The electronic devices market, which includes industrial electronic devices as well as consumer electronics, has been significantly affected by the spread of the COVID-19 pandemic as China is a major supplier of raw materials and finished products. This scenario is expected to affect the sales of prominent companies negatively post the lockdown period.
According to the MRF analysis, the Asia-Pacific region dominates the global market. It is expected to grow at a CAGR of 9.63% owing to the increasing disposable income levels in emerging economies such as India and China. However, the spread of the COVID-19 pandemic has forced the companies to rethink their strategies to minimize operational costs. Additionally, the coronavirus originated in China has spread across the globe, due to which most manufacturers are shifting operations from China to India. This shift is expected to impact the Indian market positively.
Global Smart Home Automation Market Size from 2015 to 2020