ID: MRFR/SEM/6571-HCR | September 2022 | Region: Global | 111 pages
Impact of COVID-19 on the Global Smart Home Device Market
Smart home devices are a class of advanced electronic equipment that is manufactured and designed with the ability to be controlled with commands from a central system. They also support communications with other electronic appliances in the network and assist with certain user requirements and operations. These devices are installed in smart homes and are to an Internet connection, allowing the consumer to control and monitor the other devices remotely with the help of smartphones, laptops, or other connected gadgets. However, the electronics sector has been considerably disrupted due to the outbreak of the COVID-19 pandemic.
Governments worldwide have imposed lockdowns, which has affected most of the industrial players across the globe and forced people to stay within their homes, which, in turn, has reduced the physical interaction among people. Most companies have permitted employees to operate from their homes to ensure business continuity during the COVID-19 pandemic, which is expected to hamper the growth of the smart home devices market over the forecast period. The restrictions imposed on production activities to comply with the social distancing norms are likely to hamper the growth of the electronics industry, which, in turn, is expected to limit the smart home devices market share. Changes in customer inclinations and buying behavior due to fluctuations in the global economy are projected to limit the growth of the smart home devices market substantially.
Manufacturing operations in the electronics sector have been interrupted due to the COVID-19 crisis. Furthermore, the COVID-19 outbreak has resulted in the sealing of international borders, which has caused a severe decline in the demand for smart home devices and related products across the globe. Government authorities worldwide have enforced restrictions on travel. Hence, the market is also expected to be affected due to the decrease in the sales of smart home devices. Additionally, the restrictions on public gatherings along with travel bans in several countries are expected to hinder the growth of the smart home devices market over the forecast period.
The shift in consumer preference towards essential products is likely to influence the smart home devices market over the projected timeframe. The increased focus on social distancing and personal care is also expected to affect the demand for such products during the coming months. The spread of the pandemic has not only caused the loss of human lives but has also triggered the chances of a global economic recession. Thus, the global smart home devices market has certainly slowed down and will gradually gain traction in the post-pandemic period.