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Q3 2023

Smart Product Market Assessment

Smart Thermostat Market Assessment 2023

Smart Product Market Assessments provide a comprehensive and deep analysis of a single smart product market. Parks Associates analysts identify key markets drivers and barriers and assess market growth via topline market forecasts.

This research includes consumer data for smart thermostats, including trending data across years and deep dive questions on product usage, pain points, and preferences.

Key Questions Answered:

What are the key brands in the smart thermostat market?
What trends are smart thermostat players following?
How do smart thermostat KPIs such as familiarity, perceived value, affordability, and age of installed base compare to previous years?
What segments represent opportunity for smart thermostat players?
Considering all of the above, what are unit and revenue forecasts for the smart thermostat category?

Purchase

Download Table of Contents (PDF)

Survey Methodology and Definitions

Defining Smart Thermostats

Key Terms and Definitions

Executive Summary

Smart Thermostat Ownership

High Intention to Buy

Smart Thermostat Adoption Broken-out by Tech Affinity

Brand Owned

Purchase Type Among Those Who Bought in Last 12 Months

Motivation for Purchasing a Smart Thermostat

Owner/User Perceptions Regarding Energy Cost Savings

Estimated Monthly Savings by Smart Thermostat Owner/Users

Smart Thermostat: Installation Method

Smart Thermostat Individual Purchase vs Bundle

Likelihood of Paying for Service Among Smart Thermostat Owners and Intenders

Industry Landscape and Forecast

Latest Smart Thermostat Models and Pricing

Smart Thermostat: Brand Share

Brand Purchased: Smart Thermostat

Brand Considered: Smart Thermostat

Smart Thermostat: Average Selling Price

Q4/2022 Price Segments

Market Forces Impacting Smart Thermostat Adoption

Key Industry Trends

Market Forces Impacting Smart Device Market Sizing and Forecasts

US Forecast - Smart Thermostats: Annual Unit Sales (#M)

US Revenue Forecast - Smart Thermostats: Annual Sales Revenue at End-user Value ($M)

Industry Trends

Market Awareness, Perception, and Adoption

Smart Home Device Ownership

Smart Thermostat Ownership

Top 5 Smart Home Device Adoption

Smart Thermostat Segments

Smart Thermostat Segments by Demographics

Smart Thermostat Segments by Housing Factors

Smart Thermostat Ownership by Tech Affinity

Diffusion of Innovation: Tech Adopter Segments

Smart Thermostat: High Familiarity, Perceived Value, and Affordability

Age of Smart Thermostat

Smart Thermostat Purchases

Smart Thermostat Purchases

Smart Thermostat Purchases and Intentions to Buy

Smart Thermostat Acquisition Method

Smart Thermostat Channel Rankings (2015 - 2022)

Smart Thermostat: Type of Purchase

Smart Thermostat: Factors Influencing Brand and Model Choices

Buyer Journey

Smart Thermostat Individual Purchase vs Bundle

Smart Thermostat Purchase and Ecosystem Integration Considerations

Important Features of Smart Thermostat Among Owners

Triggers for Purchasing a Smart Thermostat

Smart Thermostat vs. Traditional Thermostat Purchase Drivers

Motivation for Purchasing a Smart Thermostat

Usage Habits

Smart Thermostat: Installation Method

Smart Thermostat Use Frequency

Reasons for Rarely Interacting with Smart Thermostat

Use Habits of Smart Thermostat

Smart Thermostat Preferred Control Method

Included Features of Current Smart Thermostat

Typical Used Features of Smart Thermostat

Likelihood of Paying for Energy Monitoring Service Among Owners and Intenders

Consumer Perception Regarding Energy Saving

Monthly Energy Saving by Using Smart Thermostat

Estimated Monthly Savings by Smart Thermostat Owner/Users

Plans for Smart Thermostats When Moving Home

Potential Smart Thermostat Buyers

Overall Smart Thermostat Purchase Intention

Among Those Likely to Move in the next 6 months

Smart Thermostat Segments

Motivation for Purchasing a Smart Thermostat

Smart Thermostat Segments

Reasons for Not Purchasing a Smart Thermostat

Reasons for Not Purchasing Smart Thermostat by Age

Important Features of Smart Thermostat Among Intenders

Preferred Smart Thermostat Control Method Among Intenders

Factors Increasing Likelihood of Purchasing Smart Thermostat

Published by Parks Associates
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