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Q2 2022

Smart Product Market Assessment

Smart Thermostat Market Assessment 2022

Smart Product Market Assessments provide a comprehensive and deep analysis of a single smart product market. Parks Associates analysts identify key market drivers and barriers and assess market growth via topline market forecasts. This research includes consumer data for each product, including trending data across years and deep dive questions on product usage, pain points, and preferences.

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

Key questions addressed:

  • What are the key brands in the smart thermostat market?
  • How do 2021 smart thermostat KPIs such as familiarity, perceived value, affordability, age of installed base, and NPS compare to previous years?
  • How do demographic segments differ on adoption, current purchase intention, and past purchase consideration?
  • What are the trends in purchasing?
  • What does the buyer journey look like today?
  • 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

Ownership

Familiarity vs. Value vs. Affordability

Purchase Intention

Active Shoppers

Smart Thermostat Ownership

Smart Thermostat Purchases

Brand Owned

Price Paid

Purchase Type Among Those Who Bought in Last 12 Months

Delivery Method

Smart Thermostat Use Frequency

Owner/User Perceptions Regarding Energy Saving

Estimated Monthly Savings by Smart Thermostat Owner/Users

Motivation for Purchasing a Smart Thermostat

Likelihood of Paying for Energy Monitoring Service

Competitor Landscape

Smart Thermostat: Brand Share

Key Players to Note

2021 & 2022 Product Releases

2021 & 2022 Product Updates

Smart Thermostat: Average Selling Price

Q4/2021 Price Segments

Latest Smart Video Doorbell Models and Pricing

Market Sizing & Forecast

Market Drivers

Market Barriers

Market Forces Impacting Smart Device Market Sizing and Forecasts

US Forecast - Smart Thermostats

US Revenue Forecast - Smart Thermostats

Market Awareness, Perception, and Adoption

Smart Home Devices Surveyed (Q4 2021)

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: Familiarity, Perceived Value, and Affordability

Age of Smart Thermostat

Net Promoter Score: Smart Home Devices

Smart Thermostat Purchases

Smart Thermostat Purchases

Smart Thermostat Acquisition Method

Smart Thermostat Channel Rankings (2015 - 2021)

Brand Purchased: Smart Thermostat

Brand Considered: Smart Thermostat

Smart Thermostat: Factors Influencing Brand and Model Choices

Buyer Journey

Smart Thermostat: Awareness Channel

Information Source When Shopping for Smart Thermostat

Most Influential Sources for Making Purchase Decision

Smart Thermostat Purchase and Ecosystem Integration Considerations

Smart Thermostat: Type of Purchase

Smart Thermostat: Triggers for Purchase

Reasons for Purchasing Smart Thermostat Immediately

Smart Thermostat: Delivery Method

Usage Habits

Smart Thermostat: Installation Method

Smart Thermostat Use Frequency

Reasons for Rarely Interacting with Smart Thermostat

Use Habits of Smart Thermostat

Typical Used Features of Smart Thermostat

Important Features of Smart Thermostat Among Owners

Preferred Method of Controlling Smart Thermostat

Smart Home Device: Technical Problems Experienced

Smart Thermostat Feature Reliability

Smart Thermostat Disposal When Moving Out of a Residence

Energy Cost Savings

Monthly Energy Saving by Using Smart Thermostat

Consumer Perception Regarding Energy Saving

Estimated Monthly Savings by Smart Thermostat Owner/Users

Average Monthly Cost-Saving Percentage by Consumer Perception

Purchase Intention

Smart Thermostat: Purchase Intention

Smart Thermostat vs. Traditional Thermostat Purchase Drivers

Likelihood of Paying for Energy Monitoring Service

Potential Smart Thermostat Buyers

Households that Don’t Currently Own or Intend to Purchase a Smart Thermostat

Reasons for Not Purchasing a Smart Thermostat

Motivation for Purchasing a Smart Thermostat

Important Features of Smart Thermostat Among Intenders

Preferred Smart Thermostat Control Method Among Intenders

Factors Increasing Likelihood of Purchasing Smart Thermostat

Appendix

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