Rockville, MD -- (SBWIRE) -- 08/17/2018 -- Over the last few years, there has been a phenomenal increase in the penetration of the internet and exponential growth in the adoption of smart appliances across the globe. This growth is associated with the high demand for advanced consumer electronic products/appliances and the continuous economic growth of various developed/developing countries. The demand and adoption of smart technologies have, thus, resulted in the replacement of conventional devices with corresponding advanced smart devices (for instance, conventional mobile phones are now replaced with smartphones). Similarly, conventional remote control devices are now being replaced by smart remote controls.
A smart remote control is a remote control that enables the operation of multiple electronic devices and has a display (an advanced smart remote control might have a touchscreen display). Smart remote controls eliminate the requirement of multiple remotes for different electronic devices and are, thus, more economical (despite the high cost associated). Continuous efforts towards innovation and achieving enhanced features have resulted in the introduction of advanced smart remote controls such as RF (radio frequency) smart remote controls, touch screen smart remote controls and motion sensor smart remote controls.
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Since the product is comparatively new in the smart appliances market, limited traction has been observed, a majority of which has been witness in developed countries where the adoption of smart consumer electronics (such as smart TVs) has been high over the last four years.
Smart Remote Control Market: Dynamics
The primary application of a smart remote control is to operate and control smart televisions. Thus, the increasing adoption and sales of smart TVs globally is expected to drive the global smart remote control market. In addition to this, the small life of the product has supplemented the aftermarket sales of smart remote control systems. This increase in the sales of smart remote controls in the aftermarket is also expected to impact the growth of the market in terms of value, positively. In addition to this, the increasing demand and adoption of RF smart remote controls is also expected to impel the growth of the market in terms of revenue. Besides these factors, the advanced features associated with smart remote controls such as multi-device operation, longer operational range, low power consumption and the lack of need for a line-of-sight to control the device are also expected to catalyze the replacement process of a conventional remote control with a smart remote control. This is expected to be a key driving factor for the global smart remote control market.
However, issues such as high initial cost and the slow adoption of smart appliances due to unawareness across various countries, especially in Latin America and Africa, are expected to restrict the growth and adoption of smart remote controls (in the respective countries), which as a result, is restraining the growth of the global smart remote control market.
Smart Remote Control Market: Segmentation
The global smart remote control market can be segmented on the basis of application, sales channel, and region.
On the basis of application, the smart remote control market can be segmented as:
Maximum adoption of smart remote controls is witnessed in smart TVs and set-top box segments. These segments are expected to witness the highest growth rate during the forecast period as well.
On the basis of the sales channel, the smart remote control market can be segmented as:
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It has been recently witnessed that a majority of smart remote controls are accompanied with the purchase of smart TVs. Thus, a majority market share of the smart remote control market, on the basis of sales channel, is witnessed by the OEM segment. However, owing to the short life of the product (smart remote controls), a high growth rate of the aftermarket segment is expected during the forecast period.
Smart Remote Control Market: Market Participants
Some of the key players in the smart remote control market are Samsung, Logitech, Philips, SMK Corporation, Ivanti, Universal Electronics, Crestron Electronics, Inc., Ruwido, and Indiegogo.
In addition to these players, various startups offering smart solutions are also focusing on launching advanced smart remote control devices. For instance, in August 2017, Neeo AG, a U.S.-based IoT and smart solution offering company, launched its smart remote control system.
Smart Remote Control Market: Regional Overview
By geography, the smart remote control market can be segmented into North America, Latin America, Western Europe, Eastern Europe, China, Japan, SEA and others in Asia Pacific, and Middle East & Africa. Among these regions, North America is expected to dominate the global smart remote control market during the forecast period, owing to the high adoption of smart appliances and advanced technologies such as IoT and connected devices in the region. Asia Pacific (including Japan and China) and Europe are expected to follow North America in the global smart remote control market. China and SEA and others of APAC are, however, expected to exhibit a relatively higher growth rate during the forecast period, owing to high growth opportunities for the expansion of the smart devices market and increasing economic growth in the regions. Besides them, Latin America is also expected to witness a considerably high growth rate during the forecast period.
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