The latest market research report by Technavio on the global smart garage door controllers market predicts a CAGR of more than 23% during the period 2017-2021.
This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171122005344/en/
Technavio has published a new report on the global smart garage door controllers market from 2017-2021. (Graphic: Business Wire)
The report segments the global smart garage door controllers market by technology (Wi-Fi and Bluetooth), by distribution channel (online channel and offline channel), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global smart garage door controllers market, according to Technavio consumer and retail researchers:
- Increase in average income per household: a major market driver
- In 2016, the Wi-Fi segment dominated the market and accounted for a revenue share of around 78%
- The Americas dominated the global smart garage door controllers market with a share of around 50% in 2016
- The Chamberlain Group, Garageio, GoGogate, Nexx Garage, and Asante are the leading players in the market
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free
Increase in average income per household: a major market driver
Increase in average income per household is one of the major factors driving the global smart garage door controllers market. Developing and developed countries are observing an increase in the population of high net worth individuals (HNWIs) and a steady rise in the preference for a luxurious lifestyle. Due to the increase in disposable income, consumers' spending capacity and their expenditure on luxury goods and services are increasing. Several individuals are concerned about the security and safety of their homes. This has led to the increased need for smart home security systems. The economic growth and rising individual household incomes have enabled consumers to spend on luxury items such as smart home security systems. This is likely to propel the market growth during the forecast period.
Looking for more information on this market? Request a free sample report
Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Americas: largest smart garage door controllers market
The Americas held the largest share of the global smart garage door controllers market in 2016. This region accounted for a market share of around 50%. North America contributes a major share of the market in the Americas. Manufacturers face several issues while entering emerging markets in different regions, some of them include low awareness about the product and lack of proper public infrastructure and Internet connectivity. The growing Internet use and rising number of smartphone users are factors that will increase the awareness of technology-based products. This is expected to boost the market for smart garage door controllers in the Americas.
According to Shikha Kaushik a lead analyst at Technavio for research on retail goods and services, "The US is the key leading country in the Americas and has the highest adoption rate when compared to other countries in the region. The adoption of smart home automation systemssuch as smart garage door controllers is high because of the increasing smartphone and Internet penetration in the country. The contribution from the US has been the highest in the Americas due to the rising awareness of connected devices and technological upgrades."
Competitive vendor landscape
The global smart garage door controllers market is growing at a steady rate, and this growth is expected to continue during the forecast period. The market is consolidated as very few players are present in the market. Companies are investing in the development of smart and value-added products to strengthen their customer base and gain larger market shares. The major players in the market are The Chamberlain Group, Garageio, GoGogate, Nexx Garage, and Asante Garage. Most of the vendors differentiate their products by implementing value propositions to sustain in the market. The improvements in living standards and an increase in the purchasing power of consumers are some of the factors that are driving the sales of smart garage door controllers.
Get a sample copy of the global smart garage door controllers market report free of cost.
Access Technavio's continuously growing retail goods and services research library and find expert analysis on hundreds of markets.
About Technavio
Technaviois a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171122005344/en/
Contacts:
Technavio Research
Jesse Maida
Media Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com