Smart Clock Market Analysis Report By Distribution Channel, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global smart clock market size was accounted for USD 469.2 million, in 2018 and is anticipated to grow at a CAGR of 25.4% over the forecast period of 2019 to 2025. Increasing awareness regarding Internet-of-Things (IoT) along with rising living standards is anticipated to propel the demand for smart home products like smart clocks.

Smart clocks can help in performing many tasks like making calls, providing weather forecasts, traffic reports, and wireless charging of mobile phones, etc. Additionally, they also help in remote monitoring of electrical appliances like TVs, ACs, fans, lights, and several others. The manufacturers are continuously introducing innovative and improved products to meet the rising demand for wireless consumer electronic devices and appliances.

Further, major companies are integrating new and advanced technologies for producing innovative products. For example, Kickstarter, PBC, introduced a ground-breaking AI-assisted and voice-controlled smart clock in October 2016.

Asia Pacific is anticipated to grow at the fastest CAGR of 26.4% over the forecast period. North America dominated the regional market in 2018 and is expected to continue ruling the market over the forecast period. Online distribution channels dominated the segment in 2018 with over 50% of the market share. Specialty stores are anticipated to grow at the fastest rate in the forecast period.

Distribution Channel Insights

The online distribution channel dominated the segment in 2018 with over 50% of the market share. An increasing number of smartphone and internet users, specifically in developed nations, drives the growth of the segment. Additionally, digital platforms like Google Ads and social media have an important role in influencing the preferences of consumers. Specialty stores are anticipated to grow as the fastest-developing channel of distribution over the forecast period.

In emerging economies, like India, China, Vietnam, Thailand, and Bangladesh, the unorganized retail sector is one of the major offline distribution channels. Additionally, primary retail stores like Vijay Sales, Croma, and Reliance Digital are concentrating on expanding their stores that are aimed at supporting the segment expansion. For example, Reliance Industries opened 100 exclusive stores of Reliance Digital in June 2019 in India.

Regional Insights

North America dominated the regional market in 2018 with over 35% of the share in the total revenue because of the growing demand for smart home automation products. Key manufacturers like SDI Technologies, Amazon, and Lenovo Group Ltd. are investing majorly in R&D for developing innovative products and capturing greater market share.

Asia Pacific is anticipated to grow at the fastest CAGR of 26.4% over the forecast period. Increasing buying power of consumers in developing countries like India and China is anticipated to boost the growth of the regional market. Further, increasing awareness regarding IoT in Asian countries like Japan, South Korea, and Singapore is anticipated to offer several lucrative opportunities for the companies operating in this industry.

Smart Clock Market Share Insights

The major players in the smart clocks market include robot Smart Alarm Clock; Amazon.com, Inc.; Kickstarter; SDI Technologies, Inc.; and Lenovo Group Ltd. Manufacturers are majorly focused on adapting various marketing strategies like the innovation of products, expansion of distribution channels, mergers & acquisitions and celebrity endorsements to gain competitive advantage.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2025. For the purpose of this study, Million Insights has segmented the global smart clock market report based on distribution channel and region:

• Distribution Channel Outlook (Revenue, USD Million, 2016 - 2025)
    • Specialty Stores
    • Online
    • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2025)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
        • France
    • the Asia Pacific
        • India
        • China
    • Central & South America
        • Brazil
    • Middle East & Africa