Smart Switches Statistics 2024 By Market Size and Users (2024)

Introduction

Smart Switches Statistics: In recent days, as the demands for smart homes have increased enormously around the world, thus the usage of smart devices industries is at its peak both for residential and commercial purposes. But recently the market of smart switches is expected to grow at a slow growth rate due to lack of technical expertise, and high cost of installation in recent times. A report published by SkyQuest Technology states that by 2030 the global market valuation of smart switches is expected to reach $13.85 billion.

These Smart Switches Statistics include insights from various aspects please check out these interesting facts described below. If you haven’t installed Smart Switches at your home then, I recommend that you try to enable effective benefits.

Editor’s Choice

• In 2022, the smart switches market was valued at $38 million, expected to grow to $48 million by 2028 with a 4.1% CAGR.
• The automated switches market is forecasted to reach $22.6 billion by 2032, growing at a 5.2% CAGR.
• By 2031, the market for smart switch panels is estimated to reach $54.15 million, with a growth rate of 4.1%.
• Major US companies in the market include Leviton Manufacturing, Lutron Electronics, and General Electric.
• As of June 23, 2023, the global smart light switches market exceeded $2 billion.
• Smart switches come in motion sensor and timer types, for room movement detection and smartphone app control.

(Source: ilu.valuates.com)

• According to the new survey of QY Research analysis, the global market size of 3-Way Smart Switches is going to reach around $1217.4 million by 2029 at a CAGR of 9.3% from 2023 to 2029.
• The demand for these switches has been increasing in recent years due to the features of energy–efficient, sustainable, and more convenient.

(Source: verifiedmarketresearch.com)

• As of 2028 market size of smart switch panels is expected to reach around $480.2 billion at a CAGR of 22.41%.

What is Smart Switches?

Smart switches are alternatives to traditional built-in switches and are made up of advanced technology, IoT, machine learning, AI, etc. Without any doubt, it can be said that they have the capability of turning lights on and off and providing greater control over total home lighting, fans, and other hardwired appliances. For starting the function of smart switches in most cases they require a 2.4 GHz home Wi-Fi network.

Benefits of Smart Switches

• The most effective benefit is that they do not require an electric connection, thus, these switches help prevent potential electric fires.
• They are beneficial for energy efficiency and money as they help in reducing energy costs by adjusting electricity consumption along with automatic turning off facility of switches on and off when not required.
• These are the best devices for home automation; smart switches can also be used for changing the intensity of light depending on specific activities such as sleeping, reading, watching TV, etc.
• Enhance better security because when there is no one inside the home these switches create burglars by creating the illusion and making it look like someone is inside the home.
• The main benefit is to control the switch from different locations through mobile applications.

Smart Light Switch Statistics

• The best motion sensor switch is Kasa Smart Motion, which costs around $39.99 and is available on Amazon, Google, and SmartThings. Effective benefits are a built-in motion sensor, which detects ambient light levels, and reasonable pricing.
• The best smart switch for the home kit is Wemo, which costs $49.99 and is compatible with Apple smart homes. Its effective benefits include good build quality, Apple Home kit support, the option to group multiple devices, and affordability.
• Best for budgets is Kasa Smart, which costs $19.99, and its compatibility is Amazon, Google, and SmartThings. The advantages are affordable, doesn’t require a hub, and away mode security feature.
• The best switch selection is Leviton Decora Smart, which costs $49.04, and its compatibility is Amazon, Apple, Google, Z-Wave, and Zigbee. Benefits include a large selection of switches, excellent smart home compatibility, and customizable faceplates.
• Overall, the best smart switch is Lutron Caseta, which costs $99.95, and is compatible with Amazon, Apple, and Google. The advantages are that it is easy to use, has separate buttons, and no neutral wire is needed.

Types of Smart Switches

• The global market is segmented into 5 types of smart switches single-touch switches, dimmer switches, timer switches, motion sensor switches, and voice–activated switches.
• Single-touch switches are the most basic type among others, which allow for controlling lighting and other devices.
• Dimmer switches help in controlling light brightness depending upon the situation or mood.
• Timer switches allow setting the specific time of lights to turn on and off automatically, which can be easily programmed via Smartphones or apps.
• Motion sensor switches get activated when it detects movements inside the room and those are mostly used in washrooms and hall rooms.
• Lastly, the ultimate in convenience is voice-activated switches which are easy to use because they are activated through voice commands and can be used for controlling other many devices too.

By Segmentation

(Source: verifiedmarketreports.com)

• The smart switches market is analyzed by types of Wi-Fi and Bluetooth, ZigBee, and others.
• The maximum usage applications of smart switches are in the commercial sectors with a share of 75% and the rest is residential applications in 2023.

By Specification

• According to the global automotive switches market 2023, the voltage rating ranges between 12V to 48V DC.
• The current rating and IP rating remain between 3A to 10A and IP65 to IP67 respectively.
• Materials used in smart switches are plastic, metal, or glass.
• Configurations are SPST, SPDT, DPST, and DPDT.
• These smart or automated switches are used in the application of lights, wipers, windows, locks, entertainment systems, etc.

By Product

(Source: custommarketinsights.com)

• The markets of smart switches are segmented into four products Push button, Rocker, Specialty, Toggle, and multi-function switches.
• As of 2023, the Rocker switch segment is dominating the global market, and the value is expected to be $7.43 billion by the end of 2023 at a CAGR of 4.1% from 2022 to 2023.
• The global market share of Push Button Switches resulted in $8338.66 million in 2022 and is expected to reach $9360.01 million by 2028 with a CAGR of 1.94%.

Light Control Switches Market Statistics

• By the end of 2025 as per research by Market and Markets, the light control switches market is expected to be $10.2 billion.
• The growth rate of the market is expected to be 8.9% from 2020 to 2025.
• The compound annual growth rate of the light control switches market is going to be 7.80% from 2023 to 2028.
• Whereas, the projected market size is expected to reach $12.5 billion by 2030 and Asia Pacific is going to be the fastest-growing region in case of adopting smart switches.

Intelligent Power Switch Statistics

• The global market size of the intelligent power switches market is approached to be $2 billion analyzed to a report by Research Nester.
• By the end of 2036 global market size is predicted to reach above $66 billion at a CAGR of 6% from 2024 to 2036.
• This market is segmented into two types’ high-side switches and low-side switches, in which the high-side switches are the dominating segment with a revenue share of 55%.
• The applications of power switches are residential, automotive, commercial, industrial, and construction, in which the dominating holder is the Industrial intelligent power switches with a market share of 38%.
• The North American region is going to account for the largest share of 28% and 25% share by the Asia Pacific region by the end of 2036.

Smart Switches Startup Statistics

• According to the reports of Tracxn, there are more than 174 companies that are now manufacturing smart switches.

The top 5 smart switches startups are described below as of October 2023:

• Orro (deals with smart home lighting solutions) and located in San Francisco (United States), stage (seed).
• Amber Solutions (deals with switches for home automation applications), located in Danville (United States), stage (Series B), and total funding ($17.9 million).
• Cubical, located in Delhi (India), stage (seed), and total funding of $1.03 million.
• Switchmate Home (retrofittable smart switches for light controlling through a smartphone), located in Palo Alto (United States), and funding ($350K).
• Aeva is located in Dhanbad (India), with a stage (seed), and funding ($255.5K).

Smart Switch Installation Statistics

(Reference: homewyse.com)

• As of June 2023, the installation cost per smart switch was around $84.72 to $228.
• The costing shares include costs for local material (7%), labor options (7%), prep and repair (7%), and work access (25%).

Conclusion

Smart devices are getting extremely popular around the world in recent days and same the share of smart switches. Researchers are expecting that the popularity of smart device usage will increase in the coming future and this is the harsh reality that people are now fully dependent on technology. Even smart switches are providing hands-free control over lights, fans, and other devices along with enabling lots of effective benefits. The article includes possible stats that will help you understand the topic better.