The smart clock market was valued at USD 735.32 Million in 2022 and is projected to reach USD 5557.96 Million by 2031, expanding at a CAGR of 25.2% during the forecast period, 2023 – 2031. The growth of the market is attributed to increasing awareness about Internet of Things (IoT) along with high standard of living.
Smart clocks are integrated with the Google assistant and helps to unwind and sleep well. It also plays the preferred choice of music in the house, handles a smart home, and manages the daily schedule. All these activities are done quickly, easily, and hands free. Smart clocks have a fabric cover with four-inch smart display.
Market Trends, Drivers, Restraints, and Opportunities
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Smart clocks perform several tasks such as wireless charging of smart phones, providing weather forecast & traffic reports, and making calls. These features are estimated to increase product demand.
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Smart clocks regulate home automation products such as fans, lights, TVs, and ACs. This in turn, is expected to drive the market.
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Manufacturers are launching technologically advanced products, due to rising demand for wireless consumer electronics. This is anticipated to boost the market.
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High costs associated with manufacturing are estimated to hinder the market growth.
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Most smart clocks lack battery backup. If power goes off, the device doesn’t work. This in turn, hampers the market growth.
Scope of Smart Clock Market Report
The report on the smart clock market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Global Smart Clock Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Distribution Channel (Retail Stores, Online, and Others) and Regions
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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SDI Technologies, Inc., Amazon.com, Inc., Lenovo Group Ltd., Kickstarter, and Vobot Smart Alarm Clock
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Smart Clock Market Segment Insights
The online segment held a major share of more than 50% of the total revenue in 2018
Based on distribution channels, the smart clock market is segregated as specialty stores, online, and others. The online segment is estimated to expand at a robust CAGR during the forecast period. Increasing amount of smartphone and internet users in developed countries helped in boosting the segment growth. Additionally, digital platforms such as Google Ads and social media play an important role in influencing consumer preferences. The specialty store segment is expected to expand at a substantial CAGR during the forecast period.
In emerging nations such as Thailand, India, China, Bangladesh, and Vietnam, the unorganized retail sector is a major offline distribution channel. Key retail stores like Croma, Reliance Digital, and Vijay sales are concentrating on establishing new stores, which is expected to fuel the segment growth. In June 2019, Reliance industries opened 100 exclusive stores across India under the name Reliance Digital.
Major organizations in the market such as Lenovo Group Ltd., Amazon, and SDI Technologies are engaged in R & D to manufacture technologically advanced products. For example, in June 2019, Lenovo Group launched an advanced AI-integrated smart clock featuring Google Assistant.
The market in North America held more than 35% share of the total revenue
On the basis of regions, the smart clock market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to expand at a substantial CAGR during the forecast period. The growth of the market is attributed to rising adoption of home automation products. Key manufacturers, including Amazon, SDI technologies, and Lenovo plan to launch new products to attract customers. For instance, in January 2018, SDI Technologies launched a Google Assistant-integrated smart clock under the name iHome iGV1. These advancements are expected to boost the market growth in the region.
The market in Asia Pacific is estimated to expand at a significant CAGR of 26.2% during the forecast period. Rising purchasing power of consumers in developing countries, such as India and China is anticipated to fuel the market in the region. Increasing awareness about IoT in economies such as Japan, South Korea, and Singapore is projected to offer several growth opportunities in the region.
Segments
The global smart clock market has been segmented on the basis of
Distribution Channel
- Specialty Stores
- Online
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- SDI Technologies, Inc.
- Amazon.com, Inc.
- Lenovo Group Ltd.
- Kickstarter
- Vobot Smart Alarm Clock
Competitive Landscape
Key players in the smart clock market include SDI Technologies, Inc., Amazon.com, Inc., Lenovo Group Ltd., Kickstarter, and Vobot Smart Alarm Clock. These industrialists are using several market strategies such as celebrity endorsement, merger & acquisitions, distribution channels, and technological & product innovations to acquire a major market share across the globe. For instance, Lenovo Group Ltd is focusing on partnership with e-commerce portals.
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