Parks Associates’ newly released report, Smart Smoke and CO Detectors: Market Assessment 2024 reveals smart smoke/CO detectors generated $771 million in revenue in the U.S. in 2023, with growth projected to reach $976 million by 2027.
Despite this more negative trend data, the intent to purchase is trending up again. “Like other smart home products, smart smoke/CO detectors experienced a new level of growth during the pandemic, when home renovations were on the rise and personal care and safety were top-of-mind,” says Jennifer Kent, VP of Research for Parks Associates. “While some of these drivers have subsided, moving and renovations remain prime factors to prompt these product purchases. Winning strategies will target consumers at these times, with messaging highlighting the benefits along with the ease of installation when improving your home or moving into a new one.”
“There is ample opportunity to grow across sales channels with offerings that show value by integrating into whole-home ecosystems and through partnerships and bundles that offer more at a competitive price,” Kent says.
From the article, "The Smart Money: Smart Smoke/CO Detection on the Rise" by Elizabeth Parks
New data from Parks Associates reveals that the more smart home devices a user has, the more likely they are to own a security system. In her June “The Smart Money” column in Security Business, Parks...
According to Parks Associates, 31% of U.S. households have a smart home security system. As more products and manufacturers enter the market and it becomes more competitive, product pricing also needs...
Parks Associates' recent custom research with SKBM reveals the impact of new tech in multifamily housing. The impact of these solutions can vary widely, depending on the age of the building and the...
When it comes to the smart home, security devices are very high on the list of things buyers want: A Security.org study showed that 78% of homebuyers would be willing to pay more for a home that comes...
