Between July and September, more than 4.5 million of smart speakers were shipped to Europe, growing 36.6 percent compared to the same quarter in 2018 and representing 19 percent of total shipments of smart home products. Video entertainment was still the number one product category, responsible for 58.2 percent of the market and 13.8 million units.
In the next five years, the smart home market in Europe is expected to reach 185.9 million units in 2023, growing at a compound annual growth rate (CAGR) of 14.5 percent.
Category highlights
Video entertainment was still the number one product category in Q3 2019, accounting for 58.2 percent of the market. This category is expected to grow at a CAGR of 6.6 percent in the next five years. Smart speakers are the second biggest category and are growing the most. Google and Amazon will continue their expansion to all countries in Europe, and it's expected that shipments of these products will almost double the in 2023.
Lighting, home security monitoring, and thermostats will represent 29.5 percent of the smart home market in 2023, with almost 55 million units.
