January 20, 2020 by Monica nerkar
Door Bell Phone Market Poised to Grow at 7.85% CAGR Between 2018 and 2023
As per the latest study conducted by Market Research Future (MRFR), the global Door Bell Phone Market is expected to grow to more than USD 5 Bn by 2023 up from USD 3.42 Bn in 2017, reflecting 7.85% CAGR. Home automation has witnessed a sharp rise in popularity in recent years primarily owing to the increased construction of smart homes. Integration of technology in modern residential construction has improved home security. Demand for home surveillance system is on the rise. With the growing urban population, cities are also evolving. There has been a significant rise in vertical housing to support the growing human influx in urban areas.
Development of multi-occupancy buildings worldwide is creating a market for product such as door phones, surveillance cameras among others. Adoption of these safety accessories is also picking up steam owing to their increased affordability, which is allowing product penetration in markets with large pool of price sensitive consumers. At the same time, manufacturers are focusing on production innovation and product efficacy to increase market scope. Home security is a key area of focus for property developers, which supports the market growth. Moreover, government backed smart city initiatives in fast-developing countries is opening the growth avenues for market players.
Global Door Bell Phone Market: Segmental Analysis
Segmental analysis of the market is based on type and connectivity.
On the basis of type, the market has been segmented into video and audio. The audio segment holds the lion’s share of the market in terms of revenue and this trend is likely to continue in the future. Whereas, the video segment is expected to witness a relatively higher CAGR during the forecast period. The growth of the segment is expected to be driven by the increasing popularity of video door phone in modern homes.
On the basis of connectivity, the market has been segmented into wireless door phone and wired door phone. In terms of revenue, the wired door phone segment accounts for a significant market share. Meanwhile, the wireless door phone segment is set to capture a relatively higher CAGR during the assessment period.
On the basis of end-user, the market has been segmented into commercial, residential and others.
Global Door Bell Phone Market: Regional Analysis
Regions covered in the report are North America, Europe, the Middle East, Africa, Latin America and Asia Pacific (APAC). The North America Door Bell Phone Market has witnessed a healthy growth in recent years. In terms of revenue, North America dominates the global Door Bell Phone Market. A number of factors can be linked with the tremendous market growth in North America. Rising home automation trends, technological prowess and presence of established market players in the U.S. are some of the key factors reflecting favourably on the market. Europe holds the second spot and is expected to remain highly attractive during the forecast period. Driven by the increased investment is modernization of public infrastructure, the market in Europe is likely to present significant opportunities to market players. European Innovation Partnership for Smart Cities and Communities (EIP SCC) aims to develop 300 cities over the next couple of years. A strong growth is projected for the Door Bell Phone Market in Asia Pacific during the review period. Rapid urbanization in emerging economies in the region has bolstered market aspirations in APAC. Infrastructure modernization and rampant investment in smart development in countries such as India and China is creating market lucrative market opportunities.
Global Door Bell Phone Market: Competitive Landscape
Some of the key players discussed in the report include Svat Electronics (Canada), Nortek Security & Control (US), Fermax (Spain), Panasonic Corporation (Japan), Samsung (South Korea), Aiphone (Japan), Commax. (South Korea), Bosch Security System (US), MOX (Australia), Jacques Technologies (Australia), Honeywell International Inc. (US), Zicom (India), Legrand (France), and Godrej (India).