New research highlights 61% of smart thermostat owners acquired their device less than two years ago

New research from Parks Associates finds 23% of US broadband households who recently bought a smart thermostat report that an incentive, discount, or rebate from their energy provider triggered that purchase. The firm’s Smart Product Market Assessment: Smart Thermostats, which identifies key market drivers and barriers and assesses market growth via topline market forecasts, reports that 61% of smart thermostat owners acquired their device less than two years ago.

“Most consumers are somewhat motivated to conserve energy to keep utility bills low,” said Patrice Samuels, Senior Analyst, Parks Associates. “Eighty-four percent of households take some mindful action to reduce energy consumption, including 45% of households who adjust the thermostat to save energy. Smart thermostats’ ability to automate these energy-saving actions drives product appeal. The majority of consumers who do not own a smart product and do not plan to purchase one state that saving money on energy bills, incentives to lower the cost of insurance premiums, or rebates on smart products would positively influence their likelihood to buy.”

The Smart Thermostat Market Assessment finds that thermostat design and user experience are other motivators for the purchase of smart thermostats. Twenty-two percent of smart thermostat owners felt that the “cooler design” of the smart thermostat was a purchase driver over a traditional thermostat. As prices continue to fall, smart thermostats that include advanced features and designs will be cost-competitive with traditional thermostats, further lowering barriers to adoption.

“Many consumers have growing concerns about the effects of amplified electricity consumption, and recent disasters such as the power outages in Texas highlight the potential consequences,” Samuels said. “As consumers seek better resources to help manage energy consumption, utility online marketplaces are emerging that offer rebates for energy efficiency and demand response solutions. Utility and energy retailer rebates for demand response and energy efficiency solutions lower the entry cost and increase the return on investment.”

Parks Associates’ Smart Product Market Assessments provide a comprehensive and deep analysis of a single smart product market. This analysis includes consumer data for each product, including trending data across years and deep-dive questions on product usage, pain points, and preferences. For more information, contact [email protected].

To schedule an interview with an analyst or to request specific data, please contact Rosey Ulpino at [email protected] or 972-490-1113.

About Parks Associates: Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.

The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.

Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com
 

Next: Smart home players deploy new strategies to streamline offerings and overcome consumer price sensitivity, lack of benefits, and privacy concerns
Previous: 85% of US security dealers report they provide extra services, such as connected health and home network services, beyond professional monitoring

Be the first to leave a comment.

Have a comment? Login or create an account to start a discussion.