$1.9bn
$XXX.Xm
3,494
7
$XXX.Xm
Smart thermostat manufacturers produce devices that regulate home and building temperatures that consumers can control and moniitor remotely. Unlike traditional thermostats, the industry's products automatically adjust the temperature of a home or building based on the owner's desires, time of day, season or other factors. Smart thermostat manufacturers have sold in record numbers because consumers have had a burgeoning interest in many different types of smart products.
Industry revenue has grown at a CAGR of 10.2 % over the past five years, to reach an estimated $1.9bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Honeywell International Inc. | 968.4 | 209.0 | 21.6 | |
Lennox International Inc. | 80.2 | 12.0 | 15.0 |
To view the market share and analysis for all 2 top companies in this industry, view purchase options.
Industry revenue is measured across several distinct product and services lines, including Wi-Fi, Zigbee and Other. Wi-Fi is the largest segment of the Smart Thermostat Manufacturing in the US.
Wi-Fi usage is the new standard
Companies in this industry manufacture thermostats that can be used with home automation and are responsible for controlling and monitoring a home's heating or air conditioning remotely.
Purchase this report to view all 2 major companies in this industry.
NAICS 33451 - Smart Thermostat Manufacturing in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Revenue for smart thermostat manufacturers has soared as smart thermostats are being introduced to more consumers. New entry-level priced products are supporting more install...
Learn about an industry's products and services, markets and trends in international trade.
Spending on smart thermostats that use Wi-Fi has fallen as internet connections have become the standard. Demand for new product features such as artificial intelligence will...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
California is home to most of the country's biggest technology corporations. These employees are very tech-savvy, and it is important for operators to stay up-to-date on emer...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Manufacturers compete on price, quality, design and reliability. Brand recognition is also important, as consumers that have previously purchased a product from a manufacture...
Learn about the performance of the top companies in the industry.
Major players generate most industry revenue. Since smart thermostats have only recently been invented, the industry is in its infancy. There are only a few enterprises, whic...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Smart thermostat manufacturers are subject to a slew of different regulations. These relate to the environment, product safety and certifications.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Profit has crept downward in recent years due to poor economic conditions. The pandemic caused consumer spending to plunge, while high interest rates have tempered spending f...
Including values and annual change:
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Unlock comprehensive answers and precise data upon purchase. View purchase options.
The market size of the Smart Thermostat Manufacturing in the US industry in United States is $1.9bn in 2024.
There are 7 businesses in the Smart Thermostat Manufacturing in the US industry in United States, which has grown at a CAGR of 3.1 % between 2019 and 2024.
The market size of the Smart Thermostat Manufacturing in the US industry in United States has been growing at a CAGR of 10.2 % between 2019 and 2024.
Over the next five years, the Smart Thermostat Manufacturing in the US industry in United States is expected to grow.
The biggest companies operating in the Smart Thermostat Manufacturing market in United States are Honeywell International Inc. and Lennox International Inc.
Wi-Fi enabled smart thermostat manufacturing and ZigBee enabled smart thermostat manufacturing are part of the Smart Thermostat Manufacturing in the US industry.
The company holding the most market share in United States is Honeywell International Inc..
The level of competition is high and steady in the Smart Thermostat Manufacturing in the US industry in United States.