Parks Associates highlights new research at CEDIA Expo in session “The Role of Energy Management in the Future Home”
Parks Associates’ new consumer study Electric Vehicles and the Smart Home finds that nearly three-fourths of electric vehicle (EV) owners own at least one smart home device, compared to 38% of all US internet households. The research firm will share its energy and smart home insights on the panel “The Role of Energy Management in the Future Home” at the upcoming CEDIA Expo on September 29.
CEDIA Expo 2022 will take place September 29 – October 1 at the Kay Bailey Hutchison Convention Center in Dallas, TX, and caters to residential technology integrators, designers, and construction professionals to learn about the latest technology for consumer and business.
Parks Associates research shows 6% of US internet households owned an EV at the end of 2021, with 19% likely to purchase an EV in the next year. EV owners are much more likely to have smart home solutions at home, including two times more likely to have a smart thermostat and video doorbell compared to the general population. These ownership stats open more opportunities among device and car manufacturers for increased integration and new services but also set a high bar for the user experience (UX) expectations among all these systems.
“EV owners have a comfort with tech and new product categories, so they are a key segment for smart home players to target and serve,” said Chris White, Senior Analyst, Parks Associates. “They are more likely to have video doorbells, smart thermostats, and security systems, but more notably they are willing and able to invest in big ticket devices like smart appliances and less-commonly owned smart devices like smart sprinkler systems.”
Partnerships play a critical role in the growth of the smart home and EV markets. The intersection with the other core ecosystems in the home, like safety and security and even entertainment, continues to grow, as evidenced by partnerships like ADT and Ford, which have formed a new company, Canopy, that combines ADT’s professional security monitoring and Ford’s AI-driven camera technology to better secure vehicles.
Electric Vehicles and the Smart Home measures adoption of EVs, including the charging and usage habits of owners, purchase intention for non-owners, and the barriers to buying. It also analyzes consumer interest in utilizing their EV as a connected car and energy storage device and dives deeper into the relationship EV owners and intended owners have with technology, energy programs offered by their providers, and their demographics.
About Parks Associates
Parks Associates helps companies identify new opportunities, refine strategy, and accelerate growth in connected technology markets through data-driven insights and industry expertise. With more than 40 years of experience, the firm delivers proprietary consumer and industry research, market forecasts, and strategic analysis that guide business decisions across personal, connected home, small business, and commercial technology ecosystems. Parks Associates supports clients in navigating evolving markets including AI, security, smart home, broadband, entertainment, energy, multifamily, smart buildings, and connected health.
The firm also fosters industry growth and collaboration by convening thousands of leaders each year through its flagship executive conferences, including CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. Learn more at https://www.parksassociates.com.
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