Home Wi-Fi Routers and Extenders Market to Reach $18 Billion by 2030

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Market Introduction

Market research firm TMR Research Insights has released a key insight into the global home Wi-Fi routers and extenders market. In terms of market revenue, the home Wi-Fi routers and extenders market is expected to reach $18 billion by 2030. The global home Wi-Fi routers and extenders market is expected to grow at a CAGR of about 7% during the forecast period of 2020 to 2030. There are many reasons for this, and TMR provides comprehensive insights and forecasts for this.

For instance, the increase in population and internet penetration has led to the growth of telecommunication equipment and home networking devices, which is the main factor triggering the growth of the home Wi-Fi routers and extenders market. In addition, the rapid technological growth and improvement in consumer electronics such as smartphones and tablets, and the demand for Wi-Fi routers with extenders are being seen, which in turn drives the expansion of the market.

Market Dynamics

Increasing penetration of connected devices: Rising mobile connectivity and internet bandwidth are estimated to play a key role in the development of the Wi-Fi router market, leading to the adoption of wireless-based network devices in the near future. Increasing use of wirelessly connected home appliances, medical monitors, and wearable devices and decreasing cost of network hardware are expected to drive the demand for connected devices.

According to the Cisco Visual Networking Index 2015-2020, the number of mobile connected devices, including M2M modules, is expected to reach 11.6 billion by 2020. Moreover, according to the Organization for Economic Cooperation and Development (OECD), the number of connected devices in OECD countries is likely to increase from 1.8 billion in 2012 to 14 billion by 2022. Hence, the huge demand for connected devices is expected to boost the installation of Wi-Fi routers in both the commercial and home sectors. This driver has a significant impact in the short, medium, and long term and is likely to drive the expansion of the home Wi-Fi routers and extenders market in the coming years.

Increase in Internet Penetration: Internet penetration has increased significantly in both developed and developing countries over the past few years. Converting homes into smart homes has gained popularity in recent years, which in turn has boosted the growth of the home Wi-Fi routers and extenders market. The Internet is responsible for the generation of a large amount of information through the use of social media applications and social networking sites.

Hence, users are adopting advanced mesh Wi-Fi routers and extenders. This will drive the growth of the home Wi-Fi routers and extenders market. Moreover, governments across the globe are taking initiatives to adopt Long Term Evolution (LTE) and 5G communication technologies for the benefit of the public, which can provide high-speed internet in home environments. This is also accelerating the growth of the home Wi-Fi routers and extenders market. Furthermore, the growing young workforce and work-from-home policies due to COVID-19 are expected to trigger the growth of the home Wi-Fi routers and extenders market.

Regional Market Overview

In terms of global region, the global home Wi-Fi routers and extenders market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold a significant share of the home Wi-Fi routers and extenders market in 2019, and this trend is likely to continue during the forecast period of 2018 to 2030. In North America, the United States and Canada are expected to drive the global market. This is due to the high level of adoption of advanced related technologies in the region and a strong focus on innovation through R&D. These regions have the world's most competitive and fastest changing markets in terms of improving home Wi-Fi routers and extenders strategies and their adoption in the commercial and residential sectors.

Asia Pacific dominated the home Wi-Fi routers and extenders market in 2020, with China contributing the majority share of 29.5%. The region's dominance in the market can be attributed to its large population base, increasing industrialization and urbanization, growth in home networks, increasing penetration of connected devices, and internet access. Analyzing the Asia Pacific home Wi-Fi routers and extenders market at a country level, India and China are expected to continue to lead the global home Wi-Fi routers and extenders market during the forecast period. This is mainly due to the increasing internet and mobile internet penetration and the improvement in internet connectivity and speed.