Control4 executives went to an investors’ conference in New York City this week to deliver an optimistic forecast of their company’s potential in the growing home-automation business, thanks in large part to the growing number of home products that connect to wireless networks.
Chairman/CEO Martin Plaehn cited a “huge opportunity before us” because the company’s two controllers, priced at a suggested $750 and $1,500, “sit at the center to organize those devices.”
Control4 also forecast continued growth because the company is “already seeing penetration” into households with incomes of just below $100,000, expanding the market to such people as young adults professionals buying their first condo, Plaehn said.
Thirteen percent of the 150,000 U.S. homes with C4 systems have incomes of less than $100,000, he said. Forty-five percent of C4 households in the U.S. have incomes of $100,000-$250,000, and 42 percent have incomes of more than $250,000.
C4 household penetrations stands at only 0.1 percent in the U.S, Plaehn added, presenting huge growth potential.
Plaehn didn’t see a threat from Google’s entry into home automation via its Nest acquisition or from Apple’s rumored entry into the home-automation space. Their entry “validates a large opportunity,” he said. “Our business will get much bigger before we see a slowdown.”
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