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Recently, smart home products have shown signs of rapid development and increasing awareness of smart home platforms. In order to make smart home enterprises enter the era of Smart Home 2.0, it is necessary to consider the elements related to smart home platforms. This study examines the relationship between consumers’ value perception and the platform ecosystem theory and how this relationship contributes to their perception of smart home products’ value. This study aims to reveal the influence of smart home platform elements on the value perception of consumers regarding consumers’ perception of the smart home products’ value. To achieve this goal, an online survey (n = 595) was implemented to collect data from Japanese respondents. The analytical results presented in this study indicated that consumers, who sense the value of modularization of smart home products and inter-consumer connectivity, can sense the value of smart home products. In addition, consumers who can perceive the value of a platform service can indirectly feel the value of smart home products through modularity and inter-consumer connectivity. The results presented in this study provide new insights into product development in Smart Home 2.0.