New Report Discusses China Smart Home Market
According to market research publisher Research and Markets, the Chinese smart home market is likely to show double digit growth rate (CAGR) during the period 2018 – 2024. Smart home is a system that allows home owner to control and monitor different devices in home including the heating, lighting, security, and entertainment, automatically and sometimes remotely via the Internet. In China, household penetration for smart home applications is estimated at just over 3% in 2017.
The favorable policies and the coming of Internet of Things laid a solid foundation for the smart home market in China. Furthermore, initiatives such as National New-type Urbanization Plan, China’s 12th five-year Development Plan, Smart Cities Projects and Made in China 2025 strategy, are likely to fuel the growth of China smart home market. In addition to country-wide initiatives, large corporations in China, from technology giants to white goods manufacturers, are placing big bets on the Chinese smart home market. Several major Chinese giants like Baidu, Xiaomi, Alibaba, Haier and many others have already entered the market for “smart home” products.
The growth of smart home market is attributed to factors such as significantly growing IoT market, government support, increasing urbanization & growing awareness for smart home technology, and increasing importance of home monitoring from remote locations. With the increasing demand of smart home devices, security and privacy breach is also increasing. The issues pertaining to privacy and security breach are restraining the growth of the smart home market.
China Smart Home Market – By Application Areas
- Smart Appliances captured maximum share of the China smart home market in 2017.
- Security is the second largest application segment of the China smart home market capturing over 20% share in 2017.
- Control and Connectivity is the third leading application of smart home market, being followed by Home Entertainment segment.
- In 2017, the revenue in the Comfort and Lighting segment amounts to just over US$ 650 Million.
- Energy Management captured least share of the China smart home market.
China Smart Home Active Households – By Application Areas
- Smart Appliances captured highest share of the China Smart Home active households in 2017, being followed by Control and Connectivity segment.
- In China, the household penetration for Home Entertainment application is estimated at 0.8% in 2017.
- Energy Management application captured least share of the Smart Home active households with over 7% share in 2017.
The report titled “China Smart Home Market, Volume, Household Penetration & Key Company Profiles – Forecast to 2024” provides a comprehensive assessment of the fast-evolving, high-growth Chinese Smart Home Industry. For more information see ResearchandMarkets.com