Market Research Report
China Smart Home Market, Number, Household Penetration (by Application Areas), Funding, Policies, Trends & Key Company Profiles - Forecast to 2026
|Published by||iGate Research Pvt Ltd||Product code||766017|
|Published||Content info||182 Pages
Delivery time: 1-2 business days
|China Smart Home Market, Number, Household Penetration (by Application Areas), Funding, Policies, Trends & Key Company Profiles - Forecast to 2026|
|Published: January 22, 2020||Content info: 182 Pages||
The China smart home market is predicted to reach nearly US$ 46 Billion by the year 2026. China offers a lucrative market opportunity for the Smart home industry. 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 around 8% in 2019.
The favorable policies and the coming of Internet of Things laid solid foundation for 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. By the end of 2011, half of China's population was living in cities. In 2019, urban population for China amounted to over 60%, creating enormous opportunity for smart home players. 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 in China 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.
In terms of Smart Home applications, Smart Appliances captured maximum share of the China smart home market. Smart Appliances are equipped with different sensors and designed with connectivity features that can connect to handheld devices such as smartphones and tablets as well as other household appliances. Control and Connectivity is the second largest application segment of the China smart home market, followed by Security applications at the third spot. Control and Connectivity is at the heart of smart home solutions, enabling everything from smart appliances to lighting, from temperature control to security. Home Entertainment market captured nearly 15% share of the market in 2019, while the Energy Management application captured least share of the China smart home market.
On the basis of Smart Home volume, Control and Connectivity segment captured highest share of the China Smart Home active households in 2019, being followed by Home Entertainment segment. The growth of home automation and rapid developments in wireless smart technology has led to an explosion in the range of smart home entertainment devices, thus driving the market for smart home. Comfort and Lighting and Smart Appliances segment accounted for third and fourth highest share of the China Smart Home active households respectively in 2019. While, Security application captured least share of the Smart Home active households in 2019. With improvement in network infrastructure, broadband and internet penetration has increased, and consumers are increasingly opting for wireless and technologically advanced products to ensure more security for their families. As the trend towards home automation and smart homes grows, the market will witness significant growth.
iGATE RESEARCH report titled "China Smart Home Market, Number, Household Penetration (by Application Areas), Funding, Policies, Trends & Key Company Profiles - Forecast to 2026" provides a comprehensive assessment of the fast-evolving, high-growth Chinese Smart Home Industry.
This 182 Page report with 48 Figures and 4 Tables has been analyzed from 8 viewpoints:
iGATE RESEARCH employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports. This report is built by using data and information sourced from Proprietary Information Database, Primary and Secondary Research Methodologies, and In house analysis by iGATE Research dedicated team of qualified professionals with deep industry experience and expertise.