Market Research Report
Asia-Pacific Smart Homes Technology Market: Insights and Forecast, 2019-2025: Emphasis on Application, Technology, End-Users
|Published by||UnivDatos Market Insights Pvt Ltd||Product code||801139|
|Published||Content info||212 Pages
Delivery time: 1-2 business days
|Asia-Pacific Smart Homes Technology Market: Insights and Forecast, 2019-2025: Emphasis on Application, Technology, End-Users|
|Published: August 1, 2019||Content info: 212 Pages||
Asia-Pacific smart home market is segmented based on applications, technology and end-users. Applications (security & safety, smart appliances, home entertainment, lighting& control, HVAC, energy management), technology (wired and wireless technology) and end-users (residential and commercial) are the major focus areas considered while analyzing and defining the penetration of smart home technology in different countries around the Asia-Pacific region. In 2018, smart appliances dominated the Asia-Pacific smart home technology market with the maximum share in terms of revenue. Based on estimation, the segment occupied 33.1% share. However, increasing demand for consumer electronics and growing awareness among consumers would help the segment to grow at a faster rate of 30.1% during the forecast period (2019-2025).
The proliferation and smartening of IoT devices have remarkably scaled up the potential for the industry. Significant amount of data or information can be stored, collected, analyzed and transmitted leading to the saving of substantial amount of money by numerous companies. Hence, during 2018, wireless smart technology held a prominent share of 84.2%, followed by wired technology. Wireless smart home technology market in Asia-Pacific was valued at US$ 6,248.2 million in 2018 and is projected to witness astonishing CAGR of 30.3% during the forecast period. In addition, Wi-Fi enabled smart home devices held maximum share and garnered a revenue of US$ 3,852.7 million in 2018. While Ethernet wired connection occupied the largest share in the wired technology. The segment is expected to showcase remarkable compound growth of 29.5% over the forecast period.
Based on end-users, the regional smart home technology market is segmented into residential and commercial end users. In 2018, smart home technology was more applicable among residential end-users. The segment dominated the smart home market at regional scale and is expected to maintain its dominance throughout the analyzed period. Furthermore, residential end-users are further classified into luxury homes, mid-range apartments, assisted homes and low energy homes. In 2018, mid-range apartments occupied the largest share of 36.8%, followed by luxury apartments and luxury villas in the Asia-Pacific smart home technology market. Surging investments by major tech giants and venture capitalists, to bring in innovation within smart home domain along with flourishing real estate sector, have tremendously contributed towards the growth prospects of smart home technology at regional level.
Moreover, benefits of smart home technology can also be witnessed among commercial end-users such as hotels, hospitals and other commercial buildings. Technological breakthroughs have been successful in bringing new shapes to the smart home technology industry. Smart home technology adoption was majorly prominent among hospitals. Based on estimation, respective segment is projected to generate a revenue of US$ 8,965.5 million by 2025 displaying tremendous CAGR of 28.7% during the forecast period.
Moreover, strong competitiveness, flourishing IoT, spur in product development, research & development activities and dramatic uptake of technological advancements have led to the thriving smart home technology market in countries such as China, India, Japan and Singapore. Apart from this, investments by major peers, rising consumer awareness, and spur in smartphone penetration have also helped the market to blossom in these countries. Not only this, growing urbanization and rising incomes coupled with government initiatives in the form of Smart Cities Mission have significantly contributed in prospering the smart home technology market in these countries. Owing to this, the Asia-Pacific smart home technology market was valued at US$ 7,422.5 million in 2018 and is projected to display an exponential CAGR of 30.5% during the anticipated period. However, concerns regarding privacy & hacking, high cost involved in complex installation and high prices of smart home devices need to be addressed to experience the never-ending growth of smart home technology market in the Asia-Pacific region.
Also, for better understanding of smart home technology penetration in the Asia-Pacific region, detailed analysis has been done for different countries including China, Japan, India, South Korea and the rest of Asia-Pacific. The rest of APAC includes countries such as Taiwan, Singapore, Australia and others. Based on the estimation, China dominated the APAC smart home technology market, accounting for revenue of US $3,847.1million in 2018. Positive impact on businesses of smart device manufactures and booming concept of Internet of Things paired with continuous innovations have bolstered the growth of smart home technology market in the Asia-Pacific region. While Japan and India followed China to be the most prominent market for smart home technology in the Asia-Pacific region with 17.8% and 9.9% share respectively.
Numerous companies have forayed in the Asian smart home technology market and offer smart devices in different applications such as smart speaker, security systems, smart TVs, LEDs, switches, kitchen ware appliances and other devices. With an objective to enhance their product portfolio, these players have adopted acquisitions and collaborations strategy to increase their presence in the region. Some of the major players operating in the Asia-Pacific smart home technology market include Haier Electronics, ABB Limited, ASSA ABLOY, Cisco Systems, Inc., Emerson Electric Co., General Electric Company, Samsung Electronics Ltd, IBM Corporation, LG Electronics Inc., Schneider Electric S.E., Siemens AG and United Technologies Corporation.