China Smart Home Market by Product Type (Smart Lighting, Smart Home Security & Surveillance, Smart Entertainment, and Smart Appliances), by Communication Protocol (Wi-Fi, Zigbee, Z-Wave, Bluetooth, and Thread), by Smart Home Hubs (Standalone Hubs and Built-in Hubs), by Voice Assistants Integration (Amazon Alexa, Google Assistant, Apple Siri, and Others), by Smart Home Compatibility with Smartphones (iOS and Android), by Installation, (DIY Installation and Professional Installation), and by Sales Channel (Online Retailers and Offline Retailers) – Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Retail and Consumer | Publish Date: 06-Nov-2024 | No of Pages: 140 | No. of Tables: 104 | No. of Figures: 69 | Format: PDF | Report Code : RC2288
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Market Overview
The China Smart Home Market size was valued at USD 8.42 billion in 2023, and is predicted to reach USD 27.42 billion by 2030, at a CAGR of 18.4% from 2024 to 2030. A smart home, also referred to as a connected home, describes a dwelling outfitted with cutting-edge technology and automation systems. Smart home systems facilitate the centralized control and monitoring of diverse household devices, appliances, and security features through a unified network. These intelligent devices are capable of remote management and frequently respond to voice commands or predefined schedules, augmenting convenience, energy efficiency, and security for homeowners. Common components found in connected homes encompass smart thermostats, lighting systems, security cameras, voice assistants, and other interconnected devices tailored to enhance the overall quality of life.
Innovation by Leading Tech Companies Drives the Market Growth
The prominent tech giants in China including Alibaba, Tencent, and Xiaomi, drives innovation in the smart home market. They consistently pioneer cutting-edge connected home products boasting advanced features and seamless integration. These breakthroughs encompass voice-controlled assistants, AI-driven home automation, and IoT ecosystems, elevating the convenience and functionality of connected homes. Consequently, consumers are drawn to these pioneering solutions, propelling the China smart home market growth.
Surge in IoT Device Adoption is Boosting the Growth of the Market
China witnesses a notable surge in IoT device adoption, with a myriad of interconnected smart gadgets flooding the market. Ranging from smart thermostats to connected appliances, the proliferation of IoT devices cultivates a comprehensive smart home ecosystem.
The global tally of Internet of Things (IoT) devices is poised to nearly double, surging from 15.1 billion in 2020 to over 29 billion by 2030. By 2030, China is anticipated to command the largest share of IoT devices, with an estimated 8 billion consumer devices in operation.
This proliferation is steered by the convenience and efficiency of IoT devices, rendering homes more innovative and responsive to residents' needs. Thus, the swift expansion of IoT in the region significantly contributes to the propelling China smart home market demand within the country.
Security and Privacy Apprehensions Act as a Barrier to the Expansion of the Market
The advancement of the China smart home market encounters a notable challenge due to concerns surrounding the security of interconnected systems. Devices such as thermostats, cameras, and door locks are vulnerable to cyber intrusions, posing risks to residents' privacy and safety. This susceptibility often arises from weak passwords or insufficient security measures within Wi-Fi networks.
Cyber attackers exploit these vulnerabilities to gain unauthorized entry, potentially manipulating devices or accessing sensitive information. To address these concerns, homeowners utilizing smart technology must prioritize robust password protocols, routinely update device firmware, and fortify their home networks to diminish the risk of cyber threats and uphold the integrity of their connected homes against potential breaches.
Integration of Blockchain Technology into Smart Home Devices Presents Lucrative Opportunities for Market Expansion
The incorporation of blockchain technology holds significant promise in enhancing the security and privacy of smart home systems. It achieves this by encrypting and securely storing sensitive data, empowering users to regulate access to their information and mitigating the risk of unauthorized intrusion.
Blockchain also validates device identities, ensuring that only trusted devices engage in the connected home network, and simplifies processes through tamper-proof smart contracts. Moreover, it decentralizes device control, reducing vulnerabilities and facilitating transparent management of access control and permissions.
The integration of blockchain in smart homes not only fortifies security and privacy but also fosters a safer and more confidential environment. Consequently, it is poised to create substantial opportunities for the China smart home market growth.
Competitive Landscape
Several market players operating in the China smart home industry include Honeywell International, Inc., Schneider Electric, ABB Ltd, Somfy, Loxone Electronics GmbH, Samsung, LG Electronics, Google Home, D-Link Systems, Inc., Xiaomi Inc.
China Smart Home Market Key Segments
By Product Type
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Smart Lighting
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Smart Bulbs
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Smart Light Strips
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Smart Switches
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-
Smart Home Security and Surveillance
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Smart Cameras
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Video Doorbells
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Smart Locks
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Security System
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Smart Entertainment
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Smart TVs
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Smart Speakers
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Streaming Devices
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Smart Appliances
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Smart Refrigerators
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Smart Ovens
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Smart Washing Machines
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Smart Dishwashers
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Smart Home HVAC Management
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Other Smart Appliances
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By Communication Protocol
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Wi-Fi
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Zigbee
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Z-wave
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Bluetooth
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Thread
By Smart Home Hubs
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Standalone Hubs
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Built-in Hubs
By Voice Assistants Integration
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Amazon Alexa
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Google Assistant
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Apple Siri
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Others
By Smart Home Compatibility with Smartphones
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iOS
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Android
By Installation
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DIY Installation
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Professional Installation
By Sales Channel
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Online Retailers
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Retailers
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 8.42 Billion |
|
Revenue Forecast in 2030 |
USD 27.42 Billion |
|
Growth Rate |
CAGR of 18.4% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
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Honeywell International, Inc.
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Schneider Electric
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ABB Ltd
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Somfy
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Loxone Electronics GmbH
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Samsung
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LG Electronics
-
Google Home
-
D-Link Systems, Inc.
-
Xiaomi Inc.
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