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Asia-Pacific Smart Home Market by Type (Smart Lightning Systems, Smart Speakers, Smart Home Healthcare Systems, Smart Furniture, Smart Kitchen Appliances, Smart Entertainment Systems), Protocols (Wireless, Wired, Hybrid), and Geography - Forecast to 2030
Report ID: MRICT - 104937 Pages: 300 Jul-2024 Formats*: PDF Category: Information and Communications Technology Delivery: 24 to 72 Hours Download Free Sample ReportThe growth of this market is attributed to the increasing urbanization, the increasing income in developing countries, the surge in government initiatives for the adoption of smart technologies, and the rising need for attaining better home energy efficiency. In addition, the increasing need for flexibility & customization of home appliances & devices for consumers is expected to offer significant opportunities for the growth of this market.
However, the high cost of smart home devices hampers the growth of this market. In addition, compatibility concerns with old infrastructure is a major challenge to the growth of this market.
Many countries in Asia-Pacific are experiencing rapid urbanization, with a growing urban population. Urban dwellers are more likely to invest in smart home technology to enhance convenience and security in their home. The convergence of these trends has led to changing lifestyles, higher consumer expectations, and the desire for convenience and efficiency. Improvements in internet infrastructure and the widespread availability of affordable high-speed internet have made it easier for residents to connect and control smart devices in their home.
As urban areas become more densely populated, living spaces often become smaller. Smart home technologies offer solutions to optimize space utilization and enhance comfort. For example, in cities like Tokyo and Hong Kong, where space is at a premium, residents are adopting smart furniture and appliances that are equipped with sensors and controls that allow users to adjust the mattress firmness, monitor sleep patterns, and even set alarms that wake you up at the optimal point in your sleep cycle.
Furthermore, smart home technologies offer unparalleled convenience and energy efficiency. Busy urban lifestyles in countries like South Korea and Singapore have demanded seamless home automation. Residents can remotely control lighting, heating, cooling, security systems, and appliances, resulting in optimized energy consumption and cost savings. The influence of technology-centric cultures such as South Korea and Japan has paved the way for the adoption of innovative smart home products and encouraged neighboring countries to follow suit. Overall, the combination of urbanization, rising income, technological advancements, and changing lifestyle preferences in developing countries has created a favorable environment for the adoption of smart home technologies. The smart home market will likely experience further growth and innovation as these trends continue.
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Based on product type, the Asia-Pacific smart home market is segmented into smart lighting systems, smart speakers, smart HVAC control, smart security & monitoring systems, smart entertainment systems, smart home appliances, smart kitchen appliances, smart home healthcare systems, and smart furniture. In 2024, the smart security & monitoring systems segment is expected to account for the largest share of the Asia-Pacific smart home market. Smart security cameras, interfaces, and smart locks & access control are gaining momentum due to rising demand for safety & security among the residents. A significant reduction in the cases of home break-ins and burglary owing to smart security & monitoring systems is also encouraging consumers to incorporate such systems, driving the segment's growth. However, the smart speakers segment is projected to register the highest CAGR during the forecast period.
Based on protocols & standards, the Asia-Pacific smart home market is segmented into wireless protocols, wired protocols, and hybrid protocols. In 2024, the wireless protocols & standards segment is expected to account for the largest share of the Asia-Pacific smart home market. The large market share of this segment is attributed to its reliability compared to other protocols & standards, offering fast and protected platforms to ensure network connectivity and compatibility with a wide range of devices. Wireless protocols typically comprise ZigBee, WI-FI, Bluetooth, and others. Among these, ZigBee is the most preferred wireless protocol used for modern-day smart home systems owing to its multiple connections simultaneously as it has a large number of nodes. However, the hybrid protocols & standards segment is projected to register the highest CAGR during the forecast period.
Based on country, the Asia-Pacific smart home market is segmented into China, Japan, India, South Korea, Australia & New Zealand, Indonesia, Thailand, Vietnam, Malaysia, Singapore, Philippines, and the Rest of Asia-Pacific. In 2024, China is expected to account for the largest market share owing to the presence of many local players in this market that are increasingly launching consumer-focused and affordable smart home devices for the consumers in the country and strong penetration of technologies including AI, Internet of Things (IoT), and smartphones which is a basic requirement for the proliferation of smart home devices, rising demand for smart home solutions such as smart speakers, and energy efficiency systems. However, India is projected to register the highest CAGR during the forecast period.
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by the leading market participants in the Asia-Pacific smart home market between 2020 and 2024. The key players profiled in the Asia-Pacific smart home market report are Sony Corporation (Japan) Amazon.com, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), Apple, Inc. (U.S.), Siemens AG (German), Axis Communications AB (Sweden), Honeywell International Inc. (U.S.), Johnson Controls International plc (U.S.), Schneider Electric SE (France), LG Electronics Inc. (South Korea), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), ASSA ABLOY (Sweden), Emerson Electric Co. (U.S.), and Legrand S.A. (France), among others.
The Asia-Pacific Smart Home Market is projected to reach $120.8 billion by 2030, at a CAGR of 16.2% during the forecast period of 2024 to 2030.
The APAC smart homes market is projected to reach $120.8 billion by 2030, at a CAGR of 16.2% from 2024 to 2030.
The growth of this market is attributed to the increasing urbanization, increasing incomes in developing countries, the surge in government initiatives for the adoption of smart technologies, and the rising need for attaining better energy efficiency. In addition, the increasing need for complete flexibility & customization for consumers is expected to offer significant opportunities for the growth of this market.
The key players operating in the APAC smart homes market are Sony Corporation (Japan), Amazon (U.S.), Samsung (South Korea), Apple, Inc. (U.S.), Siemens AG (German), Axis Communications AB (Sweden), Honeywell International Inc. (U.S.), Johnson Controls International plc (U.S.), Schneider Electric SE (France), LG Electronics Inc. (South Korea), Robert Bosch GmbH (Germany), ABB Ltd. (Switzerland), ASSA ABLOY (Sweden), Emerson Electric Co. (U.S.), Legrand S.A. (France), and among others.
Published Date: Jul-2024
Published Date: Jul-2024
Published Date: Jul-2024
Published Date: Jul-2024
Published Date: Jul-2024
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