Smart Home - China
China- The Smart Home market in China is expected to experience significant growth in the coming years.
- According to projections, the revenue in this market is set to reach US$32.4bn by 2024.
- It is further predicted that the market will continue to expand at an annual growth rate (CAGR 2024-2028) of 12.57%.
- As a result, the market volume is projected to reach US$52.0bn by 2028.
- In terms of household adoption, the number of active households in China's Smart Home market is anticipated to reach [users_currentlayer_yearend] by 2028.
- This indicates a significant increase in household penetration, which is expected to rise from 22.0% in 2024 to 39.2% by 2028.
- Currently, the average revenue per installed Smart Home market in China stands at US$306.60.
- This figure demonstrates the financial potential of the market.
- When compared globally, it is worth noting that United States generates the highest revenue in the Smart Home market.
- In 2024, the revenue generated United States is projected to be US$38.8bn.
- These figures illustrate the promising growth and potential of the Smart Home market in China.
- China's smart home market is experiencing rapid growth, driven by the increasing adoption of connected devices and the government's push for technological advancement.
The Smart Home market constitutes the sale of networked devices and related services that enable home automation for private end users (B2C). Considered are devices that are connected directly or indirectly via a so-called gateway to the Internet. Their main purposes are the control, monitoring and regulation of functions in a private household.
The remote control and monitoring of individual devices and, if applicable, their direct communication with one another (Internet of Things), is an essential component of intelligent home automation. Therefore, services which are necessary for the maintenance or control of the household network are also considered, e.g. subscription fees for control apps or external monitoring services.
Devices whose primary function is not the automation or remote control of household equipment, e.g. smartphones and tablets, are not included here. Similarly, devices that relate to household connection and remote control only to a limited extent, such as smart TVs, are not included either.
In-Scope
- Digitally connected and controlled devices within a house that can be remote controlled
- Sensors, actuators and cloud services that support automation in any way
- Control hubs to connect sensors and actuators with remote controls and to each other
- B2C hardware and software sales as well as subscription fees
Out-Of-Scope
- Smart TVs
- B2B/C2C sales of any kind (e.g. to hotels or office buildings)
