Press release
Asia-Pacific Smart Home Market to be Worth $120.8 Billion by 2030
According to the latest publication from Meticulous Research®, 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 2023 to 2030. The growth of this market is attributed to increasing urbanization, rising 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.
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The Asia-Pacific smart home market is segmented by product type and protocols & standards. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
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 2023, the smart security & monitoring systems segment is expected to account for the largest share of the Asia-Pacific smart home market. This segment's large market share is driven by a rising sense of safety & security among the residents.
Smart security and monitoring systems offer a wide range of benefits for both residential and commercial settings. These systems leverage modern technology, such as IoT (Internet of Things), sensors, cameras, and automation, to enhance security, safety, and convenience. 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 expected to grow at the highest CAGR during the forecast period. Consumers are slowly identifying the capabilities of virtual assistants powered by artificial intelligence for various activities, such as listening to favorite music, weather forecasts & news, setting alarms & timers, preparing shopping lists, and ordering food online, among others. The competency of virtual assistance in smart speakers is expanding every day, driving the growth in the smart speakers market. It's important to note that while smart speakers offer many benefits, they also raise privacy and security considerations. Users should be aware of the data collection and sharing policies of their chosen smart speaker platform and take steps to protect their privacy and data as needed.
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Based on protocol & standard, the Asia-Pacific smart home market is segmented into wireless protocols, wired protocols, and hybrid protocols. In 2023, the wireless protocols 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, Z-Wave, Infrared, Enocean, and Thread. Among these, ZigBee is the most preferred wireless protocol used for modern-day smart home systems because it offers multiple connections simultaneously as it has many nodes.
However, the hybrid protocols segment is projected to register the highest CAGR during the forecast period. Hybrid protocols use the capabilities of both wired and wireless protocols and combine them to achieve better outcome. In addition, it offers several advantages over conventional wired and wireless protocols and other hybrid protocols such as C-Bus. It does not interfere with existing Wi-Fi networks and can easily be incorporated with smart devices.
Based on country, the Asia-Pacific smart home market is segmented into China, Japan, India, South Korea, Australia, and the Rest of Asia-Pacific. In 2023, 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.
However, India is projected to register the highest CAGR during the forecast period. The growing disposable income of the urban population in the country, with the increasing number of working couples with dual income, is one of the biggest drivers for the increasing adoption of smart home devices in India. Increasing affordability and convenience offered by smart devices attract consumers to incorporate such devices as part of their daily lives.
Key Players
The key players operating in the Asia-Pacific smart home market 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.
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Key questions answered in the report-
Which are the high-growth market segments based on product type and protocol & standard?
What was the historical market size for Asia-Pacific smart home?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, opportunities, and challenges in the Asia-Pacific smart home market?
Who are the major players, and what shares do they hold in the Asia-Pacific smart home market?
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