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Asia-Pacific Smart Homes Technology Market: Insights and Forecast, 2018-2024: Emphasis on Application (Safety and Security, Smart Appliances, Heating Ventilating, Air Conditioning (HVAC), Home Entertainment, Smart Lighting Systems, Smart Energy Management), Technology (Wireless and Wired Smart Home Technology), End-Users (Residential and Commercials End-Users)
Asia-Pacific Smart Home Market is segmented based on applications, technology and end-users. Applications (security and safety, smart appliances, home entertainment, lighting and 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 2017, smart appliances dominated the Asia-Pacific smart home technology market with 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 (2018-2024).
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The proliferation and smartening of IoT devices has remarkably scaled up the potential for the industry and significant amount of data or information can be stored, collected, analyzed and transmitted leading to numerous companies saving substantial amount of money. Hence, during 2017, wireless smart technology held a prominent share of 84.3%, followed by wired technology. Wireless smart home technology market in Asia-Pacific as valued at US$ 4,857.7 million in 2017 and is projected to witnessing astonishing CAGR of 31.1% during the forecasted period. In addition, Wi-Fi enabled smart home devices held maximum share and garnered revenue of US$ 3,017.6 million in 2017. While Ethernet wired connection occupied largest share in the wired technology. The segment is expected to showcase remarkable compound growth of 32.4% over the forecasted period. Based on end-users, the regional smart home technology market is segmented into residential and commercial end users. In 2017, 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 is further classified into luxury homes, mid-range apartments, assisted homes and low energy homes. During 2017, mid-range apartments occupied the largest share of 37.1%, 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 revenue of US$ 7,561 million by 2024 displaying tremendous CAGR of 30.8% during the forecasted period.
Moreover, strong competitiveness, flourishing IoT, spur in product development, research & development activities and dramatic uptake of technological advancements, and investments by major peers, rising consumer awareness, spur in smartphone penetration, 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 countries such as China, India, Japan and Singapore. Owing to this, the Asia-Pacific smart home technology market was valued at US$ 5,761.6 million in 2017 and is projected to display exponential CAGR of 31.3% during the predicted period. However, concerns regarding privacy and hacking, high cost involved in complex installation and high prices of smart home devices needs 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 Rest of Asia-Pacific. Rest of APAC includes countries such as Taiwan, Singapore, Australia and others. Based on estimation, China dominated the APAC smart home technology market, accounting for revenue share of 52.3% in 2017. Positive impact on businesses of smart device manufactures and booming concept of Internet of Things paired with continuous innovations has bolstered the growth of smart home technology market in the Asia-Pacific region. While Japan and India followed the China to be the most prominent market for smart home technology in the Asia-Pacific region with 18.3% and 8.9% share respectively.
Numerous companies have forayed in the Asian smart home technology market and offers smart devices in different applications such as smart speaker, security systems, smart TVs, LEDs and 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 includes 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.
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