Definition:
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.
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.
Structure:
Smart Home is segmented into six main markets:
Additional Information:
The market comprises revenue, average revenue per smart home, number of smart homes so as the household penetration rate by smart home, and key players. Figures are generated through both online and offline sales channels and include exclusive spending by consumers (B2C). Market leaders include Samsung, LG, Amazon, Google, Ring, and Bosch, renowned for their innovation, brand recognition, and expansive distribution channels within their respective categories. For more information on the data displayed, use the info button right next to the boxes.
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Mar 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
The Smart Home market in Eastern Asia has been experiencing significant growth and development in recent years.
Customer preferences: Customers in Eastern Asia are increasingly drawn to smart home devices that offer convenience, energy efficiency, and enhanced security. The desire for interconnected systems that can be controlled remotely via smartphone apps is a key driver of the market. Additionally, the growing tech-savvy population in countries like South Korea, Japan, and China is fueling the demand for innovative smart home solutions.
Trends in the market: In South Korea, smart home adoption is being driven by government initiatives promoting smart technology and the widespread availability of high-speed internet. Home automation systems that can be integrated with existing infrastructure are particularly popular among tech enthusiasts. In Japan, the aging population is leading to a rise in demand for smart home devices that can assist with healthcare monitoring and independent living. The market in China is characterized by a wide range of affordable smart home products catering to different consumer segments, contributing to the overall market growth in the region.
Local special circumstances: Each country in Eastern Asia has its own unique market dynamics shaping the smart home industry. South Korea boasts a high level of technological advancement and government support for smart initiatives, driving rapid market expansion. Japan's focus on healthcare and elderly care solutions sets it apart from other countries in the region, influencing the types of smart home products gaining popularity. China's vast consumer base and manufacturing capabilities make it a key player in the global smart home market, with a wide variety of products available at different price points.
Underlying macroeconomic factors: The economic growth and increasing disposable income levels in Eastern Asia are contributing to the rising adoption of smart home technology. As more households have the financial means to invest in smart devices, the market is experiencing steady growth. Additionally, advancements in artificial intelligence and Internet of Things (IoT) technology are driving innovation in the smart home sector, making products more accessible and user-friendly for consumers in the region.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.Modeling approach:
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights