Smart Home - Taiwan

  • Taiwan
  • Revenue in the Smart Home market is projected to reach US$565.7m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.09%, resulting in a projected market volume of US$796.9m by 2029.
  • Household penetration will be 70.0% in 2024 and is expected to hit 83.0% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$61.94.
  • A global comparison reveals that most revenue is generated United States (US$38,800.0m in 2024).
 
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Analyst Opinion

The Smart Home market in Taiwan is experiencing a notable growth trajectory, driven by evolving customer preferences and local special circumstances.

Customer preferences:
Customers in Taiwan are increasingly seeking convenience, efficiency, and connectivity in their homes. The demand for smart home devices that can be controlled remotely via smartphones or voice assistants is on the rise. Taiwanese consumers are also showing a growing interest in energy-saving solutions and home security systems, contributing to the expansion of the Smart Home market in the country.

Trends in the market:
One prominent trend in the Smart Home market in Taiwan is the integration of artificial intelligence and machine learning technologies into smart devices. This trend enables devices to learn and adapt to users' behaviors, enhancing the overall user experience. Additionally, the market is witnessing a proliferation of smart home appliances and gadgets that offer seamless connectivity and interoperability, allowing users to create a truly integrated smart home ecosystem.

Local special circumstances:
Taiwan's strong manufacturing capabilities and technological expertise play a significant role in driving the growth of the Smart Home market. The presence of leading technology companies and innovative startups in the country fosters a competitive landscape that spurs continuous product development and technological advancements in the smart home sector. Moreover, Taiwan's tech-savvy population and high internet penetration rate create a conducive environment for the adoption of smart home solutions.

Underlying macroeconomic factors:
The increasing urbanization and digitalization in Taiwan are key macroeconomic factors influencing the Smart Home market. Urban dwellers, who often lead busy lifestyles, are more inclined to invest in smart home technologies that offer convenience and remote monitoring capabilities. Furthermore, the government's initiatives to promote energy efficiency and sustainability drive the adoption of smart home solutions that help reduce energy consumption and carbon footprint. Overall, the combination of evolving customer preferences, local technological expertise, and favorable macroeconomic conditions propels the growth of the Smart Home market in Taiwan.

Methodology

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.

Overview

  • Revenue
  • Key Players
  • Product Types
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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