Smart home market size in China 2016-2025
In 2023, the size of the smart home market in China amounted to over 715 billion yuan. With the development of 5G infrastructure and a high penetration rate of mobile phones, many Chinese electronics and home appliance manufacturers have developed smart home systems. Notable companies include Haier, Xiaomi, and Huawei.
Digitalizing live
The first tier of consumer products that had undergone digitalization were appliances. With a revenue of almost 17 million U.S. dollars, smart appliances accounted for around half of the annual smart home industry turnover. The segment included kitchen appliances, small household appliances, as well as vacuum robots. In contrast, the energy management segment only generated a revenue of 1.7 million U.S. dollars.
Beyond consumer electronics
Smart technology has the potential to do much more than connect consumer electronics. For instance, smart heating systems and smart electricity meters could optimize energy consumption. By avoiding consumption peaks, a smart electrical meter can start household appliances when electricity is in low demand. Similarly, smart heating systems reduce heating when nobody is home or during the night. These are just two examples of how smart technology can not only help preserve precious resources but also contribute to reducing the utility costs of households.
