Asia-Pacific Smart Homes Technology Market: Current Analysis and Forecast (2019-2025)

Report Description

The Asia Pacific Smart Home Market stood at US$ 7,422.5 million in 2018 and is expected to grow at a CAGR of 30.5% during the forecasted period 2019-2025. Smart Home Technology has considerably helped homeowners in providing independence and safety even when they are away from home. Owing to such advancement in technology, adoption of smart home devices has witnessed growth over the last couple of years, especially in the developing Asian countries including China, Japan, and India among others. Smart home devices and sensors can connect with each other and can communicate and transfer the data to rapidly take autonomous action. Smart devices often connect themselves to smartphones or tablets through a mobile app, thereby allowing the users to control the smart device remotely. Asia-Pacific portrays as the emerging region for the overall adoption of smart home technology. Although the technology stands at the niche level, Asia-Pacific is the fastest-growing region when compared to other regions globally. Asia-Pacific smart home technology market has witnessed its wide adoption in the past few years, especially in countries such as China, Japan, and India among others. Increasing awareness among consumers, rapid digitization, high penetration of smartphones, growing need for energy consumption & emission paired with government initiatives in terms of smart cities initiatives in countries such as China, India, and Japan are some of the prominent drivers for the smart home technology market in the Asia-Pacific region.

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“Penetration rate of smart appliances is estimated to occupy a prominent share of 32.8% in the overall market.”

Asia-Pacific smart home industry is segmented across different product category which encompasses safety and security, lighting, HVAC, entertainment, smart appliances, and energy management among others. At present, the penetration rate of smart appliances is estimated to occupy a prominent share of 32.8% in the overall market. With the change in consumer preferences and promotional marketing of lighting and HVAC appliances, these application areas are likely to be among the top trend during the forecast period.

Asia-Pacific Smart Home Market Size, by Product 2018-2025 (US$ Mn)

“Wireless technology dominates the market and is expected to maintain its dominance throughout the analyzed period”

Based on technologies, the market is segmented into wired and wireless technology. The wireless technology dominates the market and is expected to maintain its dominance throughout the forecast period (2019-2025). However, wired technology is expected to grow at a higher CAGR of 31.5% during the forecast period. The former segment is classified into Wi-Fi, Bluetooth, ZigBee and Z-wave technologies wherein Wi-Fi technology in smart home domain were valued at US$ 3,852.7 million in 2018 followed by Bluetooth.

“Amongst the end-users, the residential segment holds the major share in the Asia-Pacific smart home market”

Based on end-users the market is segmented into Moreover, the market is further bifurcated into the various end-users, wherein the residential segment holds the prime share in the Asia- Pacific smart home market. With the rapid advancement in technologies, changing lifestyles and rising disposable income of the consumers, mid-range apartments/houses are likely to rule the smart home market by 2025 followed by luxury villas and apartments. Mid-range apartments/houses segment of residential smart home market generated a revenue of US$ 1,886.4 million in 2018. In addition, among commercial end-users’ segment, hospitals conquered the market by occupying the lead share in the market, hotels would display maximum CAGR growth of XX% over the forecasted period in the respective market

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“China dominates the Asia-Pacific smart home technology market, owing to increased government initiatives to reduce energy consumption”

For a deep-dive analysis of the industry, the study is conducted across five regions, including China, Japan, India, South Korea. China plays chief role in the technological market due to first-mover advantage. Increasing demand for smart devices, high penetration of smartphone & internet, and stringent regulations on energy consumption have helped china to dominate the smart home market in the current scenario. Owing to this, China smart home market was valued at US$ 3,847.1 million in and is estimated to register reasonable compounded growth of 29.3% over the analyzed period. However, India owing to increasing disposable income paired with government initiative is expected to witness the highest growth during the analyzed period.

Competitive Landscape-Top 20 Market Players

Some of the major players analyzed during the study include, Haier Electronics, ABB Limited, Acuity Brands, Inc., AMX, LLC, ASSA ABLOY, Cisco Systems, Inc., Control4 Corporation, Crestron Electronics Inc., Deutsche Telekom AG, Emerson Electric Co., General Electric Company, Samsung Electronics Ltd, Honeywell International Inc., IBM Corporation, LG Electronics Inc., Monitronics International Inc., Schneider Electric S.E., Siemens AG, United Technologies Corporation, and Vivint Inc. These companies can pool in investment from their other business to the smart home market and come up with innovative products pertaining to the increasing demand for smart home appliances.

Reasons to buy:

• The smart home market study presents the current market size, trend, forecast until 2025. The analysis presented in the report is a combination of deep-dive secondary research and input from Key Opinion Leader of the industry
• The report presents a quick review of overall industry performance at one glance
• The report covers in-depth analysis of prominent industry peers with primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends and opportunities prevailing in the industry.
• Examination of industry attractiveness with the help of Porter’s Five Forces analysis
• The study comprehensively covers the market across different segments and sub-segments
• The report presents a deep dive regional level analysis of the industry

Customization Options:

UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients. The Asia- Pacific Smart Home Market can be customized to regional/country level or any other market segment.

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Research Methodology

Analysing historical market, estimation of the current market and forecasting the future market for Asia Pacific smart home technology were the three major steps to create and analyse the overall adoption rate of smart home technology in the region. Exhaustive secondary research was done to collect the historical market of the technology and overall estimation of the current market. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted with industry experts across value chain of the smart home technology in the region. After all the assumption, market sizing and validation of market numbers through primary interviews, top-down approach was employed to forecast the complete market size of smart home technology market at regional or country level scale. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyse the market size of segments and sub-segments of the technology. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Asia Pacific Smart home technology market through company internal sources such as annual report & financial statements of top players, performance presentations, press releases, inventory records, sales figures etc. and external sources including trade journals, news & articles, government publications, economic data, competitor publications, sector reports, regulatory bodies publications, safety standard organizations, third-party database and other creditable publications. For economic data collection, sources such as World Bank, IMF, Trading Economics, Trade Map, and UN Comtrade among others were used.

Step 2: Market Segmentation:

After obtaining historical market size of the overall Asia Pacific smart home market, detailed secondary analysis was done to gather historical market insights and share for different segments & sub-segments for the regional smart home technology. Major segments included in the report are technology, application, and end-users. Further analysis was also done for sub-segments of the major segments of regional smart home technology.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, detailed factor analysis was conducted to estimate the current market size of the smart home technology in Asia Pacific. Factor analysis was conducted using dependent and independent variable such as purchasing power, urbanization rate, disposable income, smartphone penetration, consumer behavior while purchasing smart devices, and satisfaction level of customers etc. Historical trends of the smart home technology and their year-on-year impact on the market size and share in the recent past of different Asia Pacific countries such as China, Japan, India, South Korea were analyzed. The demand and supply-side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at current market size, key players in major applications and markets, market shares of these players of Asia Pacific region. All the required percentage shares, splits, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including market dynamics such as drivers & trends, restraints, and opportunities. After analyzing these factors, relevant forecasting techniques i.e. Bottom-up/Top-down was applied to arrive at the market forecast pertaining to 2025 for different segment and sub-segments in different country. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value and rate of adoption of smart home devices
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in major applications and markets as well as market share of each players. Also, the growth strategies adopted by these players to compete in the ever-growing Asia Pacific smart home technology market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head etc.) in Asia Pacific countries. Primary research findings were summarized, and statistical analysis was performed to prove the stated hypothesis. Input from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Asia Pacific

Market Engineering

Data triangulation technique was employed to complete the overall market engineering process and to arrive precise statistical numbers of each segment and sub-segment pertaining to the smart home technology market in Asia Pacific. Data was split into several segments & sub-segments and countries post studying various parameters and trends in the areas of safety & security, smart appliances, consumer appliances, lighting control systems, HVAC, home entertainment & energy management, wireless & wired technology and residential & commercial end-users

Main objective of the Asia-Pacific Smart Home Technology Market Study

The current & future market trends of the Asia Pacific smart home technology are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market not only at regional level but also at country level, providing a platform for the industrial participant to exploit the untapped market to benefit as first mover advantage. Other quantitative goal of the studies includes:

• Analyse the current and forecast market size of Asia Pacific smart home technology in terms of value
• Analyse the current and forecast market size of different segments and sub-segments of smart home technology. Segments  in the study include application, technology and end-users
• Define and describe the technologies and protocols used in smart homes technology
• Anticipate potential risk associated with the technology.
• Customer and competitor analysis, etc.
• Define and analysis of the government regulations for smart home technology in different countries
• Analyse the current and forecast market size of smart home technology, in terms of value for countries including China, Japan, India, South Korea and rest of Asia Pacific region.
• Define and analyse the competitive landscape of the Asia Pacific smart home technology and the growth strategies adopted by the market players to sustain in the ever-growing market in different countries of the region.

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