October 21, 2021

China Smart Home Market SWOT Analysis 2021-2027: Chuango Security Technology Corp, Sichuan Changhong Electric, Hisense, Xiaomi, Alibaba Group

China smart home market is predicted to reach US$ 48.2 Billion by the year 2027. Smart home is a system that allows home owner to control and monitor different devices in home including the heating, lighting, security, and entertainment, automatically and sometimes remotely via the Internet. The growth of smart home market in China is attributed to factors such as significantly growing IoT market, government support, increasing urbanization & growing awareness for smart home technology, and increasing importance of home monitoring from remote locations.

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The advent of smartphones, tablets, and computers has enabled people to stay connected at all times; this in turn has increased the demand for smart home products in the market. In addition, telecom operators are enhancing their network management capabilities to provide strong and stable connectivity solutions to support the specific requirements of smart homes. 4G and 5G network coverage is expected to reach the whole population by 2025. It is anticipated that the China will be the largest 5G market by 2025.

Moreover, the favorable policies and the coming of Internet of Things laid solid foundation for smart home market in China. The initiatives such as National New-type Urbanization Plan, China’s 14th five-year Development Plan, Smart Cities Projects and Made in China 2025 strategy, are likely to fuel the growth of China smart home market. By the end of 2011, half of China’s population was living in cities. In 2020, urban population for China amounted to over 61.4%, creating enormous opportunity for smart home players. In addition to country-wide initiatives, large corporations in China, from technology giants to white goods manufacturers, are placing big bets on the Chinese smart home market. Several major Chinese giants like Baidu, Xiaomi, Alibaba, Haier and many others have already entered the market for “smart home” products. With the increasing demand of smart home devices, security and privacy breach is also increasing. The issues pertaining to privacy and security breach are restraining the growth of the smart home market.

Impact of COVID-19 on China Smart Home Market

The COVID–19 outbreak has become a global stress test. As the number of people infected with the virus continues to rise around the world, uncertainties about global economic growth increases. The COVID–19 disease has infected around 211 Million people worldwide. Globally the death toll has reached 4,417,858 according to the latest statistics from the Worldometers (as of August 20, 2021). In China, COVID–19 disease has infected around 94,579 people (as of August 20, 2021), and the death toll has reached 4,636. The number is still growing, and the duration of the pandemic is still difficult to predict. The home automation market has developed at a rapid rate in recent years, a trend which has been partially accelerated by COVID-19 and the fact that people have been forced to spend more time in their homes due to lockdown measures. The burden of household chores has increased during COVID-19, and smart appliances that help people save time will benefit. Further, accessibility to smart home devices has dramatically increased, due to the ongoing growth in penetration of broadband amongst Chinese households, as well as the continued rise in the number of people owning smartphones.

China Smart Home Market – By Application Areas

In terms of Smart Home applications, Smart Appliances captured maximum share of the China smart home market. Smart Appliances are equipped with different sensors and designed with connectivity features that can connect to handheld devices such as smartphones and tablets as well as other household appliances. Security is the second largest application segment of the China smart home market, followed by Control and Connectivity application at the third spot. Control and Connectivity is at the heart of smart home solutions, enabling everything from smart appliances to lighting, from temperature control to security. Home Entertainment market captured nearly 9% share of the market in 2020, while the Comfort and Lighting application captured least share of the China smart home market.

China Smart Home Active Households – By Application Areas

On the basis of Smart Home volume, Smart Appliances segment captured highest share of the China Smart Home active households in 2020, being followed by Comfort and Lighting segment. Security and Home Entertainment segment are competing closely to grab maximum share of the China Smart Home active households. With improvement in network infrastructure, broadband and internet penetration has increased, and consumers are increasingly opting for wireless and technologically advanced products to ensure more security for their families. As the trend towards home automation and smart homes grows, the market will witness significant growth. The growth of home automation and rapid developments in wireless smart technology has led to an explosion in the range of smart home entertainment devices, thus driving the market for smart home. The Energy Management application captured least share of the China smart home active households in 2020.

iGATE RESEARCH report titled “China Smart Home Market, Number, Household Penetration (by Application Areas), Impact of COVID-19, Funding, Policies, Trends & Key Company Profiles – Forecast to 2027” provides a comprehensive assessment of the fast-evolving, high-growth China Smart Home Industry.

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This 209 Page report with 48 Figures and 4 Tables has been analyzed from 9 viewpoints:

1. China Smart Home Market, Volume, Household Penetration & Forecast (2015 – 2027)
2. Impact of COVID-19 on China Smart Home Market
3. China Smart Home Market Share Analysis – By Application Areas (2015 – 2027)
4. China Smart Home Active Households Share – By Application Areas (2015 – 2027)
5. China Smart Home Market, Number of Active Households & Households Penetration – By Application Areas (2015 – 2027)
6. China Smart Home Market Funding
7. China IoT / Smart Homes Market – Policies, Trends and Standards & Government Role
8. China Smart Home Market – Key Company Profiles
9. China Smart Home Market – Growth Drivers and Challenges

China Smart Home Market, Number and Household Penetration – Application Areas

1. Control and Connectivity (Home Automation)
2. Comfort and Lighting (Home Automation)
3. Home Entertainment
4. Smart Appliances
5. Energy Management
6. Security Application

China Smart Home Market – Key Company Profiles

1. Chuango Security Technology Corp
2. HEIMAN CO., LIMITED
3. Sichuan Changhong Electric Co Ltd
4. Hisense Co. Ltd
5. Xiaomi Inc
6. Alibaba Group
7. JD.com
8. Baidu
9. Haier
10. China Unicom
11. Samsung Electronics Co., Ltd.
12. LG Electronics Inc.
13. IKEA

Data Sources

iGATE RESEARCH employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports. This report is built by using data and information sourced from Proprietary Information Database, Primary and Secondary Research Methodologies, and In house analysis by iGATE Research dedicated team of qualified professionals with deep industry experience and expertise.

Research Methodologies

Primary Research Methodologies: Questionnaires, Surveys, Interviews with Individuals, Small Groups, Telephonic Interview, etc.

Secondary Research Methodologies: Printable and Non-printable sources, Newspaper, Magazine and Journal Content, Government and NGO Statistics, white Papers, Information on the Web, Information from Agencies Such as Industry Bodies, Companies Annual Report, Government Agencies, Libraries and Local Councils and a large number of Paid Databases.

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