Asia-Pacific Smart Home Market Outlook, 2028

Asia-Pacific Smart Home Market Outlook, 2028

Smart home technology has greatly aided homeowners in offering independence and safety even when they are away from home. Adoption of smart home gadgets has increased in recent years as a result of technological advancements, particularly in growing Asian countries such as China, Japan, and India. Smart home devices and sensors can communicate and transfer data to quickly take autonomous action. Smart gadgets frequently connect to smartphones or tablets via a mobile app, allowing users to remotely control the smart device. Asia-Pacific is viewed as a developing market for the general adoption of smart home technology. The Asia-Pacific smart home technology industry has seen widespread adoption in recent years, particularly in China, Japan, and India, among others. Increasing consumer awareness, rapid digitization, high smartphone penetration, rising demand for energy consumption and emissions, and government initiatives in countries such as China, India, and Japan are some of the major drivers for the Asia-Pacific smart home technology market. Asia-Pacific is home to some of the world's fastest-growing urban areas. With urbanisation comes the need for more efficient, safe, and convenient living environments, which has spurred the development of smart home technologies. As individuals travel to cities in search of greater prospects, the demand for modern, connected homes has grown. The Asia-Pacific smart home industry demonstrates a wide range of market maturity levels. Japan and South Korea were early users of smart home technology, while rising nations such as India have substantial growth potential. This variety provides opportunities for both veteran players and fresh recruits. Asia-Pacific is a worldwide manufacturing powerhouse, and many smart home gadgets are manufactured there. This has resulted in a competitive edge in terms of product availability and cost-effectiveness. Manufacturers in the region often have a strong presence in both domestic and international markets.

According to the research report ""Asia-Pacific Smart Home Market Outlook, 2028,"" published by Bonafide Research, the Asia-Pacific Smart Home market is expected to grow with more than 21% CAGR from 2023 to 2028. Various governments in Asia-Pacific are actively supporting smart home technology adoption through incentives and policies. For example, India's ""Smart Cities Mission"" encourages the development of smart houses within designated smart cities, whereas China's ""Internet Plus"" plan pushes the integration of the internet with traditional sectors, such as home automation. The region's rising middle class, particularly in China and India, is more concerned with raising their standard of living. As a result of this generational shift, there is an increasing demand for smart home technologies that provide convenience, security, and energy efficiency. Asia-Pacific is at the forefront of the development of artificial intelligence (AI) and the Internet of Things (IoT). The region is significantly investing in AI-powered smart home applications such as speech recognition, predictive analytics, and machine learning for personalised user experiences. The Asia-Pacific region has areas with varied levels of infrastructure connection. This has fueled research into low-power, wide-area network (LPWAN) technologies to accommodate smart home devices in distant or underdeveloped areas with limited access to normal internet. Several Asian-Pacific countries, including Japan, have rapidly ageing populations. Elder care and healthcare monitoring are becoming increasingly important in smart home solutions, allowing older people to age comfortably and safely. In the region, partnerships and collaborations between technological businesses, utility suppliers, and real estate developers are frequent. These partnerships produce comprehensive smart home ecosystems that include integrated services such as energy management, home security, and home automation.

Based on report market is categorised into five major countries China, Japan, India, Australia and South Korea. China is expected to lead the market of Asia-Pacific with significant market share during the forecast period.

China is a technological giant and the world's most populous country; therefore, it ought to come as no surprise that the country has a thriving smart home sector. China has a vast smart home market, with over 1.4 billion people living there. With the country's growing urbanisation and large consumer base, smart home technologies are in an ideal environment to thrive. As more people relocate to cities and adopt urban lifestyles, there is an increasing demand for technology that increases convenience, security, and energy efficiency. Because of its ability to tap into this massive pool of demand, China's smart home business has grown into a global powerhouse. China boasts a thriving ecosystem of local smart home firms, including Xiaomi, Huawei, and Tencent, all of which have developed extensive portfolios of smart devices and services. These businesses comprehend local market dynamics and consumer preferences, allowing them to provide customised solutions. Chinese firms are well-known for their creativity and speedy creation of innovative smart home devices. To fulfil consumer wants and expectations, they frequently provide enhanced features and capabilities. E-commerce sites such as Alibaba and JD.com are popular in China, making it easy for consumers to buy smart home products online. These platforms provide a diverse range of products and frequently feature discounts and promotions.

Based on product market is divided into security and access control, lighting control, entertainment system, HVAC control, smart speakers, smart home appliances, smart kitchen appliances, smart home healthcare systems, smart furniture, and others. Among them smart speakers product type is expected to grow at fastest rate in Asia-Pacific smart home market.

Smart speaker manufacturers have engaged in offering support for the region's different languages and dialects. This enables a broader range of consumers to effectively use voice assistants. In Asia-Pacific, there is a growing interest in voice-activated technology. Smart speakers are appealing to consumers because of their ease of use, convenience, and ability to operate other smart home devices using voice commands. Major domestic and foreign technology businesses have included smart speakers in their bigger smart home networks. This results in a unified user experience in which the smart speaker functions as a central hub for controlling other smart devices such as lighting, thermostats, and security systems. Smart speakers have voice search capabilities, which make them appealing to users seeking information, news, and entertainment. They become valuable household additions with voice-controlled content. Smart speakers are frequently used as IoT gateways, allowing users to control and monitor a wide range of smart goods, from smart lights to robot hoover cleaners. Their appeal stems from the convenience of central control. Smart speakers are becoming increasingly important in the automation and control of various devices as smart homes become more common in the Asia-Pacific region, making them an essential component of the smart home ecosystem.

Based on protocols market is divided into wireless protocols, wired protocols, and hybrid protocols. Wireless protocols are expected to register highest CAGR in Asia-Pacific region. Furthermore based on application market is segmented into new construction and retrofit.

Wireless protocols enable device placement flexibility and scalability for growing the smart home ecosystem. This adaptability is critical in the Asia-Pacific region's diverse and changing residential settings. Asia-Pacific is rapidly urbanising, with new residential developments and high-rise apartment buildings being built. Wireless protocols are appropriate for these contexts because they allow for quick and low-cost deployments in both new and existing structures. The Internet of Things (IoT) is rapidly expanding in the Asia-Pacific area, with a plethora of smart gadgets connecting to the internet. Wireless protocols are the preferred method for connecting these various IoT devices since they provide the required connectivity. Retrofit application is growing rapid pace in Asia-Pacific smart home market. Smart home technology Retrofitting is frequently less expensive than putting it into new construction. This affordability is a big motivator for homeowners and property managers who want to update their properties without making large capital investments. Apartments, older residences, and commercial structures can all be found in the Asia-Pacific area. Retrofit solutions are adaptable and may be tailored to many types of housing and architectural styles, making them widely useful. Rapid technical breakthroughs characterise the smart home business. Retrofit solutions allow homeowners to keep up with the latest technologies without having to entirely renovate their homes.

Based on sales channel market is segmented into direct and indirect. Indirect channel is expected to register highest growth rate in Asia-Pacific. Based on software & services market is divided into behavioral and proactive.

Indirect sales channels, such as merchants, e-commerce platforms, and intermediaries, have the ability to access a large and diverse consumer base across the Asia-Pacific area. They have a broader market reach than direct sales channels, which may have a limited local presence. Indirect sales channels often offer a diverse range of smart home devices from multiple vendors. This variety allows consumers to experiment with numerous brands and product options that suit their unique tastes and needs. Customers can browse, compare, and purchase smart home products from the comfort of their own homes via e-commerce platforms. This convenience is a big driver of growth in the internet channel. Proactive software and services provide sophisticated automation capabilities, allowing smart homes to anticipate and respond to their customer’s requirements without the necessity of explicit commands. Consumers seeking convenience and time savings are increasingly attracted to this level of automation. Predictive analytics is used by proactive systems to learn about user behaviour and preferences. Based on past data, these systems can make smart decisions over time, such as altering lighting and temperature to optimise energy efficiency and user comfort.

Companies Covered in this report:
Honeywell International, Inc, Siemens AG, Schneider Electric SE, ABB, Samsung Electronics Co., Ltd., Johnson Controls International PLC, Assa Abloy AB, General Electric Company, LG Corporation, Robert Bosch GmbH, Signify N.V, Samsung Electronics Co. Ltd.

Considered in this report
• Geography: Asia-Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Asia-Pacific Smart Home market Outlook with its value and forecast along with its segments
• Country-wise Smart Home market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Country covered in the report:
• China
• Japan
• India
• Australia
• South Korea

By Product
• Security and Access Control
• Lighting Control
• Entertainment System
• HVAC Control
• Smart Speakers
• Smart Home Appliances
• Smart Kitchen Appliances
• Smart Home Healthcare Systems
• Smart Furniture
• Other Controls (Smart Meter, Smart Plug, Smart Smoke detector, Smart hub)

By Protocols
• Wireless Protocols
• Wired Protocols
• Hybrid Protocols

By Application
• New Construction
• Retrofit

By Sales Channel
• Direct
• Indirect

By Software & Services
• Behavioural
• Proactive

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organisations related to the Smart Home industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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