In the vast Chinese market, which is home to over 1.3 billion people, there are more than 100 million potential smart home users. With an average of 1,000 yuan spent per household annually on smart home solutions, the market size reaches a staggering 100 billion yuan. In reality, data from market research shows that consumers who are more aware and continuously engaged in smart home technology tend to spend more than 1,000 yuan per year on their homes. Currently, China’s affluent class is growing rapidly. This group represents about 10% of the urban population and 3.5% of the total population. For this segment, the smart home system market could reach as high as 14 million units.
The smart home market can be divided into three main segments. According to a survey of the Shenzhen smart home market, the cost for smart home renovations in luxury residential projects ranges from 30,000 to 1 million yuan, with the average smart home system costing around 700,000 yuan. Most buyers in this segment prefer well-known foreign brands such as Prince Edward, Honeywell, ABB, Clipsal, Germany’s Mortons, and Singapore’s Nico. These brands typically come with higher price tags but offer fully integrated smart home systems that ensure compatibility and system stability.
For high-end residential properties, smart home renovation costs generally range from 30,000 to 150,000 yuan, with the smart home system itself averaging around 100,000 yuan. Developers in this category often opt for domestic top-tier brands like Haier, TCL, and WOSMART. The domestic smart home market has become relatively mature, with many well-known brands offering integrated smart home solutions.
In contrast, most regular households do not consider smart home systems at all. When they do, they usually go for second- or third-tier domestic brands, with prices typically below 500,000 yuan. However, the quality of these products varies widely, and it's rare to find a complete, fully functional smart home system.
The market is currently in a transitional phase. Lan Zhongming, General Manager of Shenzhen Intelligent Port Technology Co., Ltd., told reporters that the majority of smart home users today are still high-net-worth individuals who are renovating their homes with smart technologies. Large-scale real estate developers have yet to widely adopt smart home systems. From an industry perspective, China’s smart home sector is moving from an incubation phase toward a growth stage.
An industry insider shared that smart home technology has been around for over a decade. Unfortunately, the current market is crowded with numerous manufacturers, leading to product incompatibility and a lack of unified standards. Additionally, the smart home market involves multiple industries, creating technical barriers for integration. To date, no national standard has been implemented for the smart home industry, resulting in many small and medium-sized enterprises developing products based on their own interpretations, leading to fragmentation in the market.
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