Smart Home Market in Taiwan

Taiwan Smart Home Market is project to add a whopping incremental market revenue of over USD 720 million between 2023 and 2030.

Taiwan Smart Home market Overview

The Internet of Things (IoT) is gaining traction specifically among residential consumers as it offers numerous advantages by connecting household products to the Internet. The accelerating number of internet users, along with the rising adoption of smart devices, are the two key drivers that are contributing to market growth. As per a report released by the Taiwan Network Information Center, in 2018, the average number of internet users within the age of 12 and above amounted to 17.8 Million, and the total number of internet users in the country crossed 18.66 million. 79.2% of the overall population had access to the Internet in the same year.

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Major Taiwan Smart Home market Drivers

Favourable government policies stand to be one of the key factors that is supporting the growth of the smart home market. The government is focusing on improving the life quality of its people by introducing numerous initiatives and strategies. In 2017, Digital Nation & Innovation Economic Development Program (DIGI+) was launched to enhance digital infrastructure, re-construct service-based digital government, and promote the smart city concept in cities and rural areas. Thus, the growing emphasis on the development of smart cities will supplement market growth.

Furthermore, increasing disposable income has further resulted in consumers opting for different smart solutions at home. This has resulted in growing demand for home and kitchen appliances among consumers. Products such as smart washers, smart dishwashers, refrigerators are witnessing a heathy growth trend. In addition to this, increasing product proliferation by leading players in this categories will further supplement the demand in the coming years. For instance, LG Corporation offers Wi-Fi enabled all in one washer and dryer which allows whole control over the appliance, and works with LG Smart ThinQ app.

Restraint in the Taiwan Smart Home Market

Smart home devices possess biggest risk of cyber-attacks as these devices as these are connected to internet and people lives may depend on the services or security provided by such devices . Therefore, manufactures need to keep cyber security as a major objective while designing smart home technologies.

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Product Type – Segment Analysis

Based on the product type, the smart kitchen segment occupied the largest market share in 2019. The growing importance of kitchen renovation or remodelling to build modular kitchens is a key driver that is boosting the market growth. Individuals are now looking for smart kitchen appliances such as cookware, cooktops, and dishwashers, which can be controlled by devices such as Amazon Echo or Google Home. Furthermore, the expansion of the leading players in the Taiwan market is further opening new doors for the segment growth. In 2017, LG Electronics launched a series of IoT smart home appliances in Taipei, such as washing machines, refrigerators, air conditioners, and cleaning robots.

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Key Developments:

• • In 2020, Apple officially announced the launch of homepod mini smart speaker with smart home capabilities and built-in security and privacy. This strategic initiative helped in expanding the product portfolio of the company.
  • In 2018, Honeywell International Inc. launched retail availability for all-in-one, home security self-monitored security system with facial recognition and Amazon Alexa to meet the people’s need. This is the company’s first security system which can be upgraded and customized with accessories to improve comfort and security of the home.

Segments covered in the Report:

The Taiwan Smart Home market is segmented into offering and product type. Based on offering, the market has been segmented into Hardware, Software and Solutions. Based on the product type, the market has been segmented to Lighting Control, Security and Access Control, HVAC Control, Smart Speaker, Entertainment and Other Controls, Home Healthcare, Smart Kitchen, Home Appliances.

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Market Segmentation

Taiwan Smart Home Market by Offering

• • Hardware
  • Software and Solutions

Taiwan Smart Home Market by Product Type

• • Lighting Control
  • Security and Access Control
  • HVAC Control
  • Smart Speaker
  • Entertainment and Other Controls
  • Home Healthcare
  • Smart Kitchen
  • Home Appliances