Smart Home Market in Taiwan based on Market Size & Industry Forecast Report

Taiwan Smart Home Market

The Taiwan Smart Home Market is projected to expand at an annual rate of 11% to 15% during the coming years. The innovation in electronics and computer technologies, accelerating purchasing power, and changing lifestyles has stimulated the market growth.

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Taiwan Smart Home Market Dynamics

The growth in the Taiwan smart home market is driven by the strategic government norms. The government is emphasising on enhancing the life quality of its people by initiating several strategies. Digital Nation & Innovation Economic Development Program (DIGI+) introduced in 2017 to improve digital infrastructure, re-construct service-based digital government, and encourage the smart city concept in cities and rural areas. Thus, the rising focus on the development of smart cities will bolster the market growth.

The accelerating per capita income has persuaded consumers to choose for different smart solutions at home. This has raised the demand for home and kitchen appliances among consumers. Products such as smart dishwashers, washers, and refrigerators are experiencing a strong growth. Further, the growing penetration of product by key players has propelled the market growth. For instance, LG Corporation provides Wi-Fi enabled all in one washer and dryer which enables full control over the appliance, and functions with LG Smart ThinQ app.

Smart home devices are at a higher risk of cyber-attacks as these devices are connected to internet and people lives rely on the services or safety offered by such devices. Therefore, producers need to keep cyber security as a key objective while designing smart home technologies.

Product Segment Drivers

The smart kitchen segment seized the largest share in 2019 and is projected to maintain its dominance over the forecast period. The increasing significance of kitchen renovation or restructuring to develop modular kitchens is a major factor contributing to the market growth. Individuals, these days seek for smart kitchen appliances such as cooktops, cookware, and dishwashers, which can be monitored by devices such as Amazon Echo or Google Home. Furthermore, the growing prevalence of leading players in the Taiwan market will propel the Taiwan Smart Home Market share.

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