Taiwan Smart Home Market

Growth opportunities in the Taiwan Smart Home Market look promising over the next six years. This is mainly due to the increasing disposable income, numerous initiatives and strategies by the government, and the growing emphasis on the development of smart cities.

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Taiwan Smart Home Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

One of the prominent drivers contributing to the growth of the smart home market includes suitable government plans. The government is largely emphasizing on improving the lifestyle by initiating several initiatives and policies. For example, The 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 across cities and rural areas. Therefore, the surging focus on the expansion of smart cities will stimulate market growth. Moreover, the growing disposable income of consumers has accelerated them to chose such solutions resulting in rising demand for home and kitchen utensils. Products that include refrigerators, smart washers, and dishwashers are experiencing robust growth. Additionally, the continuous enlargement of products by key players will further strengthen the market size. For instance, LG Corporation imparts Wi-Fi enabled all-in-one washer and dryer, which permits complete control over the appliance and uses the LG Smart ThinQ app to work.

However, the risk of cyber-attacks associated with these devices as they are connected to the internet and the life of many people rely on the services or safety provided by such devices. Thus, producers require to maintain cybersecurity as a crucial intent while designing the devices.

Product Type Drivers

Based on the product type, the smart kitchen are projected to dominate the market over the forecast period. This is because of the increasing significance of kitchen modernization or transformation to build modular kitchens. Individuals these days seek smart kitchen appliances including cooktops, cookware, and dishwashers, which can be regulated by devices such as Amazon Echo or Google Home. Moreover, the developments by the leading players in the Taiwan market are further promoting the market growth. LG Electronics, in 2017 started a series of IoT smart home appliances in Taipei, which includes cleaning robots, washing machines, refrigerators, and air conditioners.

Taiwan Smart Home Market Segmentation:

Segmentation by Product Type:

· Lighting Control

· Security and Access Control

· HVAC Control

· Smart Speaker

· Entertainment and Other Controls

· Home Healthcare

· Smart Kitchen

· Home Appliances

Segmentation by Offering:

· Hardware

· Software and Solutions

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