Market Share of China Smart Home Industry
The Chinese smart home market is fragmented. The market is highly concentrated due to the presence of various small and large players. All the major players account for a significant market share and focus on expanding their consumer base. Some of the critical players in the market are Schneider Electric SE, Emerson Electric Corporation, ABB Ltd, Honewell International Inc., and Siemens AG. Companies are increasing their market share by forming multiple collaborations, partnerships, and acquisitions and investing in introducing new products to earn a competitive edge during the forecast period.
- May 2024: ABB signed an agreement to acquire Siemens' Wiring Accessories business in China. This will broaden ABB’s market reach and complement its regional customer offering within smart buildings. The offering ABB is acquiring includes wiring accessories, smart home systems, smart door locks, and further peripheral home automation products, which will continue under the Siemens brand under terms of a licensing agreement.
- August 2023: Samsung Electronics and LG Electronics collaborated to create a Smart Home to advance smart living. The collaboration includes combining the smart home platforms of both companies in the cloud to enhance connectivity between devices. Samsung Electronics and LG Electronics collaborated to connect their appliances seamlessly. This significant measure marks the first commercial implementation of the HCA (Home Connectivity Alliance) standard 1.0.
China Smart Home Market Leaders
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Schneider Electric SE
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Emerson Electric Co.
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ABB Ltd.
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Honeywell International Inc.
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Siemens AG
*Disclaimer: Major Players sorted in no particular order
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