ASEAN Smart Homes Market Size (2024 - 2029)

ASEAN Smart Homes Market Analysis

The ASEAN Smart Homes market is expected to register a CAGR of approximately 21% over the forecast period (2021 - 2026). The smart home landscape is witnessing growth, led by the new generation of smart home gadgets such as smart speakers, connected light bulbs, smart locks, etc.

• Covid-19 has further enhanced the demand for home automation due to the growing remote working and work from home scenarios. Several cities in South East Asia witnessed effective implementation channels of nationwide economic relief packages. As large-scale social assistance programs take time to design and deliver, cities equipped with better digital infrastructure were found to be relatively efficient in the targeted delivery of relief to intended beneficiaries.
• Further, several solution providers viewed an increase in revenues owing to the growing demand for smart home products triggered by the pandemic. In May 2020, MMX Malaysia, a local kitchen appliance brand, reported that its sales quadrupled during the COVID-19. The major demand was coming from Cookware and Cooktops products.
• Also, expansion activities of several market incumbents is another major factor driving the growth of the smart homes market. The smart home ecosystem is experiencing rapid expansion, represented by Amazon's acquisition of Ring, a maker of internet-connected doorbells and cameras, for an estimated USD 1 billion.
• The emergence of smart homes has increased the prominence of video surveillance systems in the residential segment in the past few years. The surveillance systems implemented in this sector have varied applications, such as monitoring and access control. These systems are also equipped with features, such as motion detection and night vision.

ASEAN Smart Homes Industry Segmentation

• A smart home is one that automates the processes that control its infrastructure, lighting, security systems, heating, ventilation, air conditioning systems, and energy management systems.
• Smart home devices are suitable for a home setup where devices can be automatically controlled distantly from any internet-connected place in the world, using a mobile or other networked device. A smart home has its devices connected through the Internet, and the customer can regulate functions, such as security access to the house, temperature, lighting, and home theater.
• A smart home uses technology to make buildings more efficient, sustainable, safer, and reduce costs. Smart home solutions are part of an IoT and connected sensor ecosystem. The study characterizes the smart home market, segmenting it into the five primary ASEAN countries, Malaysia, Thailand, Vietnam, Singapore, and Indonesia which are further segmented by product type.
• As part of the product type, the study has considered Lighting Solutions, Energy Management Solutions and systems, Security Systems, Connectivity enhancement solutions, and Home Entertainment Systems & Smart Appliances.