China’s market for “smart home” or Internet of Things products continues to grow rapidly, and companies based in Guangdong appear to be in the forefront. According to research data cited by local media, the industry generated sales of 170 billion in 2020, up from just 40 billion yuan in 2015. Over the past year, 7,800 new companies were registered in this industry, with half coming from Guangdong.
According to a report recently released by Shenwan Hongyuan, the smart home industry in China has reached just 4.9% of homes. This compares with 32% in the United States and 20% in Europe.
Although the country’s Internet giants such as Huawei, Xiaomi, Alibaba, Baidu, and JD.com are quite dominant in IoT, they are finding stiff competition from traditional home-appliance manufacturers such as Haier, Midea and Gree.
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