China to become world’s largest smart home device mkt in 2024

19 April, 2021 12:00 AM printer

BEIJING: China will overtake the United States to become the world's largest market for smart home devices by the end of 2024, according to an industrial report.

China's shipments of smart home devices are expected to account for 36.4 percent of the world's total shipments in 2024 and will further expand to take up a 38.4-percent global share in 2025, data from the global market research firm International Data Corporation (IDC) showed, reports Xinhua.

The compound annual growth rate of smart home device shipments in China is expected to stand at 21.9 percent in the next five years, said the IDC.

The firm has attributed the booming market to reasons including China's larger population and family base, more efficient construction of network infrastructure and more active promotion of digital transformation.