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.
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.
In 2020, worldwide shipments of smart home devices reached 801.5 million units, and China's market accounted for 25.5 percent, IDC data showed.