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Steady Growth for Consumer Electronics and Smart Home Products in Korea

25. February 2020

Analysts are forecasting steady growth of 7% annually over the next 5 years for the consumer electronics market. For the smart home market annual growth of over 13% is predicted over the next years. For importing and selling most of these products a KC certification is required. In order to benefit from the growth over the next years a Korea certification is an essential prerequisite.
Smart home products can already be found in 22% of households and this share is expected to grow in the next years. One contributor to this development have been initiatives by the South Korean government to develop national smart home standards. In addition, several alliances between technology, communication and construction companies have also been founded in order to develop common standards and marketing strategies in order to further support the expansion into this new market.

Even though fears around security and privacy can be a risk factor, current growth is mainly driven by falling component costs and growing competition in the market. The benefits of well-integrated components for a home-automation system that allow remote control and energy savings still outweigh the risks with consumers.
Entertainment and lighting-solutions are the most popular sectors in the smart home market, while products in the security segment are still not in very high demand. However, this sector is expected to experience the most growth over the next years.

MPR Author

About the author: Julian Busch is founder and Managing Director of MPR China Certification GmbH
Publisher: MPR China Certification GmbH

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