Expanding business in the million-dollar smarthome and smart lighting industry in Thailand with Lumi – PR Newswire APAC – PR Newswire Asia
Start a business in Thailand – the top developing country in Southeast Asia today
BANGKOK, Sept. 16, 2022 /PRNewswire/ — This September, you can take your first step more easily with the Thai smart device market by:
- Becoming a distribution partner of the leading smart home brand in Vietnam with 10 years of experience
- Confidently providing comprehensive smart home solutions from lighting, cameras, switches to sensors and smart curtains
- Taking advantage of our available international partner networks
Visit Lumi’s exhibition booth at LED Expo Thailand to seize the opportunity to be market leader
Meet Lumi Vietnam in Bangkok to work with us to plan the most effective business:
- Date: September 21-22-23, 2022
- Venue: Booth G7-8, Hall 8, IMPACT Exhibition Center, Bangkok, Thailand
- Why is exploring the smart device business in Thailand a golden opportunity?
Statista estimates that the Thai smarthome market in 2022 will have a total revenue of 149.3 million USD, and by 2026, this number will be more than 300 million USD. The average number of smarthome households is 4.6 million homes by 2026. Although the total market revenue is not the leading in Southeast Asia, the Thai smarthome market has the largest compound annual growth rate (CAGR) in the region.
Smart lighting – an essential piece of smarthome: the potential to shine
In the smarthome ecosystem, smart lighting is an important system that plays a core role and creates a significant value of a comfortable life of 4.0 technology standard.
According to a report from Research and Markets, the global smart lighting market is forecast to reach $10.76 billion by 2022 and $27.27 billion by 2027, with a compound annual growth rate of 20.4%. With a growth rate of 22.4% during 2020-2030, Asia is the fastest growing region in the world for the smart lighting industry. This incredible growth is due to low labor costs and the availability of raw materials.
Currently, Thailand is a middle-income country with a high GDP growth rate, ranking 8th in Asia and 2nd in Southeast Asia in particular. Additionally, the proportion of smartphone users in Thailand is slightly higher than that of Southeast Asia (about 79% of the population in 2022). With the increasing number of smartphones, users will be more familiar with applications on their phones connecting with surrounding devices, which is the basis for smarthome to penetrate the market more easily.
Thailand with its dynamism and ability to keep up with the trends promises to be a prosperous destination for technology products such as smarthome or smart lighting.
Overcoming barriers, initially exploring the million-dollar market
Thailand is an open environment for anyone who wants to start or expand a new technology business in Southeast Asia. However, businesses providing smarthome and smart …….