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The market size of China's smart home products approached 400 billion yuan in 2018, according to a report by the Qianzhan Industry Research Institute. The figure will rise to about 581.9 billion in 2020, as predicted by the institute.

While traditional home appliances in China started to show sluggish signs on the whole, smart home products will bring about huge market potential, said Zhang Cun, general manager of the special business department of Growth from Knowledge (GfK) China, a market research institute.

Data from GfK suggest that Chinese consumers show relatively strong intentions of purchasing household products such as robot mops and smart doorbells amongst other things.

New technologies such as AI and the Internet of Things (IoT) will drive the market growth of the smart home industry, said Zhu Dongfang, vice president of International Data Group (IDG) Asia, a media, data and marketing services and venture capital organization.

Zhu also said that video and entertainment devices will be the most promising among various smart home products.

Technologies will also change the business model of the industry, said Wu Junhua, vice president of the South China affiliate of iFLYTEK, a Chinese information technology company.

For example, refrigerator manufacturers will pay more attention to the intelligence of their products when they used to focus on the quality of the refrigerators, he said.