Resideo Technologies, Inc and GOME Telecom Equipment Co., Ltd on Thursday signed a strategic agreement that will combine Resideo's expertise in smart homes with GOME's distribution capabilities.
The two companies hope the agreement will allow them to deliver high-quality smart home products and services throughout China.
Honeywell spin-off Resideo plans to establish smart living concessions in more than 100 GOME stores this year.
The smart home and home security solution provider plans to bring a number of Honeywell Home branded systems and products to the Chinese market, with the aim of meeting demand for enhanced home security, safety and water leakage protection.
The 100 stores are just the beginning of the two companies' collaboration, and Resideo is entering the right market at the right time, said Wu Haifeng, managing director of Resideo Asia-Pacific.
According to Wu, China's smart home market will reach 116.13 billion yuan ($11.6 billion) in 2019, and this figure may reach 204.09 billion yuan by 2023 at a compound annual growth rate of 27.2 percent.
Resideo said that they have responded to the needs of local customers by offering tailor-made solutions for smart control both inside and outside of homes.
"With a proven track record developing innovative technologies and connectivity solutions, we are ramping up our commitment to help contractors succeed as smart home experts," said Wu.
By combining Resideo's technological research and innovation and GOME Telecom's sales, distributions and logistics networks, the two parties will look to provide Chinese families with affordable, high-quality smart home products, said Song Linlin, chairman of GOME Telecom, a member of GOME Group.
GOME announced its smart home strategy at the end of 2018, and the group has a vision of providing smart devices and complete solutions for individuals, families, and businesses, said Song.
Resideo has a presence in more than 150 million homes, with 15 million home systems installed each year.Source: China Daily