Comfort & Lighting - Armenia

Armenia

Revenue in the Comfort & Lighting market is projected to reach €2.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.41%, resulting in a projected market volume of €4.0m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 95.9k users by 2029.
Household penetration will be 8.3% in 2024 and is expected to hit 15.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €39.22.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Comfort & Lighting market in Armenia has been experiencing significant growth in recent years. Customer preferences in Armenia have shifted towards more energy-efficient and sustainable lighting solutions.

Consumers are increasingly looking for products that not only provide comfort and convenience but also help reduce energy consumption and lower electricity bills. LED lighting has emerged as a popular choice among consumers due to its long lifespan, low energy consumption, and environmental benefits. Additionally, there is a growing demand for smart lighting solutions that can be controlled remotely through mobile applications, allowing users to adjust the brightness and color of the lights according to their preferences.

In terms of comfort, consumers in Armenia are seeking products that enhance their overall well-being and create a cozy and inviting atmosphere in their homes. This has led to an increased demand for products such as smart thermostats, air purifiers, and humidifiers. These products not only provide comfort but also contribute to improved indoor air quality and health.

The market is also witnessing a trend towards personalized lighting solutions. Consumers are increasingly looking for products that allow them to customize the lighting in their homes according to their individual needs and preferences. This has led to the development of products that offer adjustable color temperatures, dimming options, and even lighting scenes that can be programmed to create different moods and ambiances.

Local special circumstances in Armenia, such as the high electricity prices and the limited availability of natural resources, have played a role in driving the growth of the Comfort & Lighting market. The high electricity prices have made consumers more conscious of their energy consumption and more inclined to invest in energy-efficient products. Additionally, the limited availability of natural resources has led to a greater emphasis on sustainable and environmentally-friendly solutions.

Underlying macroeconomic factors, such as the growing middle class and increasing disposable income, have also contributed to the growth of the Comfort & Lighting market in Armenia. As the standard of living improves and incomes rise, consumers are more willing to invest in products that enhance their comfort and well-being. Furthermore, the government's focus on promoting energy efficiency and sustainability has created a favorable environment for the development of the Comfort & Lighting market.

Overall, the Comfort & Lighting market in Armenia is experiencing growth due to changing customer preferences towards energy-efficient and sustainable solutions, the demand for personalized lighting options, local special circumstances such as high electricity prices and limited natural resources, and underlying macroeconomic factors such as the growing middle class and increasing disposable income.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.