Comfort & Lighting - Asia

Asia

Revenue in the Comfort & Lighting market is projected to reach €3.5bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.66%, resulting in a projected market volume of €6.3bn by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 373.5m users by 2029.
Household penetration will be 10.3% in 2024 and is expected to hit 31.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €29.04.

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Analyst Opinion

The Comfort & Lighting market in Asia is experiencing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Comfort & Lighting market in Asia are shifting towards more energy-efficient and sustainable solutions.

With increasing awareness about environmental issues and the need to reduce carbon emissions, customers are opting for products that consume less energy and have a smaller carbon footprint. Additionally, customers are also looking for smart and connected solutions that offer convenience and enhance their overall comfort and well-being. Trends in the Comfort & Lighting market in Asia are driven by technological advancements and innovation.

The market is witnessing a rise in the adoption of smart lighting systems that can be controlled remotely through mobile devices. These systems offer features such as dimming, color changing, and scheduling, providing users with greater control over their lighting environment. Furthermore, there is a growing demand for human-centric lighting solutions that mimic natural light and have a positive impact on people's mood and productivity.

Local special circumstances in different countries in Asia also contribute to the development of the Comfort & Lighting market. For example, in countries with high population density and limited space, there is a greater emphasis on compact and space-saving lighting solutions. Additionally, in countries with a strong cultural heritage, there is a demand for lighting products that blend traditional aesthetics with modern functionality.

Underlying macroeconomic factors play a crucial role in the growth of the Comfort & Lighting market in Asia. Rapid urbanization, rising disposable incomes, and increasing infrastructure development are driving the demand for comfort and lighting solutions in both residential and commercial sectors. Furthermore, government initiatives and regulations promoting energy efficiency and sustainability are also influencing market growth.

In conclusion, the Comfort & Lighting market in Asia is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customers are increasingly seeking energy-efficient and sustainable solutions, while technological advancements and innovation are driving the adoption of smart lighting systems. Local special circumstances and underlying macroeconomic factors further contribute to the market's development.

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.