Comfort & Lighting - Bulgaria

Bulgaria

Revenue in the Comfort & Lighting market is projected to reach €5.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 20.93%, resulting in a projected market volume of €14.9m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 275.4k users by 2029.
Household penetration will be 5.3% in 2024 and is expected to hit 9.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €38.00.

Mercado

Región

Comparación de regiones

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Analyst Opinion

The Comfort & Lighting market in Bulgaria has experienced significant growth in recent years, driven by changing customer preferences and the introduction of new technologies.

Customer preferences: Customers in Bulgaria are increasingly seeking comfort and convenience in their homes and workplaces. They are looking for lighting solutions that not only provide adequate illumination but also enhance the overall ambiance of the space. Additionally, there is a growing demand for smart lighting systems that can be controlled remotely and offer energy-saving features.

Trends in the market: One of the key trends in the Comfort & Lighting market in Bulgaria is the adoption of LED lighting solutions. LED lights are more energy-efficient and have a longer lifespan compared to traditional incandescent bulbs. This has led to a shift towards LED lighting in both residential and commercial settings. Furthermore, the decreasing prices of LED lights have made them more accessible to a wider range of customers. Another trend in the market is the integration of smart lighting systems. These systems allow users to control the lighting in their homes or offices through their smartphones or other smart devices. This not only offers convenience but also enables energy-saving capabilities, as users can easily adjust the brightness and timing of their lights.

Local special circumstances: Bulgaria has seen a significant increase in construction activity in recent years, which has contributed to the growth of the Comfort & Lighting market. The construction of new residential and commercial buildings has created a demand for lighting solutions, both for interior and exterior spaces. Additionally, the renovation and refurbishment of existing buildings have also driven the market, as customers seek to upgrade their lighting systems to more modern and energy-efficient options.

Underlying macroeconomic factors: The growth of the Comfort & Lighting market in Bulgaria is closely tied to the overall economic conditions in the country. As the economy continues to grow and incomes rise, customers have more disposable income to spend on home improvement and renovation projects. This has created a favorable environment for the Comfort & Lighting market to thrive. Furthermore, the government of Bulgaria has been implementing energy efficiency measures and promoting the use of energy-saving technologies. This has created incentives for customers to invest in energy-efficient lighting solutions, further driving the growth of the market. In conclusion, the Comfort & Lighting market in Bulgaria is experiencing growth due to changing customer preferences, the adoption of LED lighting, and the integration of smart lighting systems. The construction boom in the country and government initiatives promoting energy efficiency have also contributed 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.