Comfort & Lighting - Cambodia

Cambodia

Revenue in the Comfort & Lighting market is projected to reach €5.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.36%, resulting in a projected market volume of €11.6m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 369.8k users by 2029.
Household penetration will be 6.2% in 2024 and is expected to hit 10.8% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €29.36.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Comfort & Lighting market in Cambodia is experiencing significant growth due to various factors.

Customer preferences: Customers in Cambodia have shown a strong preference for comfortable and well-lit spaces, whether it be in their homes, offices, or public places. This preference is driven by the desire for a pleasant and inviting environment that enhances their overall well-being and productivity. Additionally, as the standard of living improves in Cambodia, consumers are increasingly investing in home improvements and renovations, including upgrading their lighting fixtures and comfort systems.

Trends in the market: One of the key trends in the Comfort & Lighting market in Cambodia is the adoption of energy-efficient lighting solutions. With the rising awareness of environmental sustainability and the need to reduce energy consumption, consumers are opting for LED lights over traditional incandescent bulbs. LED lights not only consume less energy but also have a longer lifespan, making them a cost-effective choice for consumers in the long run. Another trend in the market is the integration of smart lighting systems. These systems allow users to control their lighting fixtures remotely through smartphone applications or voice commands. This technology provides convenience and flexibility to users, allowing them to adjust the lighting according to their preferences and create different ambiances for different occasions.

Local special circumstances: Cambodia is experiencing rapid urbanization, with an increasing number of people moving to cities and urban areas. As a result, there is a growing demand for comfortable and well-lit living spaces. Real estate developers and homeowners are investing in modern lighting fixtures and comfort systems to attract potential buyers or tenants. This trend is particularly evident in the commercial sector, where businesses are striving to create inviting and comfortable spaces for their customers.

Underlying macroeconomic factors: The economic growth in Cambodia has had a positive impact on the Comfort & Lighting market. As the country's GDP continues to rise, consumers have more disposable income to spend on improving their living conditions. This increased purchasing power has fueled the demand for comfortable and well-lit spaces, driving the growth of the market. Additionally, the government of Cambodia has been actively promoting infrastructure development and urbanization. This has led to the construction of new buildings and the renovation of existing ones, creating opportunities for the Comfort & Lighting market. The government's focus on sustainable development and energy efficiency has also encouraged the adoption of energy-efficient lighting solutions in both residential and commercial buildings. In conclusion, the Comfort & Lighting market in Cambodia is witnessing significant growth due to customer preferences for comfortable and well-lit spaces, the adoption of energy-efficient lighting solutions, the integration of smart lighting systems, rapid urbanization, and the country's economic growth. These factors, along with the government's focus on infrastructure development and energy efficiency, are driving the market forward.

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.