Comfort & Lighting - Canada

Canada

Revenue in the Comfort & Lighting market is projected to reach €251.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.25%, resulting in a projected market volume of €392.1m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 8.2m users by 2029.
Household penetration will be 31.1% in 2024 and is expected to hit 76.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €78.69.

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Analyst Opinion

The Comfort & Lighting market in Canada has been experiencing steady growth in recent years. Customer preferences are shifting towards more energy-efficient and sustainable lighting solutions, driving the demand for innovative products in the market. Additionally, the increasing focus on enhancing comfort levels in residential and commercial spaces has also contributed to the growth of the market.

Customer preferences: Customers in Canada are increasingly prioritizing energy efficiency and sustainability when it comes to lighting solutions. This shift in preferences can be attributed to growing environmental awareness and the desire to reduce energy consumption. LED lighting has gained significant popularity due to its energy efficiency and long lifespan. Customers are also looking for smart lighting solutions that offer convenience and control through features like dimming and remote access. The demand for lighting fixtures that complement the aesthetics of the space and provide optimal lighting conditions is also on the rise.

Trends in the market: One of the key trends in the Comfort & Lighting market in Canada is the adoption of smart lighting systems. These systems offer advanced features such as motion sensors, automated dimming, and remote control, allowing users to customize their lighting experience. The integration of smart lighting with other smart home devices is also becoming increasingly common, providing a seamless and connected living experience. Another trend is the use of human-centric lighting, which mimics natural light patterns to enhance well-being and productivity. This trend is particularly prevalent in commercial spaces such as offices and healthcare facilities.

Local special circumstances: Canada's cold climate presents a unique challenge for the Comfort & Lighting market. Customers often prioritize lighting solutions that provide warmth and coziness, especially during the long winter months. This preference for warm lighting colors and fixtures that emit a soft glow has influenced the market offerings in the country. Additionally, the diverse cultural landscape of Canada has led to a demand for lighting products that cater to specific cultural and religious practices.

Underlying macroeconomic factors: The growth of the Comfort & Lighting market in Canada can be attributed to several macroeconomic factors. The country's strong economy and high standard of living have increased consumer spending on home improvement and renovation projects. The government's focus on energy efficiency and sustainability has also provided incentives for customers to invest in energy-efficient lighting solutions. Furthermore, technological advancements and the availability of a wide range of lighting products have made it easier for customers to find and purchase the products that meet their specific needs. In conclusion, the Comfort & Lighting market in Canada is experiencing growth due to shifting customer preferences towards energy efficiency and sustainability. The adoption of smart lighting systems and the demand for human-centric lighting are driving trends in the market. The country's cold climate and diverse cultural landscape also influence customer preferences. Overall, the market is benefiting from a strong economy and government initiatives promoting energy efficiency.

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.