Comfort & Lighting - Colombia

Colombia

Revenue in the Comfort & Lighting market is projected to reach €23.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.86%, resulting in a projected market volume of €41.2m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 2.0m users by 2029.
Household penetration will be 6.3% in 2024 and is expected to hit 17.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €32.78.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Comfort & Lighting market in Colombia has been experiencing steady growth in recent years. Customer preferences for energy-efficient and eco-friendly lighting solutions have been driving the demand for innovative products in this market. Additionally, the increasing focus on smart homes and automation has also contributed to the growth of the Comfort & Lighting market in Colombia.

Customer preferences: Customers in Colombia are increasingly looking for energy-efficient lighting solutions that can help them reduce their electricity consumption and lower their utility bills. LED lighting has gained popularity due to its long lifespan and low energy consumption. Moreover, customers are also interested in lighting solutions that are environmentally friendly and do not contain harmful substances such as mercury.

Trends in the market: One of the key trends in the Comfort & Lighting market in Colombia is the adoption of smart lighting systems. These systems allow users to control their lighting remotely through mobile applications or voice assistants. The convenience and flexibility offered by smart lighting systems have made them popular among homeowners and businesses alike. Another trend in the market is the integration of lighting with other smart home devices. Customers are increasingly looking for lighting solutions that can be seamlessly integrated with other smart home devices such as thermostats, security systems, and entertainment systems. This integration allows for a more cohesive and efficient smart home experience.

Local special circumstances: Colombia's geographical location near the equator means that the country experiences relatively consistent daylight throughout the year. This has led to a lower demand for artificial lighting during daylight hours. However, the demand for lighting solutions is still significant in the evenings and during overcast days. Therefore, lighting solutions that can effectively mimic natural daylight and adjust to changing lighting conditions are highly sought after in the Colombian market.

Underlying macroeconomic factors: Colombia has been experiencing steady economic growth in recent years, which has contributed to the increasing purchasing power of consumers. As a result, customers are willing to invest in high-quality lighting solutions that offer long-term cost savings and improved energy efficiency. Furthermore, the government of Colombia has implemented various initiatives to promote energy efficiency and sustainable development. These initiatives include tax incentives for the purchase of energy-efficient lighting products and the implementation of energy efficiency standards. These measures have created a favorable business environment for companies operating in the Comfort & Lighting market in Colombia. In conclusion, the Comfort & Lighting market in Colombia is driven by customer preferences for energy-efficient and eco-friendly lighting solutions, as well as the increasing adoption of smart home technologies. The integration of lighting with other smart home devices and the demand for lighting solutions that can mimic natural daylight are also key trends in the market. Additionally, the steady economic growth and government initiatives promoting energy efficiency have created a favorable business environment for companies operating in this market.

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.