Comfort & Lighting - Gambia

Gambia

Revenue in the Comfort & Lighting market is projected to reach €161.2k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.22%, resulting in a projected market volume of €327.3k by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 16.6k users by 2029.
Household penetration will be 2.1% in 2024 and is expected to hit 3.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €19.08.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Comfort & Lighting market in Gambia is experiencing steady growth due to increasing customer preferences for modern and energy-efficient lighting solutions.

Customer preferences: Customers in Gambia are increasingly opting for energy-efficient lighting solutions that offer both comfort and cost savings. LED lighting has gained popularity in recent years due to its long lifespan, low energy consumption, and ability to provide bright and clear illumination. Additionally, customers are also looking for lighting solutions that offer adjustable brightness and color temperature to create a comfortable and personalized environment.

Trends in the market: One of the key trends in the Comfort & Lighting market in Gambia is the increasing adoption of smart lighting systems. These systems allow users to control their lighting remotely through mobile applications, enabling them to adjust the brightness, color, and timing according to their preferences. This trend is driven by the growing popularity of smart home automation and the desire for convenience and energy efficiency. Another trend in the market is the integration of lighting with other comfort features, such as air conditioning and window blinds, to create a holistic and customizable experience for customers.

Local special circumstances: Gambia's tropical climate and abundant sunlight make it an ideal market for solar-powered lighting solutions. Solar-powered lights are not only environmentally friendly but also provide a reliable and cost-effective lighting solution, especially in rural areas with limited access to electricity. This has led to an increasing demand for solar-powered street lights, outdoor lighting, and portable solar lamps in Gambia.

Underlying macroeconomic factors: The steady economic growth and rising disposable income in Gambia have contributed to the growth of the Comfort & Lighting market. As people's purchasing power increases, they are more willing to invest in high-quality lighting solutions that enhance their comfort and well-being. Additionally, the government's focus on sustainable development and energy efficiency has also played a role in driving the market growth, as it encourages the adoption of energy-efficient lighting solutions. In conclusion, the Comfort & Lighting market in Gambia is witnessing growth driven by customer preferences for energy-efficient and customizable lighting solutions. The adoption of smart lighting systems and the integration of lighting with other comfort features are key trends in the market. The local special circumstances, such as the abundance of sunlight, have also contributed to the demand for solar-powered lighting solutions. The underlying macroeconomic factors, including economic growth and government initiatives, have further supported the market growth in Gambia.

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.