Comfort & Lighting - Israel

Israel

Revenue in the Comfort & Lighting market is projected to reach €14.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.54%, resulting in a projected market volume of €26.3m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 563.4k users by 2029.
Household penetration will be 7.7% in 2024 and is expected to hit 18.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €66.02.

Mercado

Región

Comparación de regiones

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Analyst Opinion

The Comfort & Lighting market in Israel is experiencing steady growth due to increasing customer preferences for energy-efficient and smart lighting solutions. Customers in Israel are increasingly looking for lighting products that not only provide comfort but also help reduce energy consumption and lower electricity bills. This has led to a rise in demand for LED lighting solutions, which are known for their energy efficiency and long lifespan.

Customer preferences: Customers in Israel are increasingly concerned about the environmental impact of their energy consumption. As a result, there is a growing preference for energy-efficient lighting solutions that can help reduce electricity usage and lower carbon emissions. LED lighting, which consumes significantly less energy compared to traditional incandescent bulbs, has gained popularity among customers in Israel. Additionally, customers are also interested in smart lighting solutions that offer features such as remote control, scheduling, and integration with other smart home devices.

Trends in the market: One of the key trends in the Comfort & Lighting market in Israel is the increasing adoption of LED lighting solutions. LED bulbs have become more affordable and widely available, making them a popular choice among customers. The long lifespan of LED bulbs also appeals to customers as they do not need to be replaced as frequently as traditional bulbs. Furthermore, the Israeli government has implemented regulations to phase out inefficient lighting products, further driving the adoption of LED lighting. Another trend in the market is the integration of smart lighting solutions. Customers in Israel are embracing smart home technology, and lighting is a key component of this trend. Smart lighting systems allow customers to control their lights remotely, create schedules, and even adjust the color and intensity of the light. This trend is driven by the convenience and energy-saving potential of smart lighting solutions.

Local special circumstances: Israel is known for its technological advancements and innovation, and this is reflected in the Comfort & Lighting market. Local companies in Israel are at the forefront of developing energy-efficient lighting solutions and smart lighting technology. This has created a competitive market with a wide range of products and options for customers to choose from. Additionally, the government of Israel has implemented various initiatives to promote energy efficiency and sustainable development, further driving the growth of the Comfort & Lighting market.

Underlying macroeconomic factors: The growth of the Comfort & Lighting market in Israel is also influenced by macroeconomic factors such as population growth and urbanization. As the population continues to grow and more people move to urban areas, the demand for lighting products increases. Additionally, the rising disposable income of the population allows customers to invest in more advanced and energy-efficient lighting solutions. The stable economy of Israel also plays a role in the growth of the market, as it provides a favorable business environment for companies in the Comfort & Lighting industry.

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.