Comfort & Lighting - South Korea

South Korea

Revenue in the Comfort & Lighting market is projected to reach €341.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.39%, resulting in a projected market volume of €586.3m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 38.6m users by 2029.
Household penetration will be 19.5% in 2024 and is expected to hit 27.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €40.92.

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Analyst Opinion

The Comfort & Lighting market in South Korea is experiencing significant growth and development due to several factors. Customer preferences in South Korea are driving the growth of the Comfort & Lighting market.

South Korean consumers have a strong preference for modern and stylish home decor, which includes comfortable and well-lit living spaces. They value comfort and convenience in their homes, and are willing to invest in products and solutions that enhance their overall living experience. Additionally, South Korean consumers are increasingly becoming aware of the importance of energy efficiency and sustainability, and are seeking products that offer energy-saving features and eco-friendly materials.

One of the key trends in the Comfort & Lighting market in South Korea is the increasing adoption of smart home technology. South Korean consumers are embracing the convenience and control offered by smart home devices, which allow them to remotely control and automate various aspects of their homes, including lighting and comfort settings. This trend is driving the demand for smart lighting solutions and home automation systems, which enable users to create personalized lighting and comfort settings based on their preferences and daily routines.

Another trend in the market is the growing popularity of ergonomic and wellness-focused products. South Korean consumers are becoming more health-conscious and are seeking products that promote their physical and mental well-being. This has led to an increased demand for ergonomic furniture and lighting solutions that provide optimal comfort and reduce eye strain.

Additionally, there is a rising interest in products that incorporate features such as natural light simulation and circadian rhythm synchronization, which are believed to have positive effects on sleep quality and overall health. Local special circumstances in South Korea are also contributing to the development of the Comfort & Lighting market. The country has a high population density and limited living space, which has led to a focus on maximizing the functionality and comfort of smaller living spaces.

This has created a demand for compact and multifunctional furniture and lighting solutions that can optimize the use of limited space while still providing a comfortable and well-lit environment. Underlying macroeconomic factors are also playing a role in the growth of the Comfort & Lighting market in South Korea. The country has a strong economy and a high standard of living, which enables consumers to invest in home improvement and upgrade their living spaces.

Additionally, the government has been promoting energy efficiency and sustainability initiatives, which has created incentives for consumers to invest in energy-saving lighting solutions and products. Overall, the Comfort & Lighting market in South Korea is experiencing growth and development driven by customer preferences for modern and stylish home decor, the adoption of smart home technology, the demand for ergonomic and wellness-focused products, local special circumstances, and underlying macroeconomic factors.

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.