Comfort & Lighting - Czechia

Czechia

The projected revenue in the Comfort & Lighting market for Czechia is expected to reach €17.6m in 2024.
This indicates a positive outlook for the market in the upcoming year.
Furthermore, the market is expected to demonstrate a compound annual growth rate (CAGR 2024-2028) of 14.74%, resulting in a projected market volume of €30.6m by 2028.
This signifies substantial growth potential in the segment over the forecast period.
In terms of household adoption, the number of active households in Czechia is projected to reach 561.0k users by 2028.
This indicates a growing interest and demand for Comfort & Lighting market solutions among households in the country.
Moreover, household penetration, which currently stands at 4.8% in 2024, is expected to increase to 11.3% by 2028.
This suggests that a larger percentage of households in Czechia will embrace Smart_Home technologies for their comfort and lighting needs.
When considering the average revenue per installed Smart_Home, in Czechia is expected to witness an average revenue of €77.03.
This metric highlights the amount of revenue generated per Smart_Home installation in the country.
It serves as a useful indicator of the market's potential profitability.
In a global comparison, it is noteworthy that in the United States leads the Comfort & Lighting market in terms of revenue generation.
The projected revenue for the United States in 2024 is estimated to be €3,409.0m.
This figure emphasizes the significant market size and revenue potential in the United States compared to other countries.
Overall, the Comfort & Lighting market in Czechia exhibits promising growth prospects, with increasing revenue, household adoption, and penetration rates.
The market is expected to witness notable expansion in the coming years, although it may still have some ground to cover compared to leading countries like in the United States.
Czechia's Comfort & Lighting market is seeing a surge in demand for energy-efficient LED lighting solutions.

Key regions: Norway, Sweden, Denmark, United States, South Korea

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Analyst Opinion

The Comfort & Lighting segment includes devices such as door and window sensors or shutters as well as smart bulbs. Because almost all devices in this segment are relatively cheap and especially smart bulbs are easy to install, the products from this segment are used as a market entry by customers. Depending on the specific product, several companies dominate the market. In the field of smart bulbs, key players are Philips Hue, TP-Link, Lifi Labs or IKEA with Tradfi. Besides the general functions of on/off switches, dimming and color-changing modes, we don't see any major innovations at the time but products of this segment are a bridging technology and will be likely absorbed by the corresponding traditional consumer markets.

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 segment. 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 digital products and services 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 twice a year in case market dynamics change.