Comfort & Lighting - Australia

Australia

Highlights

Revenue in the Comfort & Lighting market is projected to reach US$336.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.01%, resulting in a projected market volume of US$518.2m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 11.6m users by 2029.
Household penetration will be 54.9% in 2024 and is expected to hit 164.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$91.13.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Comfort & Lighting market in Australia has been experiencing steady growth in recent years, driven by changing customer preferences and advancements in technology. Customer preferences in the Comfort & Lighting market have shifted towards energy-efficient and sustainable solutions.

Consumers are increasingly looking for products that not only provide comfort and lighting but also help reduce their environmental impact. This has led to a rise in demand for energy-efficient lighting options such as LED bulbs and smart lighting systems that can be controlled remotely. Additionally, there is a growing preference for products that offer customizable settings to suit individual needs and preferences.

In terms of lighting, there has been a significant shift towards LED technology, as it offers numerous benefits such as energy efficiency, longer lifespan, and reduced maintenance costs. LED lighting is not only more cost-effective in the long run but also provides better quality lighting compared to traditional incandescent bulbs. The increasing adoption of LED lighting in residential, commercial, and industrial sectors has been a key driver of growth in the Comfort & Lighting market in Australia.

Another trend in the market is the integration of smart technology into lighting systems. Smart lighting systems allow users to control and customize their lighting settings through smartphone apps or voice commands. This technology offers convenience, energy efficiency, and the ability to create personalized lighting scenes.

The growing popularity of smart home devices and the increasing adoption of Internet of Things (IoT) technology have fueled the demand for smart lighting solutions in Australia. Local special circumstances in Australia have also contributed to the growth of the Comfort & Lighting market. The country has been actively promoting energy efficiency and sustainability through various government initiatives and regulations.

For example, the Australian government has implemented the Energy Efficiency Opportunities (EEO) program, which encourages businesses to improve their energy efficiency and reduce greenhouse gas emissions. These initiatives have created a favorable environment for the adoption of energy-efficient lighting solutions in the country. Furthermore, Australia's climate and geography play a role in shaping customer preferences in the Comfort & Lighting market.

The country experiences long and sunny days, which has led to a high demand for products that provide effective lighting both indoors and outdoors. Additionally, the country's large coastline and outdoor lifestyle have contributed to the popularity of outdoor lighting solutions such as garden lights and security lighting. Underlying macroeconomic factors, such as population growth, urbanization, and economic stability, have also influenced the development of the Comfort & Lighting market in Australia.

The country's growing population, especially in urban areas, has increased the demand for residential and commercial lighting solutions. Moreover, Australia's stable economy has provided consumers with the financial means to invest in comfort and lighting products that enhance their living spaces. In conclusion, the Comfort & Lighting market in Australia is experiencing growth due to changing customer preferences, advancements in technology, government initiatives, and favorable macroeconomic factors.

The demand for energy-efficient and sustainable solutions, the shift towards LED lighting and smart technology, and the country's climate and geography are driving the market's development.

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.