Comfort & Lighting - Benin | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$3.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.03%, resulting in a projected market volume of US$6.3m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 173.8k users by 2029.
Household penetration will be 3.6% in 2024 and is expected to hit 5.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$34.94.

Definition:

Comfort & Lighting market includes devices for the improvement of the living atmosphere. These are devices such as sensors and actuators (e.g., door and window sensors, shutters) as well as connected and remote controllable light sources (smart bulbs) or garage door controls.
Programmable or controllable power sockets are not included (see Control & Connectivity).

Additional Information:

The market comprises revenue, average revenue per smart home, number of smart homes so as the household penetration rate by smart home, and key players. Figures are generated through both online and offline sales channels and include exclusive spending by consumers (B2C). Market leaders include Philips, Google, Ring Samsung, and other brands renowned for their innovation, brand recognition, and expansive distribution channels within their respective categories. For more information on the data displayed, use the info button right next to the boxes.

Digitally connected and controlled devices for living atmosphere improvement
Smart lighting/bulbs
Window/door sensors (e.g., Ring Alarm Pack), shading devices (e.g., Lutron Caséta), garage door controls (e.g., Meross Smart WiFi Garage Door Opener)

Control buttons, gateways/hubs
Smart TVs
B2B/C2C sales of any kind (e.g., to hotels or office buildings)

The Comfort & Lighting market in Benin is experiencing significant growth and development due to various factors. Customer preferences in the Comfort & Lighting market in Benin are shifting towards more energy-efficient and sustainable products.

Consumers are becoming more conscious of their energy consumption and are actively seeking products that can help them reduce their carbon footprint. Additionally, there is a growing demand for smart lighting solutions that offer convenience and control. Customers are increasingly looking for products that can be controlled remotely through mobile apps or voice assistants.

Trends in the Comfort & Lighting market in Benin are also influenced by global and regional market trends. The increasing urbanization and population growth in Benin have led to a rise in the construction of residential and commercial buildings. This has created a demand for Comfort & Lighting products, such as air conditioning systems and lighting fixtures.

Additionally, the government of Benin has implemented initiatives to promote the use of renewable energy sources, which has further boosted the demand for energy-efficient Comfort & Lighting products. Local special circumstances in Benin also play a role in the development of the Comfort & Lighting market. Benin has a tropical climate, with high temperatures and humidity levels throughout the year.

This creates a need for effective cooling and lighting solutions in homes, offices, and public spaces. Additionally, the unreliable electricity supply in some areas of Benin has led to an increased demand for alternative power sources, such as solar panels and generators. Underlying macroeconomic factors are also contributing to the growth of the Comfort & Lighting market in Benin.

The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has allowed consumers to invest in Comfort & Lighting products to enhance their living standards. Furthermore, the government of Benin has implemented policies to attract foreign direct investment and promote industrialization, which has led to the establishment of manufacturing facilities for Comfort & Lighting products in the country.

In conclusion, the Comfort & Lighting market in Benin is developing due to changing customer preferences, global and regional market trends, local special circumstances, and underlying macroeconomic factors. The demand for energy-efficient and sustainable Comfort & Lighting products is on the rise, driven by consumer awareness and government initiatives. The growth of the construction sector and the need for effective cooling and lighting solutions further contribute to the development of the market.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Smart homes use connected devices and appliances to perform actions, tasks, and automated routines to save money, time, and energy. They are the ongoing revolution of the humble home appliance mixed with AI, robotics, and improvement in IoT technologies. AI in particular, speeding up response times and working as an automation bridge between homeowner and home is already having an impact.