Comfort & Lighting - Bhutan | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$185.3k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.85%, resulting in a projected market volume of US$370.2k by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 10.5k users by 2029.
Household penetration will be 3.2% 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$33.61.

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 Bhutan has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in Bhutan have shifted towards more energy-efficient and sustainable lighting solutions.

This can be attributed to the increasing awareness about environmental issues and the need to reduce energy consumption. Customers are now seeking lighting products that not only provide sufficient illumination but also minimize energy wastage. As a result, there has been a growing demand for LED lighting solutions in the country.

LED lights are known for their energy efficiency, long lifespan, and low maintenance requirements, making them an attractive choice for both residential and commercial customers. Another customer preference that has influenced the Comfort & Lighting market in Bhutan is the desire for comfortable and aesthetically pleasing indoor environments. Bhutan is known for its focus on happiness and well-being, and this extends to the design and functionality of indoor spaces.

Customers are increasingly looking for lighting solutions that create a warm and inviting ambiance, while also being functional and adaptable to different activities. This has led to a rise in the demand for smart lighting systems that can be controlled remotely and offer customizable lighting options. In addition to customer preferences, there are also local special circumstances that have contributed to the development of the Comfort & Lighting market in Bhutan.

One such circumstance is the government's emphasis on sustainable development and energy conservation. Bhutan is known for its commitment to preserving its natural resources and reducing its carbon footprint. The government has implemented various policies and initiatives to promote energy-efficient lighting solutions and encourage the use of renewable energy sources.

This has created a favorable environment for the growth of the Comfort & Lighting market in the country. Underlying macroeconomic factors have also played a role in the development of the Comfort & Lighting market in Bhutan. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income and a higher standard of living for many Bhutanese.

As a result, consumers are willing to invest in high-quality lighting products that enhance their living spaces and provide long-term cost savings. The growing tourism industry in Bhutan has also contributed to the demand for comfortable and well-lit accommodations, further driving the growth of the market. In conclusion, the Comfort & Lighting market in Bhutan is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors.

The shift towards energy-efficient and sustainable lighting solutions, the desire for comfortable indoor environments, and the government's focus on sustainable development have all contributed to the development of the market. With ongoing economic growth and increasing consumer awareness, the market is expected to continue expanding in the coming years.

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.