Comfort & Lighting - Bolivia | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$7.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.74%, resulting in a projected market volume of US$15.4m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 283.1k users by 2029.
Household penetration will be 5.7% in 2024 and is expected to hit 10.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$51.43.

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 Bolivia has been experiencing steady growth in recent years, driven by changing customer preferences and underlying macroeconomic factors. Customer preferences in the Comfort & Lighting market have shifted towards more energy-efficient and sustainable solutions.

Bolivian consumers are increasingly concerned about the environmental impact of their choices and are actively seeking products that reduce energy consumption and promote sustainability. This has led to a growing demand for LED lighting solutions, which are known for their energy efficiency and long lifespan. Additionally, there is a rising interest in smart lighting systems that can be controlled remotely and offer customizable lighting options.

Trends in the Comfort & Lighting market in Bolivia are closely aligned with global trends in the industry. The market is witnessing a shift towards integrated lighting solutions that combine both comfort and functionality. This includes the integration of lighting with other home automation systems, such as security and entertainment, to create a seamless and convenient user experience.

Furthermore, there is a growing demand for personalized lighting solutions that can be tailored to individual preferences and needs. This includes the use of color-changing lights and dimmable fixtures to create different moods and atmospheres in residential and commercial spaces. Local special circumstances in Bolivia also contribute to the development of the Comfort & Lighting market.

The country has a diverse geography, ranging from high-altitude cities in the Andes to tropical lowlands in the Amazon basin. This variation in climate and environment creates unique lighting requirements in different regions of the country. For example, high-altitude cities may require lighting solutions that are more robust and resistant to extreme weather conditions, while tropical regions may require lighting that is more resistant to humidity and insects.

This creates opportunities for companies to develop specialized lighting products that cater to the specific needs of different regions in Bolivia. Underlying macroeconomic factors, such as population growth and urbanization, are also driving the development of the Comfort & Lighting market in Bolivia. The country has experienced rapid urbanization in recent years, leading to an increase in the construction of residential and commercial buildings.

This has created a growing demand for lighting solutions to illuminate these spaces. Additionally, the rising disposable income of the Bolivian population has led to an increase in consumer spending on home improvement and renovation projects, including the installation of new lighting systems. Overall, the Comfort & Lighting market in Bolivia is developing in response to changing customer preferences, global industry trends, local special circumstances, and underlying macroeconomic factors.

The market is expected to continue growing as Bolivian consumers increasingly prioritize energy efficiency, sustainability, and personalized lighting solutions.

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.