Comfort & Lighting - Bosnia and Herzegovina

Bosnia and Herzegovina

Highlights

Revenue in the Comfort & Lighting market is projected to reach US$1.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.77%, resulting in a projected market volume of US$3.3m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 79.9k users by 2029.
Household penetration will be 4.4% in 2024 and is expected to hit 8.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$37.79.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Comfort & Lighting market in Bosnia and Herzegovina is experiencing steady growth due to increasing customer preferences for energy-efficient and technologically advanced products.

Customer preferences: Customers in Bosnia and Herzegovina are increasingly looking for comfort and lighting solutions that are not only aesthetically pleasing but also energy-efficient. They are seeking products that can help them reduce their energy consumption and lower their environmental impact. Additionally, customers are also showing a preference for smart lighting solutions that can be controlled remotely through mobile applications or voice assistants.

Trends in the market: One of the key trends in the Comfort & Lighting market in Bosnia and Herzegovina is the adoption of LED lighting solutions. LED lights are highly energy-efficient and have a longer lifespan compared to traditional incandescent or fluorescent lights. As customers become more aware of the benefits of LED lighting, the demand for these products is increasing. Moreover, LED lights are available in a wide range of colors and designs, allowing customers to personalize their lighting solutions according to their preferences. Another trend in the market is the integration of smart technology into comfort and lighting products. Smart lighting systems, such as those connected to motion sensors or equipped with dimming capabilities, are gaining popularity among customers. These systems not only provide convenience but also help in reducing energy wastage by automatically adjusting the lighting levels based on occupancy or natural light availability.

Local special circumstances: Bosnia and Herzegovina has a diverse climate, with hot summers and cold winters. This climatic variation influences customer preferences for comfort and lighting solutions. During the winter months, customers prioritize heating and lighting solutions that can provide warmth and brightness. This has led to an increased demand for energy-efficient heating systems and bright lighting solutions. On the other hand, during the summer months, customers focus on cooling solutions that can provide comfort and relief from the heat.

Underlying macroeconomic factors: The steady growth in the Comfort & Lighting market in Bosnia and Herzegovina can be attributed to several macroeconomic factors. The country has witnessed a stable economic growth in recent years, which has increased disposable income among consumers. As a result, customers have more purchasing power and are willing to invest in comfort and lighting products that enhance their living standards. Additionally, the government of Bosnia and Herzegovina has been promoting energy efficiency and sustainable development. This has led to the implementation of policies and regulations that encourage the use of energy-efficient products, including comfort and lighting solutions. The government's focus on sustainability has created a favorable market environment for manufacturers and suppliers of energy-efficient products. In conclusion, the Comfort & Lighting market in Bosnia and Herzegovina is growing due to increasing customer preferences for energy-efficient and technologically advanced products. The adoption of LED lighting solutions and smart technology integration are key trends in the market. The country's diverse climate and stable economic growth, coupled with government initiatives promoting energy efficiency, 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.