The Comfort & Lighting market in BRICS is experiencing significant growth and development due to changing customer preferences, emerging trends, and local special circumstances in each country. Customer preferences in the Comfort & Lighting market have shifted towards more energy-efficient and sustainable solutions.
Consumers are increasingly looking for products that not only provide comfort and lighting but also minimize their environmental impact. This has led to a rise in demand for energy-efficient lighting solutions such as LED bulbs and smart lighting systems that can be controlled remotely. Additionally, customers are also seeking products that offer customizable lighting options to create different moods and ambiances in their living spaces.
Trends in the Comfort & Lighting market vary across the BRICS countries. In Brazil, there is a growing demand for smart home automation systems that integrate lighting control with other household functions. This trend is driven by the increasing adoption of Internet of Things (IoT) technology and the desire for convenience and energy savings.
In Russia, there is a focus on improving the quality of lighting in public spaces and commercial buildings, leading to an increased demand for high-quality lighting fixtures and solutions. In India, the market is witnessing a surge in the adoption of solar-powered lighting solutions, particularly in rural areas with limited access to electricity. This trend is driven by the government's push for renewable energy and the need to provide reliable lighting solutions to remote communities.
Local special circumstances also play a significant role in the development of the Comfort & Lighting market in BRICS. For example, in China, the government's initiatives to promote energy efficiency and reduce carbon emissions have resulted in a strong focus on the development and adoption of energy-efficient lighting solutions. The Chinese market is also influenced by the country's large population and rapid urbanization, leading to a high demand for lighting products in residential and commercial buildings.
In South Africa, the market is driven by the need for reliable lighting solutions in remote and off-grid areas, as well as the government's efforts to improve access to electricity in underserved communities. Underlying macroeconomic factors, such as economic growth and disposable income levels, also contribute to the development of the Comfort & Lighting market in BRICS. As the economies of these countries continue to grow, consumers have more purchasing power to invest in comfort and lighting products.
Additionally, urbanization and the expansion of the middle class in these countries are driving the demand for improved living standards, including better lighting and comfort solutions. Overall, the Comfort & Lighting market in BRICS is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The market is expected to continue growing as consumers prioritize energy efficiency, sustainability, and convenience in their comfort and lighting choices.
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.
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