Comfort & Lighting - Central America

Revenue in the Comfort & Lighting market is projected to reach US$30.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.58%, resulting in a projected market volume of US$60.7m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 1.3m users by 2029.
Household penetration will be 6.6% in 2024 and is expected to hit 11.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$44.73.

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 Central America is experiencing significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Comfort & Lighting market in Central America are shifting towards energy-efficient and smart lighting solutions.

Consumers are becoming more conscious about their energy consumption and are looking for ways to reduce their carbon footprint. As a result, there is a growing demand for LED lighting products, which are more energy-efficient and have a longer lifespan compared to traditional lighting solutions. Additionally, consumers are increasingly interested in smart lighting systems that can be controlled remotely through mobile apps or voice assistants, providing convenience and customization options.

Trends in the Comfort & Lighting market in Central America are also driving its development. One such trend is the increasing adoption of smart home technology. As more households in the region embrace smart home systems, the demand for smart lighting solutions is also growing.

These systems allow homeowners to control their lighting settings, such as brightness and color, from their smartphones or other connected devices. Furthermore, the integration of lighting with other smart home devices, such as security systems and thermostats, is becoming more common, enhancing the overall user experience. Local special circumstances in Central America are contributing to the growth of the Comfort & Lighting market.

The region has a high prevalence of natural disasters, such as hurricanes and earthquakes. As a result, there is a need for reliable and durable lighting solutions that can withstand these extreme conditions. LED lighting products are well-suited for such circumstances, as they are more resistant to shocks and vibrations compared to traditional lighting options.

Additionally, the region's tourism industry is thriving, attracting a large number of visitors each year. This has created a demand for high-quality lighting solutions in hotels, resorts, and other hospitality establishments. Underlying macroeconomic factors are also playing a role in the development of the Comfort & Lighting market in Central America.

The region has been experiencing steady economic growth, leading to an increase in disposable incomes and consumer spending. As a result, consumers are more willing to invest in high-quality lighting products that offer energy savings and enhanced functionality. Furthermore, governments in Central America are implementing energy efficiency initiatives and regulations to promote sustainable development.

This has created a favorable environment for the adoption of energy-efficient lighting solutions. In conclusion, the Comfort & Lighting market in Central America is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards energy-efficient and smart lighting solutions, the increasing adoption of smart home technology, the need for reliable lighting in the face of natural disasters, and the region's economic growth and energy efficiency initiatives are all contributing to the market's growth.

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.