Comfort & Lighting - Costa Rica | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$6.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.62%, resulting in a projected market volume of US$11.4m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 257.0k users by 2029.
Household penetration will be 12.6% in 2024 and is expected to hit 21.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$41.49.

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 Costa Rica is experiencing steady growth and development. Customer preferences in the Comfort & Lighting market in Costa Rica are evolving towards more energy-efficient and sustainable solutions.

Consumers are becoming increasingly aware of the environmental impact of their choices and are seeking products that are both eco-friendly and cost-effective. As a result, there is a growing demand for LED lighting solutions and smart home automation systems that allow for better control and energy management. Trends in the market indicate a shift towards more advanced and innovative lighting technologies.

LED lighting has gained significant popularity due to its energy efficiency, longer lifespan, and versatility in design. This trend is driven by the increasing focus on sustainability and the need to reduce energy consumption. Additionally, the integration of smart home automation systems allows for greater control and customization of lighting preferences, further enhancing the overall comfort and convenience for consumers.

Local special circumstances in Costa Rica contribute to the development of the Comfort & Lighting market. The country is known for its commitment to renewable energy and environmental conservation. Costa Rica has set ambitious goals to become carbon neutral by 2050, driving the adoption of energy-efficient technologies across various sectors.

The government has implemented policies and incentives to promote the use of LED lighting and other sustainable solutions, creating a favorable environment for market growth. Underlying macroeconomic factors also play a role in the development of the Comfort & Lighting market in Costa Rica. The country has experienced stable economic growth in recent years, leading to an increase in disposable income and consumer spending.

As a result, consumers have more purchasing power to invest in home improvement projects, including upgrading their lighting systems for better comfort and energy efficiency. Additionally, the construction industry in Costa Rica is thriving, creating opportunities for the integration of advanced lighting solutions in new buildings and infrastructure projects. In conclusion, the Comfort & Lighting market in Costa Rica is driven by customer preferences for energy-efficient and sustainable solutions, as well as the adoption of advanced lighting technologies.

Local special circumstances, such as the country's commitment to sustainability and favorable government policies, further contribute to market growth. The underlying macroeconomic factors, including stable economic growth and a thriving construction industry, also play a significant role in the development of the market. Overall, the Comfort & Lighting market in Costa Rica is poised for continued growth and innovation.

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.