Comfort & Lighting - Georgia | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$1.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.26%, resulting in a projected market volume of US$3.2m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 74.9k users by 2029.
Household penetration will be 4.9% in 2024 and is expected to hit 8.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$38.68.

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 Georgia has shown significant growth in recent years, driven by changing customer preferences and the implementation of new technologies. Customer preferences in the Comfort & Lighting market have shifted towards energy-efficient and environmentally-friendly solutions.

Consumers are increasingly looking for products that not only provide comfort and lighting but also contribute to reducing their carbon footprint. This trend is in line with the global movement towards sustainability and the growing awareness of the impact of energy consumption on the environment. As a result, there is a growing demand for energy-efficient lighting solutions, such as LED lights, which consume less electricity and have a longer lifespan compared to traditional incandescent bulbs.

In addition, customers are also seeking smart lighting solutions that can be controlled remotely and customized to their preferences. The market is also being driven by technological advancements in the Comfort & Lighting sector. The introduction of smart home technology has revolutionized the way people control and manage their lighting and comfort systems.

With the use of mobile apps and voice assistants, customers can now easily adjust the lighting intensity, color, and temperature in their homes. This convenience and flexibility have contributed to the growing adoption of smart lighting systems. Furthermore, the integration of artificial intelligence and machine learning algorithms in lighting systems has enabled predictive and adaptive lighting, which adjusts the lighting conditions based on factors such as occupancy, natural light availability, and user preferences.

In addition to customer preferences and technological advancements, there are some local special circumstances that have contributed to the development of the Comfort & Lighting market in Georgia. The government has implemented energy efficiency regulations and initiatives to promote the use of energy-efficient lighting solutions. This has created a favorable environment for the growth of the market, as consumers are incentivized to choose energy-efficient options.

Furthermore, the increasing urbanization and development of infrastructure in Georgia have led to a higher demand for lighting and comfort solutions in residential, commercial, and industrial sectors. Underlying macroeconomic factors, such as the growing GDP and disposable income levels in Georgia, have also played a role in the development of the Comfort & Lighting market. As the economy continues to grow, consumers have more purchasing power, allowing them to invest in high-quality lighting and comfort products.

Moreover, the government's focus on attracting foreign investments and promoting business development has led to an increase in construction activities, creating a demand for lighting and comfort solutions in new buildings and infrastructure projects. Overall, the Comfort & Lighting market in Georgia is experiencing growth due to changing customer preferences, technological advancements, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, it is expected that there will be further advancements in energy efficiency, smart home technology, and sustainable solutions to meet the demands of the customers in Georgia.

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.