Comfort & Lighting - Guatemala | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$8.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.57%, resulting in a projected market volume of US$18.2m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 386.3k users by 2029.
Household penetration will be 5.7% in 2024 and is expected to hit 10.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$44.97.

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 Guatemala has been experiencing steady growth in recent years, driven by increasing customer preferences for energy-efficient and eco-friendly lighting solutions. With a growing awareness of the environmental impact of traditional lighting options, consumers in Guatemala are increasingly opting for LED lights and other energy-efficient lighting solutions.

Additionally, the rising disposable income and improving living standards in the country have also contributed to the growth of the Comfort & Lighting market. Customer preferences in Guatemala are shifting towards energy-efficient lighting options due to their numerous benefits. LED lights, in particular, have gained popularity due to their long lifespan, low energy consumption, and cost-effectiveness.

Consumers are increasingly looking for lighting solutions that not only provide adequate illumination but also help reduce energy consumption and lower electricity bills. This shift in preferences has led to an increased demand for LED lights and other energy-efficient lighting products in the market. In addition to energy efficiency, customers in Guatemala also value the aesthetic appeal of lighting products.

They prefer lighting solutions that not only provide bright and uniform illumination but also enhance the overall ambiance and decor of their homes or commercial spaces. This has led to a growing demand for decorative lighting fixtures and smart lighting systems that offer customizable lighting options and advanced control features. The Comfort & Lighting market in Guatemala is also influenced by local special circumstances.

The country has a diverse climate, with regions experiencing varying levels of natural light throughout the year. This has led to a demand for lighting solutions that can adapt to different lighting conditions and provide optimal illumination. Additionally, Guatemala has a strong cultural heritage, and traditional lighting fixtures and designs continue to be popular among consumers.

This has created a niche market for artisanal lighting products that showcase local craftsmanship and cultural traditions. Underlying macroeconomic factors also play a role in the development of the Comfort & Lighting market in Guatemala. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income and consumer spending.

As consumers have more purchasing power, they are willing to invest in high-quality lighting solutions that offer long-term benefits. Additionally, government initiatives promoting energy efficiency and sustainability have also contributed to the growth of the Comfort & Lighting market, as consumers are incentivized to switch to energy-efficient lighting options through subsidies and tax incentives. In conclusion, the Comfort & Lighting market in Guatemala is developing in response to increasing customer preferences for energy-efficient and aesthetically appealing lighting solutions.

The demand for LED lights and other energy-efficient lighting products is driven by the desire to reduce energy consumption and lower electricity bills. Additionally, local special circumstances such as diverse lighting conditions and cultural traditions influence the market, while underlying macroeconomic factors such as economic growth and government initiatives also contribute to its 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.

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.