Comfort & Lighting - Hong Kong | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$16.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.17%, resulting in a projected market volume of US$33.5m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 402.9k users by 2029.
Household penetration will be 9.3% in 2024 and is expected to hit 14.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$63.22.

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 Hong Kong has been experiencing steady growth in recent years, driven by customer preferences for energy-efficient and smart lighting solutions.

Customer preferences: Customers in Hong Kong have shown a strong preference for energy-efficient lighting solutions, as they are not only cost-effective but also environmentally friendly. LED lighting has become increasingly popular in the market, thanks to its long lifespan and low energy consumption. In addition, customers are also opting for smart lighting systems that can be controlled remotely through mobile applications. These systems offer convenience and flexibility, allowing users to adjust the lighting according to their preferences and needs.

Trends in the market: One of the key trends in the Comfort & Lighting market in Hong Kong is the adoption of smart lighting systems. With the advancement of technology, customers are increasingly looking for lighting solutions that offer more than just illumination. Smart lighting systems provide additional features such as color changing options, dimming capabilities, and integration with other smart devices in the home. These systems not only enhance the overall lighting experience but also contribute to energy savings. Another trend in the market is the increasing demand for human-centric lighting solutions. As people become more aware of the impact of lighting on their well-being, there is a growing interest in lighting solutions that mimic natural daylight. Human-centric lighting systems are designed to adjust the color temperature and intensity of light throughout the day, promoting better sleep, mood, and productivity.

Local special circumstances: Hong Kong's high population density and limited living space have led to a growing demand for compact and space-saving lighting solutions. Customers are looking for lighting fixtures that are not only functional but also aesthetically pleasing and can fit into small spaces. This has driven the market for innovative lighting designs that are both practical and visually appealing.

Underlying macroeconomic factors: The Comfort & Lighting market in Hong Kong is also influenced by macroeconomic factors such as population growth, urbanization, and government initiatives. The city's growing population and increasing urbanization have resulted in a higher demand for residential and commercial lighting solutions. Moreover, the government's focus on energy conservation and sustainability has encouraged the adoption of energy-efficient lighting technologies. In conclusion, the Comfort & Lighting market in Hong Kong is witnessing growth driven by customer preferences for energy-efficient and smart lighting solutions. The adoption of smart lighting systems and human-centric lighting solutions are key trends in the market. The local special circumstances of high population density and limited living space have also influenced customer preferences for compact and space-saving lighting solutions. Additionally, macroeconomic factors such as population growth, urbanization, and government initiatives have contributed to the market's 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.