Comfort & Lighting - Laos | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$2.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.90%, resulting in a projected market volume of US$4.9m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 129.9k users by 2029.
Household penetration will be 5.3% in 2024 and is expected to hit 9.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$36.07.

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 Laos is experiencing significant growth and development in recent years. Customer preferences for modern and energy-efficient lighting solutions, coupled with the country's rapid urbanization and economic growth, have contributed to this trend.

Customer preferences in Laos have shifted towards modern and energy-efficient lighting solutions. Consumers are increasingly opting for LED lighting products due to their long lifespan, low energy consumption, and environmental benefits. LED lighting is also known for its superior brightness and color rendering, making it a popular choice among residential and commercial customers.

Additionally, there is a growing demand for smart lighting systems that offer remote control and automation features, further enhancing the convenience and energy efficiency of lighting solutions. The Comfort & Lighting market in Laos is also driven by the country's rapid urbanization and economic growth. As more people move to urban areas and the middle class expands, there is a greater demand for comfortable and well-lit living spaces.

Urbanization has led to the construction of new residential and commercial buildings, creating opportunities for the Comfort & Lighting market. Additionally, the government's focus on infrastructure development, such as roads, airports, and public buildings, has further boosted the demand for lighting solutions. Local special circumstances in Laos also contribute to the development of the Comfort & Lighting market.

The country's tropical climate, with high temperatures and humidity, necessitates the use of efficient cooling and lighting systems for comfort and productivity. As a result, there is a growing demand for air conditioning and lighting solutions that can provide optimal comfort in hot and humid conditions. Furthermore, the government's push for sustainable development and energy efficiency has encouraged the adoption of energy-efficient lighting solutions in both residential and commercial sectors.

Underlying macroeconomic factors, such as GDP growth and rising disposable income, play a crucial role in the development of the Comfort & Lighting market in Laos. The country has experienced sustained 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 comfortable and well-lit living spaces.

Moreover, the government's focus on promoting foreign investment and improving the business environment has attracted international lighting manufacturers to establish their presence in Laos, further driving market growth. In conclusion, the Comfort & Lighting market in Laos is witnessing significant growth and development due to customer preferences for modern and energy-efficient lighting solutions, rapid urbanization, and economic growth. The demand for LED lighting products and smart lighting systems is on the rise, driven by their energy efficiency and convenience.

The country's tropical climate and government's emphasis on sustainable development also contribute to the market's growth. Overall, the Comfort & Lighting market in Laos is poised for further expansion in the coming years.

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.