Comfort & Lighting - Latvia | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$3.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 17.41%, resulting in a projected market volume of US$7.5m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 81.3k users by 2029.
Household penetration will be 6.2% in 2024 and is expected to hit 10.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$68.70.

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 Latvia is experiencing steady growth driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Comfort & Lighting market in Latvia are evolving towards more energy-efficient and sustainable solutions.

Consumers are increasingly seeking products that offer both comfort and energy savings, such as LED lighting and smart home automation systems. This shift in customer preferences is influenced by global trends towards environmental sustainability and energy conservation. Trends in the Comfort & Lighting market in Latvia are aligned with global market trends.

The market is witnessing a growing demand for smart lighting solutions that offer enhanced control and customization options. This includes features such as remote control, voice activation, and integration with other smart devices. Additionally, there is a rising demand for energy-efficient lighting solutions, driven by government regulations and incentives promoting energy conservation.

Local special circumstances in Latvia also contribute to the development of the Comfort & Lighting market. The country has a high level of internet penetration and tech-savvy population, which creates a favorable environment for the adoption of smart lighting and home automation systems. Furthermore, the government of Latvia has implemented various initiatives to promote energy efficiency and sustainability, providing incentives for consumers to invest in energy-efficient lighting solutions.

Underlying macroeconomic factors play a significant role in the development of the Comfort & Lighting market in Latvia. The country's stable economic growth and increasing disposable income levels contribute to higher consumer spending on home improvement and renovation projects, including the installation of modern lighting systems. Additionally, the construction industry in Latvia is experiencing growth, leading to an increased demand for lighting solutions in residential and commercial buildings.

Overall, the Comfort & Lighting market in Latvia is experiencing growth driven by customer preferences for energy-efficient and sustainable solutions, global trends towards smart lighting, local special circumstances including high internet penetration and government initiatives, and underlying macroeconomic factors such as stable economic growth and increased construction activity.

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.