Comfort & Lighting - Lesotho | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$600.2k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.15%, resulting in a projected market volume of US$1.2m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 37.4k users by 2029.
Household penetration will be 3.6% in 2024 and is expected to hit 6.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$29.67.

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 Lesotho is experiencing significant growth, driven by changing customer preferences and increasing demand for energy-efficient and sustainable lighting solutions. Customer preferences in the Comfort & Lighting market in Lesotho are shifting towards more energy-efficient and eco-friendly products.

Consumers are becoming increasingly aware of the environmental impact of traditional lighting solutions and are seeking alternatives that are both cost-effective and sustainable. LED lighting, in particular, has gained popularity due to its energy efficiency, long lifespan, and ability to reduce electricity consumption. Additionally, customers are also looking for lighting solutions that offer comfort and enhance the ambiance of their living spaces.

This has led to an increased demand for smart lighting systems that can be controlled remotely and offer customizable lighting options. Trends in the Comfort & Lighting market in Lesotho are aligned with global market trends, but with some local variations. The adoption of LED lighting is on the rise, driven by its energy efficiency and long lifespan.

LED bulbs are becoming more affordable, making them accessible to a wider range of customers. Furthermore, the government of Lesotho has implemented energy-saving initiatives and regulations, encouraging the use of energy-efficient lighting solutions. This has further accelerated the demand for LED lighting in the country.

Local special circumstances in Lesotho also contribute to the development of the Comfort & Lighting market. The country has a high dependence on imported electricity, which is expensive and unreliable. This has prompted consumers to seek alternative lighting solutions that are more affordable and can operate independently of the national power grid.

Solar-powered lighting systems have gained popularity in rural areas, where access to electricity is limited. These systems provide a reliable and sustainable lighting solution, reducing dependence on the national power grid and lowering electricity costs. Underlying macroeconomic factors in Lesotho, such as population growth and urbanization, also drive the growth of the Comfort & Lighting market.

As the population continues to grow, there is an increasing demand for housing and infrastructure, leading to the construction of new residential and commercial buildings. This creates a need for lighting solutions in these new developments, further fueling the market growth. Additionally, the government of Lesotho has been investing in the development of the country's infrastructure, including road networks and public spaces.

This has created opportunities for lighting companies to provide lighting solutions for these projects. In conclusion, the Comfort & Lighting market in Lesotho is experiencing growth due to changing customer preferences, increasing demand for energy-efficient lighting solutions, and local special circumstances such as the need for reliable and affordable lighting options. The adoption of LED lighting, the popularity of smart lighting systems, and the use of solar-powered lighting in rural areas are key trends driving the market.

The underlying macroeconomic factors of population growth, urbanization, and infrastructure development also contribute to the market's growth in Lesotho.

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.