Comfort & Lighting - Malaysia

Malaysia

Highlights

Revenue in the Comfort & Lighting market is projected to reach US$17.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.26%, resulting in a projected market volume of US$32.0m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 1.4m users by 2029.
Household penetration will be 9.4% in 2024 and is expected to hit 18.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$24.74.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Comfort & Lighting market in Malaysia is experiencing steady growth due to customer preferences for energy-efficient and smart lighting solutions, as well as the increasing focus on creating comfortable and sustainable living spaces.

Customer preferences: Customers in Malaysia are increasingly looking for energy-efficient lighting solutions that not only help reduce electricity consumption but also contribute to a more sustainable environment. This is driven by rising energy costs and growing awareness of the need to conserve energy. LED lighting, in particular, has gained popularity due to its long lifespan, low energy consumption, and ability to produce bright and high-quality light. Customers are also showing interest in smart lighting systems that offer features such as remote control, scheduling, and integration with other smart home devices. These solutions provide convenience and customization options for users, enhancing their overall comfort and lighting experience.

Trends in the market: One of the key trends in the Comfort & Lighting market in Malaysia is the adoption of smart lighting systems. As more households and commercial buildings embrace smart home technology, the demand for smart lighting solutions is expected to increase. These systems not only offer convenience and energy efficiency but also enable users to create personalized lighting scenes and adjust lighting levels according to their preferences. Additionally, the integration of smart lighting with other smart home devices, such as voice assistants and motion sensors, enhances the overall comfort and convenience for users. Another trend in the market is the shift towards human-centric lighting. This concept focuses on designing lighting solutions that mimic natural daylight to improve the well-being and productivity of individuals. Human-centric lighting systems adjust the color temperature and intensity of light throughout the day to match the body's natural circadian rhythm. This trend is driven by the recognition of the impact of lighting on human health and the increasing importance of creating comfortable and productive living and working spaces.

Local special circumstances: In Malaysia, the government has introduced various initiatives and policies to promote energy efficiency and sustainability. This includes the implementation of the Energy Efficiency and Conservation Act (EECA) and the Green Technology Financing Scheme (GTFS). These initiatives encourage the adoption of energy-efficient lighting solutions and provide financial incentives for businesses and individuals to invest in green technologies. The government's focus on sustainability and energy conservation creates a favorable environment for the Comfort & Lighting market to thrive.

Underlying macroeconomic factors: The growing urbanization and economic development in Malaysia are driving the demand for Comfort & Lighting solutions. As more people move to cities and urban areas, the need for comfortable and well-lit living spaces increases. The rising disposable income levels and improving living standards also contribute to the growth of the market. Additionally, the increasing focus on sustainable development and energy conservation aligns with the market trends and further drives the demand for energy-efficient and smart lighting solutions. In conclusion, the Comfort & Lighting market in Malaysia is experiencing growth due to customer preferences for energy-efficient and smart lighting solutions, as well as the focus on creating comfortable and sustainable living spaces. The adoption of smart lighting systems and the shift towards human-centric lighting are key trends in the market. The government's initiatives to promote energy efficiency and sustainability, along with the macroeconomic factors of urbanization and economic development, contribute 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.