Comfort & Lighting - Myanmar | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$19.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.79%, resulting in a projected market volume of US$38.0m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 1.1m users by 2029.
Household penetration will be 5.6% in 2024 and is expected to hit 10.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$31.11.

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 Myanmar is experiencing significant growth and development, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in Myanmar are shifting towards more comfortable and well-lit living spaces.

As the standard of living improves in the country, consumers are increasingly seeking products and services that enhance their comfort and well-being. This includes investing in high-quality mattresses, pillows, and bedding that provide better support and promote better sleep. Additionally, there is a growing demand for lighting solutions that are energy-efficient, durable, and aesthetically pleasing.

Consumers are looking for products that not only provide adequate lighting but also enhance the overall ambiance of their homes or workspaces. Trends in the Comfort & Lighting market in Myanmar are aligned with global and regional market trends. There is a rising focus on sustainability and energy efficiency, with consumers opting for products that have a lower environmental impact.

LED lighting, for example, is gaining popularity due to its energy-saving benefits and longer lifespan compared to traditional incandescent bulbs. Moreover, smart lighting systems that can be controlled through mobile applications are becoming increasingly popular, allowing consumers to adjust lighting levels and colors according to their preferences. Local special circumstances also contribute to the development of the Comfort & Lighting market in Myanmar.

The country has been experiencing rapid urbanization, with more people moving to cities in search of better opportunities. This has led to an increase in the construction of residential and commercial properties, creating a demand for comfort and lighting products. Additionally, the government's initiatives to improve infrastructure and promote sustainable development are driving the market further.

For instance, the implementation of energy efficiency regulations and incentives for green building projects encourage the adoption of energy-saving lighting solutions. Underlying macroeconomic factors also play a role in the development of the Comfort & Lighting market in Myanmar. The country has been experiencing steady economic growth, which has resulted in an increase in disposable income and consumer spending.

As people have more money to spend, they are willing to invest in products and services that improve their quality of life, including comfort and lighting solutions. Furthermore, the growing middle class in Myanmar is becoming more aware of the importance of comfort and lighting in their daily lives, leading to an increased demand for related products and services. In conclusion, the Comfort & Lighting market in Myanmar is witnessing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

As consumers prioritize comfort and well-being, there is a demand for products that enhance the quality of living spaces. The market is also influenced by global and regional trends, such as sustainability and energy efficiency. Moreover, the rapid urbanization, government initiatives, and economic growth in Myanmar contribute to the market's growth.

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.