Comfort & Lighting - Nepal

Nepal

Highlights

Revenue in the Comfort & Lighting market is projected to reach US$10.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.11%, resulting in a projected market volume of US$21.7m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 473.5k users by 2029.
Household penetration will be 4.0% in 2024 and is expected to hit 7.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$43.43.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Comfort & Lighting market in Nepal is experiencing steady growth due to increasing customer preferences for energy-efficient and eco-friendly products. Customers in Nepal are becoming more conscious of the impact of their choices on the environment and are actively seeking products that can help reduce energy consumption and promote sustainability. This trend is driving the demand for energy-efficient lighting solutions and comfortable living products in the country.

Customer preferences: In Nepal, customers are increasingly prioritizing energy efficiency and sustainability when choosing comfort and lighting products. They are looking for lighting solutions that consume less electricity and have a longer lifespan. LED lighting has gained significant popularity in the country due to its energy-saving features and longer durability. Customers are also opting for lighting products that offer adjustable brightness levels and color temperatures to create a comfortable and personalized living environment.

Trends in the market: The Comfort & Lighting market in Nepal is witnessing a shift towards smart lighting solutions. Customers are embracing the convenience and energy-saving benefits offered by smart lighting systems that can be controlled remotely through smartphones or voice commands. These systems allow users to adjust lighting settings, create schedules, and even change colors to suit their preferences. The demand for smart lighting products is expected to continue growing as more customers become aware of their benefits. Another trend in the market is the increasing popularity of solar-powered lighting solutions. Nepal has abundant sunlight throughout the year, making solar energy a viable and sustainable option for lighting. Customers are opting for solar-powered lighting products to reduce their dependence on the grid and lower their electricity bills. These products are particularly popular in rural areas where access to electricity is limited.

Local special circumstances: Nepal's geography and infrastructure pose unique challenges in the Comfort & Lighting market. The country's mountainous terrain and remote villages make it difficult to extend the electrical grid to all areas. As a result, many households rely on alternative lighting sources such as kerosene lamps. However, with the government's push for rural electrification and the availability of solar-powered lighting solutions, more households are transitioning to cleaner and more reliable lighting options.

Underlying macroeconomic factors: Nepal's growing economy and increasing disposable income are contributing to the growth of the Comfort & Lighting market. As people's purchasing power improves, they are more willing to invest in quality lighting and comfort products. Additionally, the government's focus on infrastructure development and renewable energy initiatives is creating a favorable environment for the market's growth. The availability of financing options and subsidies for energy-efficient products further incentivizes customers to upgrade their lighting and comfort systems. In conclusion, the Comfort & Lighting market in Nepal is witnessing steady growth driven by customer preferences for energy-efficient and sustainable products. The demand for smart lighting solutions and solar-powered lighting products is on the rise, reflecting the increasing awareness of environmental concerns and the need for reliable lighting in remote areas. The country's unique geography and infrastructure challenges are being addressed through government initiatives for rural electrification and the availability of financing options. Overall, the market is poised for further expansion as Nepal's economy continues to grow and customers prioritize energy efficiency and comfort in their living spaces.

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.