Comfort & Lighting - Slovakia | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$6.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 19.06%, resulting in a projected market volume of US$15.7m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 273.4k users by 2029.
Household penetration will be 7.9% in 2024 and is expected to hit 14.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$42.61.

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 Slovakia has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Comfort & Lighting market in Slovakia have shifted towards more energy-efficient and environmentally-friendly solutions.

Customers are increasingly looking for products that not only provide comfort and lighting, but also help reduce energy consumption and contribute to sustainability. This trend is in line with global market preferences, as customers worldwide are becoming more conscious of their environmental impact and are seeking products that align with their values. In addition to energy efficiency, customers in Slovakia are also prioritizing smart and connected solutions in the Comfort & Lighting market.

With the rise of smart home technology, customers are looking for products that can be easily integrated into their existing smart home systems, allowing them to control and customize their comfort and lighting settings from their smartphones or other devices. This trend is driven by the increasing adoption of smart home technology worldwide, as customers seek convenience and connectivity in their everyday lives. The Comfort & Lighting market in Slovakia is also influenced by local special circumstances.

Slovakia has a growing middle class with increasing disposable income, which has led to higher consumer spending on home improvement and renovation projects. As a result, customers in Slovakia are willing to invest in high-quality comfort and lighting products that enhance their living spaces and improve their overall quality of life. This local circumstance is in line with the global trend of increasing consumer spending on home improvement, as customers worldwide prioritize creating comfortable and aesthetically pleasing living environments.

Underlying macroeconomic factors also contribute to the development of the Comfort & Lighting market in Slovakia. The country has experienced steady economic growth in recent years, which has led to higher consumer confidence and increased purchasing power. This favorable economic environment has created a conducive market for the Comfort & Lighting industry, as customers are more willing to invest in products that enhance their homes and improve their daily lives.

Additionally, government initiatives and regulations promoting energy efficiency and sustainability have also played a role in shaping the market, as customers are incentivized to choose energy-efficient products through subsidies and tax benefits. In conclusion, the Comfort & Lighting market in Slovakia is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customers in Slovakia are increasingly seeking energy-efficient and smart solutions, while also prioritizing comfort and aesthetics.

The growing middle class and favorable economic environment in the country further 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.