Comfort & Lighting - Sri Lanka

Sri Lanka

Revenue in the Comfort & Lighting market is projected to reach US$25.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.00%, resulting in a projected market volume of US$50.4m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 724.6k users by 2029.
Household penetration will be 6.9% in 2024 and is expected to hit 12.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$64.09.

Market

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Analyst Opinion

The Comfort & Lighting market in Sri Lanka has been experiencing significant growth in recent years, driven by changing customer preferences and various trends in the market.

Customer preferences: Customers in Sri Lanka are increasingly seeking comfort and convenience in their homes and workplaces. This has led to a growing demand for products that enhance the overall comfort and lighting experience. Customers are looking for energy-efficient and sustainable solutions that provide optimal lighting and temperature control. Additionally, there is a rising demand for smart home technologies that allow users to control and customize their comfort and lighting settings.

Trends in the market: One of the key trends in the Comfort & Lighting market in Sri Lanka is the adoption of LED lighting solutions. LED lights are known for their energy efficiency and long lifespan, making them a popular choice among consumers. The government has also been promoting the use of LED lights as part of its sustainability initiatives, further driving the market growth. Another trend in the market is the integration of smart technologies. Customers are increasingly looking for smart lighting and comfort solutions that can be controlled through mobile apps or voice commands. This allows users to adjust lighting levels, temperature, and other comfort settings remotely, providing a personalized and convenient experience.

Local special circumstances: Sri Lanka has a tropical climate, with high temperatures and humidity throughout the year. This creates a need for effective cooling and ventilation systems in both residential and commercial buildings. As a result, there is a high demand for air conditioning and ventilation products in the market.

Underlying macroeconomic factors: Sri Lanka has been experiencing steady economic growth in recent years, which has contributed to the development of the Comfort & Lighting market. The growing middle class and increasing disposable income have led to higher consumer spending on home improvement and comfort products. Additionally, the government's focus on infrastructure development and urbanization has also created opportunities for the market to expand. In conclusion, the Comfort & Lighting market in Sri Lanka is witnessing growth due to changing customer preferences, such as the demand for energy-efficient and smart solutions. The adoption of LED lighting and the integration of smart technologies are key trends in the market. The local climate and economic factors also contribute to the development of the market.

Methodology

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.