Comfort & Lighting - Taiwan | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$30.6m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.34%, resulting in a projected market volume of US$43.6m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 2.1m users by 2029.
Household penetration will be 12.9% in 2024 and is expected to hit 25.6% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$29.17.

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 Taiwan is experiencing significant growth and development. Customer preferences in the Comfort & Lighting market in Taiwan are shifting towards more energy-efficient and sustainable products.

Consumers are becoming more conscious of their environmental impact and are seeking products that not only provide comfort and lighting but also reduce energy consumption. This trend is driven by the increasing awareness of climate change and the need to reduce carbon emissions. As a result, there is a growing demand for energy-efficient lighting solutions such as LED lights and smart lighting systems.

In addition to energy efficiency, customers in Taiwan are also placing a strong emphasis on aesthetics and design when it comes to comfort and lighting products. They are looking for products that not only provide functionality but also enhance the overall ambiance and aesthetics of their living spaces. This has led to a rise in demand for innovative and stylish lighting fixtures and furniture that can complement the interior design of homes and offices.

Trends in the Comfort & Lighting market in Taiwan include the adoption of smart lighting systems and the integration of technology into comfort products. Smart lighting systems allow users to control and customize the lighting in their homes or offices through mobile apps or voice commands. This trend is driven by the increasing popularity of smart home technologies and the desire for convenience and automation.

Additionally, there is a growing demand for comfort products that incorporate technology, such as smart mattresses that can monitor sleep patterns and adjust firmness accordingly. Local special circumstances in Taiwan that are influencing the Comfort & Lighting market include the government's push for energy conservation and sustainability. The Taiwanese government has implemented various policies and initiatives to promote energy efficiency and reduce carbon emissions.

This includes the promotion of energy-efficient lighting products and the implementation of energy-saving measures in buildings. These initiatives have created a favorable environment for the growth of the Comfort & Lighting market in Taiwan. Underlying macroeconomic factors that are driving the development of the Comfort & Lighting market in Taiwan include the country's strong economic growth and rising disposable incomes.

As the economy continues to expand, consumers have more purchasing power to invest in comfort and lighting products. Additionally, the increasing urbanization and modernization of cities in Taiwan have led to a higher demand for quality living spaces and improved lighting solutions. In conclusion, the Comfort & Lighting market in Taiwan is experiencing growth and development driven by customer preferences for energy-efficient and aesthetically pleasing products.

The adoption of smart lighting systems and the integration of technology into comfort products are also contributing to the market's growth. The government's focus on energy conservation and sustainability, as well as the country's strong economic growth and rising disposable incomes, are underlying macroeconomic factors that are driving the development of the market.

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.