Comfort & Lighting - Togo | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$1.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.16%, resulting in a projected market volume of US$3.4m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 105.4k users by 2029.
Household penetration will be 2.9% in 2024 and is expected to hit 5.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$31.45.

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 Togo has been experiencing steady growth in recent years, driven by customer preferences for energy-efficient and sustainable solutions.

Customer preferences: Customers in Togo are increasingly seeking comfort and lighting solutions that are energy-efficient, cost-effective, and environmentally friendly. This shift in customer preferences can be attributed to growing awareness about the importance of sustainability and the need to reduce energy consumption. As a result, there is a rising demand for products such as LED lights and energy-efficient air conditioning systems. Additionally, customers are also looking for products that offer convenience and ease of use, such as smart lighting systems that can be controlled remotely.

Trends in the market: One of the key trends in the Comfort & Lighting market in Togo is the adoption of LED lighting solutions. LED lights are known for their energy efficiency, long lifespan, and low maintenance requirements. As customers become more aware of the benefits of LED lighting, there has been a significant increase in the demand for these products. This trend is expected to continue as the government and other stakeholders promote the use of energy-efficient lighting solutions. Another trend in the market is the integration of smart technology into comfort and lighting systems. Smart lighting systems, for example, allow customers to control the lighting in their homes or offices using their smartphones or voice commands. This trend is driven by the increasing popularity of smart home automation and the desire for greater convenience and control over comfort and lighting settings.

Local special circumstances: Togo is a developing country with a growing middle class population. As the economy continues to improve, more people have the means to invest in comfort and lighting solutions. This has led to an increase in the demand for products that enhance the quality of life and provide a comfortable living environment. Additionally, Togo has a tropical climate, which creates a need for effective cooling solutions. This has contributed to the growth of the air conditioning market in the country.

Underlying macroeconomic factors: The Comfort & Lighting market in Togo is influenced by several macroeconomic factors. Economic growth and rising disposable income levels play a significant role in driving the demand for comfort and lighting products. As the economy improves, more people can afford to invest in these products, leading to market growth. Additionally, government initiatives and policies that promote energy efficiency and sustainability also contribute to the development of the market. These initiatives create a favorable environment for the adoption of energy-efficient comfort and lighting solutions. In conclusion, the Comfort & Lighting market in Togo is experiencing growth due to customer preferences for energy-efficient and sustainable solutions. LED lighting and smart technology integration are key trends in the market, driven by the desire for energy efficiency and convenience. The local circumstances of a growing middle class population and a tropical climate also contribute to the market's development. Overall, the market's growth is supported by underlying macroeconomic factors such as economic growth and government initiatives promoting sustainability.

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.