Comfort & Lighting - Vietnam | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$15.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.28%, resulting in a projected market volume of US$27.2m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 5.2m users by 2029.
Household penetration will be 10.1% in 2024 and is expected to hit 23.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$6.97.

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 Vietnam has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Comfort & Lighting market in Vietnam have shifted towards more energy-efficient and sustainable solutions.

Consumers are increasingly conscious of the environmental impact of their choices and are opting for products that reduce energy consumption and promote sustainability. This has led to a growing demand for LED lighting solutions, which are known for their energy efficiency and long lifespan. Additionally, consumers are also prioritizing comfort and convenience, leading to an increased demand for smart lighting systems that can be controlled remotely and offer customizable settings.

The market is also witnessing several trends that are shaping its development. One such trend is the integration of smart technology in lighting solutions. With the rapid advancement of Internet of Things (IoT) technology, smart lighting systems have become more accessible and affordable.

This has led to an increased adoption of smart lighting solutions in both residential and commercial spaces. Another trend is the growing popularity of human-centric lighting, which aims to mimic natural light patterns to improve well-being and productivity. This trend is particularly relevant in office spaces and healthcare facilities.

Vietnam's unique local circumstances have also contributed to the growth of the Comfort & Lighting market. The country has experienced rapid urbanization and industrialization, leading to an increased demand for lighting solutions in residential, commercial, and industrial sectors. Additionally, the government has implemented several initiatives to promote energy efficiency and sustainability, which has further fueled the demand for energy-efficient lighting solutions.

Underlying macroeconomic factors have also played a role in the development of the Comfort & Lighting market in Vietnam. The country has witnessed strong economic growth in recent years, leading to an increase in disposable income and consumer spending. This has created a favorable market environment for the Comfort & Lighting industry, as consumers are more willing to invest in high-quality and innovative lighting solutions.

Furthermore, Vietnam has also attracted significant foreign direct investment, which has contributed to the development of the market. In conclusion, the Comfort & Lighting market in Vietnam is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards energy-efficient and sustainable solutions, the integration of smart technology, and the government's initiatives to promote energy efficiency are driving the market forward.

With the continued economic growth and increasing consumer spending, the Comfort & Lighting market in Vietnam is expected to further expand in the coming years.

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.