Comfort & Lighting - Worldwide | Statista Market Forecast

Revenue in the Comfort & Lighting market is projected to reach US$13.3bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.42%, resulting in a projected market volume of US$21.9bn by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 714.4m users by 2029.
Household penetration will be 11.7% in 2024 and is expected to hit 34.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$56.45.

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 Worldwide is experiencing significant growth due to increasing customer preferences for smart and energy-efficient solutions. With the advancements in technology and the rising awareness of sustainability, consumers are increasingly seeking products that offer convenience, comfort, and energy savings. This trend is driving the demand for smart lighting and comfort systems in households, commercial buildings, and industrial spaces.

Customer preferences: Customers are increasingly looking for smart lighting solutions that offer convenience and energy efficiency. Smart lighting systems allow users to control the lighting in their homes or offices remotely, adjust brightness levels, and set schedules. These systems not only enhance comfort but also help reduce energy consumption by automatically turning off lights when not in use. Additionally, customers are also showing a preference for lighting that mimics natural daylight, as it is believed to have a positive impact on productivity and well-being.

Trends in the market: The Comfort & Lighting market in Worldwide is witnessing a shift towards LED lighting solutions. LED lights are known for their energy efficiency, long lifespan, and low maintenance requirements. As a result, they are increasingly replacing traditional incandescent and fluorescent lights in both residential and commercial settings. Furthermore, LED lights can be integrated with smart lighting systems, allowing for greater control and customization. Another trend in the market is the integration of comfort and lighting systems. This involves combining lighting controls with HVAC (Heating, Ventilation, and Air Conditioning) systems to create a more comfortable and energy-efficient environment. By synchronizing the operation of these systems, users can optimize energy consumption and create personalized comfort settings.

Local special circumstances: In certain regions, government regulations and initiatives are driving the adoption of energy-efficient lighting and comfort systems. For example, in many countries, there are strict energy efficiency standards for buildings, which require the use of energy-efficient lighting and HVAC systems. Additionally, some governments offer incentives and rebates for the installation of smart lighting and comfort systems, further encouraging their adoption.

Underlying macroeconomic factors: The growth of the Comfort & Lighting market in Worldwide is also influenced by macroeconomic factors such as urbanization and economic development. As more people move to cities and urban areas, the demand for comfortable and well-lit living and working spaces increases. Additionally, economic growth leads to higher disposable incomes, allowing consumers to invest in smart and energy-efficient solutions. In conclusion, the Comfort & Lighting market in Worldwide is experiencing growth due to increasing customer preferences for smart and energy-efficient solutions. Customers are seeking convenience, comfort, and energy savings, driving the demand for smart lighting and comfort systems. LED lighting solutions and the integration of comfort and lighting systems are among the key trends in the market. Government regulations and incentives, as well as macroeconomic factors such as urbanization and economic development, further contribute to the growth 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.