Comfort & Lighting - Czechia

Czechia

Revenue in the Comfort & Lighting market is projected to reach US$19.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 14.95%, resulting in a projected market volume of US$33.6m by 2028.
In the Comfort & Lighting market, the number of active households is expected to amount to 561.0k users by 2028.
Household penetration will be 4.8% in 2024 and is expected to hit 11.3% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$83.93.

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Analyst Opinion

The Comfort & Lighting market in Czechia has been experiencing steady growth in recent years, driven by customer preferences for energy-efficient and smart lighting solutions. With a strong emphasis on sustainability and technological advancements, the market has witnessed a shift towards LED lighting and automation systems.

Customer preferences: Customers in Czechia have shown a growing preference for energy-efficient lighting solutions. This can be attributed to increasing awareness about environmental issues and the need to reduce energy consumption. LED lighting, which is known for its energy efficiency and long lifespan, has gained significant popularity in the market. Customers are also increasingly looking for smart lighting solutions that offer convenience and control over their lighting systems. This includes features such as remote control, dimming options, and integration with smart home devices.

Trends in the market: One of the key trends in the Comfort & Lighting market in Czechia is the adoption of LED lighting. LED lights are more energy-efficient compared to traditional incandescent bulbs and fluorescent lamps, resulting in cost savings for consumers. The declining prices of LED lights have further fueled their adoption in residential, commercial, and industrial sectors. Additionally, advancements in LED technology have led to the development of smart LED lights that can be controlled through smartphone apps or voice commands. Another trend in the market is the integration of lighting systems with smart home automation. Customers are increasingly looking for lighting solutions that can be easily controlled and customized to suit their preferences. This includes features such as automated lighting schedules, motion sensors, and color-changing options. The integration of lighting systems with other smart home devices, such as voice assistants and security systems, provides customers with a seamless and convenient experience.

Local special circumstances: Czechia has a strong focus on sustainability and energy efficiency, which has influenced customer preferences in the Comfort & Lighting market. The government has implemented various initiatives and regulations to promote energy-efficient lighting solutions. This includes offering subsidies for the purchase of LED lights and encouraging the use of smart lighting systems in public buildings. These efforts have contributed to the growth of the market by creating awareness and incentivizing customers to adopt energy-efficient lighting solutions.

Underlying macroeconomic factors: The growth of the Comfort & Lighting market in Czechia is also influenced by macroeconomic factors such as the country's GDP growth and disposable income levels. As the economy continues to grow, consumers have more purchasing power, which allows them to invest in energy-efficient and smart lighting solutions. Additionally, the construction industry plays a significant role in driving the demand for lighting products. As the construction sector grows, there is an increased demand for lighting solutions in residential and commercial buildings. In conclusion, the Comfort & Lighting market in Czechia is witnessing growth due to customer preferences for energy-efficient and smart lighting solutions. The adoption of LED lighting and integration with smart home automation systems are key trends in the market. The government's focus on sustainability and energy efficiency, along with the country's economic growth, further contribute to the market's development.

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.