Comfort & Lighting - Russia

Russia

Revenue in the Comfort & Lighting market is projected to reach US$143.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 12.92%, resulting in a projected market volume of US$232.5m by 2028.
In the Comfort & Lighting market, the number of active households is expected to amount to 10.5m users by 2028.
Household penetration will be 6.4% in 2024 and is expected to hit 16.8% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$36.80.

Market

Region

Region comparison

Currency

Analyst Opinion

The Comfort & Lighting market in Russia has been experiencing significant growth in recent years.

Customer preferences: Russian consumers have shown a strong preference for products that enhance comfort and provide efficient lighting solutions. They are increasingly seeking products that offer convenience and energy savings. This has led to a rising demand for smart lighting systems that can be controlled remotely through mobile applications. Additionally, there is a growing interest in eco-friendly lighting solutions, such as LED lights, due to their energy efficiency and longer lifespan.

Trends in the market: One of the key trends in the Comfort & Lighting market in Russia is the adoption of smart home technology. Russian consumers are increasingly integrating smart lighting systems into their homes, allowing them to control the lighting remotely and create customized lighting scenarios. This trend is driven by the growing popularity of home automation and the desire for convenience and energy efficiency. Another trend in the market is the focus on energy-efficient lighting solutions. The Russian government has implemented regulations and initiatives to promote energy conservation, including the phasing out of traditional incandescent light bulbs. As a result, there has been a shift towards LED lighting, which is more energy-efficient and has a longer lifespan. This trend is further supported by the decreasing prices of LED lights, making them more affordable for consumers.

Local special circumstances: Russia has a vast territory with varying climatic conditions, which has a significant impact on the Comfort & Lighting market. In regions with long winters and limited daylight, there is a higher demand for lighting solutions that can provide adequate illumination and create a comfortable environment. This has led to an increased interest in lighting products that mimic natural daylight and can help combat the effects of seasonal affective disorder.

Underlying macroeconomic factors: The growth of the Comfort & Lighting market in Russia is also influenced by macroeconomic factors. The improving economic conditions in the country have resulted in increased disposable income, allowing consumers to invest in home improvement and upgrade their lighting systems. Additionally, the construction industry in Russia has been experiencing growth, leading to a higher demand for lighting solutions in new residential and commercial buildings. In conclusion, the Comfort & Lighting market in Russia is witnessing growth due to customer preferences for convenience, energy efficiency, and eco-friendly solutions. The adoption of smart home technology and the focus on energy-efficient lighting are key trends in the market. The local special circumstances, such as varying climatic conditions, also play a role in shaping the market. The underlying macroeconomic factors, including improving economic conditions and growth in the construction industry, further contribute to the development of the Comfort & Lighting market in Russia.

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.