Comfort & Lighting - United Kingdom

United Kingdom

Revenue in the Comfort & Lighting market is projected to reach US$1.4bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 12.59%, resulting in a projected market volume of US$2.2bn by 2028.
In the Comfort & Lighting market, the number of active households is expected to amount to 29.6m users by 2028.
Household penetration will be 33.7% in 2024 and is expected to hit 98.2% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$140.30.

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Analyst Opinion

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

Customer preferences: Customers in the United Kingdom have shown a strong preference for comfort and convenience in their homes and workplaces. They are increasingly looking for solutions that enhance their overall well-being and create a pleasant and relaxing environment. This has led to a growing demand for products and services that provide comfortable and efficient lighting, as well as innovative solutions for temperature control and air quality. Additionally, customers are becoming more conscious of energy consumption and are seeking energy-efficient options that help reduce their carbon footprint.

Trends in the market: One of the key trends in the Comfort & Lighting market in United Kingdom is the adoption of smart home technology. Smart lighting systems that can be controlled remotely through smartphones or voice assistants have gained popularity among consumers. These systems offer convenience, energy efficiency, and customization options, allowing users to create personalized lighting settings based on their preferences and needs. The integration of smart lighting with other smart home devices, such as thermostats and security systems, further enhances the overall comfort and convenience of the living space. Another trend in the market is the increasing demand for sustainable and eco-friendly lighting solutions. Consumers in United Kingdom are becoming more environmentally conscious and are seeking products that are energy-efficient and have a minimal impact on the environment. LED lighting has emerged as a popular choice due to its energy efficiency and long lifespan. Additionally, there is a growing interest in daylight harvesting and natural lighting solutions, which not only reduce energy consumption but also have a positive impact on the well-being and productivity of individuals.

Local special circumstances: The United Kingdom has been actively promoting energy efficiency and sustainability through various government initiatives and regulations. The government has set ambitious targets to reduce carbon emissions and has introduced incentives to encourage the adoption of energy-efficient technologies. This has created a favorable environment for the growth of the Comfort & Lighting market, as consumers are incentivized to invest in energy-efficient lighting solutions. Additionally, the United Kingdom has a well-established infrastructure and a high level of technological advancement, which further supports the adoption of smart lighting systems.

Underlying macroeconomic factors: The growth of the Comfort & Lighting market in United Kingdom is also influenced by macroeconomic factors. The country has a stable economy and a high standard of living, which allows consumers to invest in products and services that enhance their comfort and well-being. Additionally, the construction industry in United Kingdom has been booming, with a significant number of residential and commercial projects being undertaken. This has created a strong demand for comfort and lighting solutions, as developers and homeowners seek to create modern and comfortable living and working spaces. In conclusion, the Comfort & Lighting market in United Kingdom is experiencing growth due to customer preferences for comfort and convenience, the adoption of smart home technology, the demand for sustainable lighting solutions, local government initiatives, and favorable macroeconomic factors.

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.