Comfort & Lighting - Zambia

Zambia

Revenue in the Comfort & Lighting market is projected to reach US$4.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 15.73%, resulting in a projected market volume of US$7.4m by 2028.
In the Comfort & Lighting market, the number of active households is expected to amount to 221.3k users by 2028.
Household penetration will be 3.0% in 2024 and is expected to hit 5.0% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$34.61.

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Analyst Opinion

The Comfort & Lighting market in Zambia is experiencing significant growth due to several factors.

Customer preferences: Zambian customers have shown a growing preference for modern and energy-efficient lighting solutions. They are increasingly opting for LED lights, which offer longer lifespans and lower energy consumption compared to traditional incandescent bulbs. Additionally, customers are also seeking comfort solutions such as air conditioning and heating systems to enhance their living and working environments. This shift in customer preferences towards energy-efficient and comfortable solutions is driving the growth of the Comfort & Lighting market in Zambia.

Trends in the market: One of the key trends in the Comfort & Lighting market in Zambia is the increasing adoption of smart lighting systems. These systems allow users to control the lighting in their homes or offices remotely through smartphone apps or voice commands. The convenience and energy-saving benefits of smart lighting are attracting a growing number of customers in Zambia. Another trend is the integration of lighting with other smart home devices, such as thermostats and security systems, to create a more seamless and connected living experience.

Local special circumstances: Zambia has a rapidly growing urban population, which is driving the demand for comfort and lighting solutions. As more people move to cities, the need for comfortable and well-lit living spaces becomes crucial. Additionally, the government of Zambia has been implementing initiatives to promote energy efficiency and renewable energy sources. These initiatives include providing subsidies for energy-efficient lighting products and promoting the use of solar power. These efforts are further contributing to the growth of the Comfort & Lighting market in Zambia.

Underlying macroeconomic factors: Zambia has been experiencing steady economic growth in recent years, which has resulted in an increase in disposable income levels. As a result, consumers have more purchasing power to invest in comfort and lighting solutions. Furthermore, the construction industry in Zambia is booming, with numerous infrastructure projects and real estate developments taking place. This has created a high demand for lighting and comfort solutions in both residential and commercial sectors. The favorable economic conditions and the construction boom are driving the growth of the Comfort & Lighting market in Zambia. In conclusion, the Comfort & Lighting market in Zambia is witnessing significant growth due to the increasing customer preferences for energy-efficient and comfortable solutions. The adoption of smart lighting systems and the integration of lighting with other smart home devices are key trends in the market. The growing urban population, government initiatives promoting energy efficiency, and the favorable macroeconomic factors are contributing to the expansion of the Comfort & Lighting market in Zambia.

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.