Comfort & Lighting - India

India

Revenue in the Comfort & Lighting market is projected to reach €331.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.12%, resulting in a projected market volume of €536.6m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 28.2m users by 2029.
Household penetration will be 5.0% in 2024 and is expected to hit 9.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €23.18.

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Comfort & Lighting market in India has been experiencing significant growth in recent years. Customer preferences in the Comfort & Lighting market in India have been shifting towards more energy-efficient and sustainable products.

This is driven by increasing awareness about the environmental impact of traditional lighting solutions and the need to reduce energy consumption. Customers are also becoming more conscious about the quality of lighting in their homes and workplaces, leading to a demand for products that provide better illumination and visual comfort. Trends in the market show a growing interest in smart lighting solutions in India.

With the increasing adoption of smart home technologies, customers are looking for lighting solutions that can be controlled remotely and integrated with other smart devices. This allows for greater convenience and customization in lighting settings, as well as energy savings through automated controls. Another trend in the Comfort & Lighting market in India is the growing popularity of decorative lighting.

Customers are increasingly seeking unique and aesthetically pleasing lighting fixtures to enhance the ambiance of their living spaces. This has led to a rise in demand for designer and customized lighting solutions that cater to individual preferences and interior design styles. Local special circumstances in India also contribute to the development of the Comfort & Lighting market.

The country has a large population with a growing middle class, which is driving the demand for improved living standards and better lighting solutions. Additionally, government initiatives such as the UJALA scheme, which aims to promote energy-efficient lighting, have further boosted the market by incentivizing the adoption of LED lighting products. Underlying macroeconomic factors such as urbanization and infrastructure development are also fueling the growth of the Comfort & Lighting market in India.

As more cities and towns are being developed, there is a need for reliable and efficient lighting solutions to support the growing population and infrastructure requirements. This presents opportunities for both domestic and international players in the market to expand their presence and offer innovative lighting solutions. In conclusion, the Comfort & Lighting market in India is experiencing growth due to customer preferences for energy-efficient and sustainable products, the increasing demand for smart lighting solutions, the popularity of decorative lighting, local special circumstances, and underlying macroeconomic factors.

These factors are driving the development of the market and creating opportunities for companies to cater to the evolving needs of Indian customers.

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.