Comfort & Lighting - Singapore

Singapore

Revenue in the Comfort & Lighting market is projected to reach €18.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.18%, resulting in a projected market volume of €31.1m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 1,398.0k users by 2029.
Household penetration will be 20.8% in 2024 and is expected to hit 71.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €46.59.

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Comparación de regiones

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Analyst Opinion

The Comfort & Lighting market in Singapore is experiencing steady growth and development due to various factors. Customer preferences in Singapore are driving the demand for advanced comfort and lighting solutions.

Singaporeans are increasingly looking for products that enhance their overall comfort and well-being. This includes features such as adjustable lighting, temperature control, and smart home automation systems. Additionally, there is a growing emphasis on energy efficiency and sustainability, with customers seeking products that are environmentally friendly and can help reduce their carbon footprint.

Trends in the market indicate a shift towards smart and connected comfort and lighting solutions. Singaporeans are adopting smart home technologies at a rapid pace, which is driving the demand for smart lighting systems that can be controlled through mobile apps or voice assistants. These systems offer convenience and flexibility, allowing users to adjust lighting levels and create personalized settings to suit their preferences.

Another trend in the market is the integration of comfort and lighting solutions with other smart home devices. For example, lighting systems can be synchronized with security systems, allowing homeowners to simulate occupancy when they are away. This enhances home security and provides peace of mind to customers.

Local special circumstances in Singapore contribute to the development of the Comfort & Lighting market. Singapore is known for its high standard of living and modern infrastructure, which creates a conducive environment for the adoption of advanced comfort and lighting solutions. Additionally, the government's focus on sustainability and energy efficiency has led to the implementation of regulations and incentives that encourage the use of energy-saving products.

Underlying macroeconomic factors also play a role in the growth of the Comfort & Lighting market in Singapore. The country has a strong economy and high disposable income levels, which enable consumers to invest in premium comfort and lighting solutions. Furthermore, the construction industry in Singapore is booming, with numerous residential and commercial projects underway.

This creates opportunities for comfort and lighting solution providers to collaborate with developers and architects to incorporate their products into new buildings. Overall, the Comfort & Lighting market in Singapore is driven by customer preferences for advanced and sustainable solutions, as well as the adoption of smart home technologies. The integration of comfort and lighting systems with other smart home devices further enhances the market's growth potential.

With the support of local special circumstances and favorable macroeconomic factors, the market is expected to continue its upward trajectory in the coming years.

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.