Comfort & Lighting - Thailand

Thailand

Revenue in the Comfort & Lighting market is projected to reach €9.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.01%, resulting in a projected market volume of €19.7m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 4.5m users by 2029.
Household penetration will be 12.0% in 2024 and is expected to hit 27.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €4.93.

Mercado

Región

Comparación de regiones

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Analyst Opinion

The Comfort & Lighting market in Thailand has been experiencing significant growth in recent years. Customer preferences for energy-efficient and environmentally-friendly products have been driving the demand for innovative lighting solutions. Additionally, the rising disposable income and increasing urbanization in Thailand have contributed to the growth of the market.

Customer preferences: Customers in Thailand are increasingly looking for energy-efficient lighting solutions that not only provide comfort but also help reduce electricity consumption. LED lighting has gained popularity due to its long lifespan and low energy consumption. Moreover, customers are also interested in smart lighting systems that can be controlled remotely through mobile applications. These systems offer convenience and customization options, allowing users to adjust the lighting according to their preferences.

Trends in the market: One of the key trends in the Comfort & Lighting market in Thailand is the adoption of smart lighting systems. These systems offer advanced features such as motion sensors, color-changing options, and voice control, providing a seamless and personalized lighting experience. The demand for smart lighting is expected to continue growing as more customers become aware of the benefits and convenience it offers. Another trend in the market is the integration of lighting with other smart home devices. Customers are increasingly looking for lighting solutions that can be integrated with their home automation systems, allowing them to control the lighting along with other connected devices such as thermostats, security systems, and entertainment systems. This integration provides a holistic and interconnected living experience.

Local special circumstances: Thailand has a tropical climate, with hot and humid weather throughout the year. This climate has led to the popularity of ceiling fans in households and commercial spaces. Ceiling fans provide comfort by circulating air and reducing the reliance on air conditioning, which can be expensive to operate. This local preference for ceiling fans has influenced the Comfort & Lighting market in Thailand, with manufacturers offering a wide range of ceiling fan options to cater to the demand.

Underlying macroeconomic factors: The growing economy and rising disposable income in Thailand have contributed to the growth of the Comfort & Lighting market. As people have more purchasing power, they are willing to invest in high-quality and innovative lighting solutions that enhance their living spaces. Additionally, the increasing urbanization in Thailand has led to the construction of residential and commercial buildings, creating a demand for lighting products and solutions. In conclusion, the Comfort & Lighting market in Thailand is experiencing growth due to customer preferences for energy-efficient and smart lighting solutions. The adoption of smart lighting systems and the integration of lighting with other smart home devices are key trends in the market. The local preference for ceiling fans is also influencing the market. The growing economy and rising disposable income in Thailand, along with increasing urbanization, are underlying macroeconomic factors driving the growth of the market.

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.