Comfort & Lighting - Africa

Africa

Revenue in the Comfort & Lighting market is projected to reach €218.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.98%, resulting in a projected market volume of €420.3m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 28.1m users by 2029.
Household penetration will be 4.2% in 2024 and is expected to hit 9.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €20.34.

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Comfort & Lighting market in Africa has been experiencing significant growth in recent years. Customer preferences for comfortable and well-lit living spaces, along with the increasing urbanization and economic development in the region, have been key drivers of this trend.

Additionally, local special circumstances and underlying macroeconomic factors have also contributed to the development of the market. Customer preferences in Africa have shifted towards more comfortable and well-lit living spaces. As disposable incomes have increased, consumers are willing to invest in products and services that enhance their quality of life.

This includes the installation of modern lighting fixtures and the use of comfortable furniture and accessories. Furthermore, the growing awareness of the importance of a comfortable and well-lit environment for health and well-being has also influenced customer preferences. Trends in the Comfort & Lighting market in Africa are closely tied to the overall economic development and urbanization in the region.

As more people move to cities and urban areas, the demand for comfortable and well-lit living spaces has increased. This has led to a rise in the construction of residential buildings, commercial spaces, and infrastructure projects, which in turn has boosted the demand for comfort and lighting products and services. Local special circumstances also play a role in the development of the Comfort & Lighting market in Africa.

For example, in countries with a high prevalence of power outages or unreliable electricity supply, there is a greater demand for alternative lighting solutions such as solar-powered lights or rechargeable batteries. Additionally, cultural preferences and local design aesthetics can also influence the types of comfort and lighting products that are in demand in different African countries. Underlying macroeconomic factors have also contributed to the growth of the Comfort & Lighting market in Africa.

Economic growth and rising disposable incomes have increased consumer spending power, allowing individuals and businesses to invest in comfort and lighting products and services. Additionally, government initiatives and policies aimed at promoting sustainable development and energy efficiency have also driven the demand for energy-efficient lighting solutions. In conclusion, the Comfort & Lighting market in Africa is developing due to customer preferences for comfortable and well-lit living spaces, urbanization and economic development, local special circumstances, and underlying macroeconomic factors.

As the region continues to grow and develop, the demand for comfort and lighting products and services is expected to increase further.

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.