Comfort & Lighting - Hungary

Hungary

Revenue in the Comfort & Lighting market is projected to reach €14.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.38%, resulting in a projected market volume of €28.0m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 387.9k users by 2029.
Household penetration will be 3.6% in 2024 and is expected to hit 9.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €96.84.

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Comfort & Lighting market in Hungary has been experiencing significant growth in recent years. Customer preferences for energy-efficient and smart lighting solutions have been driving this trend. Additionally, the increasing focus on comfort and well-being in homes and offices has also contributed to the growth of the market.

Customer preferences: Customers in Hungary are increasingly looking for energy-efficient lighting solutions. This is driven by a growing awareness of the environmental impact of traditional lighting technologies and the desire to reduce energy consumption. LED lighting has emerged as a popular choice among customers due to its energy efficiency and long lifespan. In addition, customers are also showing a preference for smart lighting solutions that offer convenience and control through smartphone apps or voice assistants.

Trends in the market: One of the key trends in the Comfort & Lighting market in Hungary is the adoption of smart lighting systems. These systems allow users to control the lighting in their homes or offices remotely, adjust brightness levels, and even change the color of the lights. The increasing popularity of smart homes and the Internet of Things (IoT) has fueled the demand for such solutions. Furthermore, the integration of smart lighting with other smart home devices, such as thermostats and security systems, is also driving the market growth. Another trend in the market is the emphasis on human-centric lighting. This approach focuses on creating lighting environments that promote well-being and enhance productivity. Human-centric lighting takes into account factors such as color temperature, intensity, and timing of lighting to mimic natural daylight and support the body's circadian rhythm. This trend is particularly relevant in office spaces and healthcare facilities, where the impact of lighting on employee productivity and patient recovery is well recognized.

Local special circumstances: Hungary has implemented various energy efficiency programs and initiatives to promote the use of energy-efficient lighting solutions. This includes providing subsidies and incentives for the installation of LED lighting in residential and commercial buildings. The government's focus on sustainability and energy conservation has created a favorable environment for the growth of the Comfort & Lighting market.

Underlying macroeconomic factors: The economic stability and growth in Hungary have also contributed to the development of the Comfort & Lighting market. As the country's economy continues to expand, there is a greater willingness among consumers and businesses to invest in home and office improvement projects. This has led to an increased demand for comfort and lighting solutions. In conclusion, the Comfort & Lighting market in Hungary is witnessing growth due to customer preferences for energy-efficient and smart lighting solutions, as well as the increasing focus on comfort and well-being. The adoption of smart lighting systems and the emphasis on human-centric lighting are key trends driving the market. The local special circumstances, such as government initiatives and subsidies, further support the growth of the market. The underlying macroeconomic factors, including economic stability and growth, also contribute to the development of the Comfort & Lighting market in Hungary.

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.