Comfort & Lighting - Montenegro

Montenegro

Revenue in the Comfort & Lighting market is projected to reach €205.5k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.43%, resulting in a projected market volume of €421.2k by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 13.0k users by 2029.
Household penetration will be 3.6% in 2024 and is expected to hit 6.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €30.22.

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Comfort & Lighting market in Montenegro has witnessed significant growth in recent years, driven by changing customer preferences and the increasing demand for energy-efficient and smart lighting solutions. Customer preferences in Montenegro have shifted towards more modern and innovative lighting solutions that offer both comfort and energy efficiency.

Consumers are increasingly looking for lighting options that not only provide adequate illumination but also enhance the overall ambiance of their living spaces. This has led to a growing demand for smart lighting systems that can be controlled remotely and offer customizable lighting options. Additionally, there is a rising awareness about the importance of energy conservation, prompting consumers to opt for energy-efficient lighting solutions such as LED bulbs and fixtures.

The market trends in Montenegro reflect the global shift towards smart and energy-efficient lighting solutions. The adoption of smart lighting systems, which can be controlled through mobile applications or voice commands, has been on the rise. These systems offer convenience, allowing users to adjust the lighting settings according to their preferences and create personalized lighting scenes.

Furthermore, the integration of lighting with other smart home devices has gained popularity, enabling users to create a connected and automated living environment. Local special circumstances in Montenegro also contribute to the development of the Comfort & Lighting market. The country's growing tourism industry has led to an increased demand for high-quality lighting solutions in hotels, resorts, and other hospitality establishments.

The use of innovative lighting designs and technologies helps create a pleasant and welcoming atmosphere for guests, enhancing their overall experience. Additionally, Montenegro's focus on sustainable development and energy efficiency has prompted the government to promote the use of energy-efficient lighting solutions through incentives and regulations. Underlying macroeconomic factors such as economic growth and urbanization also play a role in the development of the Comfort & Lighting market in Montenegro.

As the country experiences economic growth and an increase in disposable income, consumers have more purchasing power to invest in modern lighting solutions. Moreover, the ongoing urbanization process in Montenegro has led to the construction of new residential and commercial buildings, creating a demand for lighting products and solutions. In conclusion, the Comfort & Lighting market in Montenegro is witnessing growth due to changing customer preferences, the adoption of smart and energy-efficient lighting solutions, local special circumstances such as the tourism industry, and underlying macroeconomic factors.

The market is expected to continue expanding as consumers increasingly prioritize comfort, energy efficiency, and innovative lighting solutions in their homes and commercial spaces.

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.