Comfort & Lighting - Turkey

Turkey

Revenue in the Comfort & Lighting market is projected to reach €32.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.60%, resulting in a projected market volume of €49.7m by 2029.
In the Comfort & Lighting market, the number of active households is expected to amount to 8.1m users by 2029.
Household penetration will be 11.6% in 2024 and is expected to hit 39.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €14.31.

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Comfort & Lighting market in Turkey is experiencing significant growth and development. Customer preferences are shifting towards more energy-efficient and sustainable lighting solutions, driving the demand for innovative products. Additionally, the increasing urbanization and infrastructure development in the country are contributing to the expansion of the market.

Customer preferences: Customers in Turkey are increasingly concerned about energy efficiency and sustainability in their lighting choices. They are looking for products that not only provide adequate lighting but also help reduce energy consumption and minimize environmental impact. LED lighting solutions are gaining popularity due to their long lifespan, low energy consumption, and reduced carbon footprint. Customers are also seeking smart lighting systems that offer convenience, flexibility, and energy savings through features like motion sensors and remote control.

Trends in the market: One of the key trends in the Comfort & Lighting market in Turkey is the growing adoption of smart lighting systems. These systems allow users to control their lighting remotely using smartphone apps or voice commands. They offer features like dimming, color changing, and scheduling, providing users with personalized lighting experiences. The increasing integration of smart lighting with other smart home devices is also driving the market growth. Another trend in the market is the focus on human-centric lighting. This involves designing lighting solutions that mimic natural daylight to enhance well-being and productivity. Human-centric lighting systems adjust the color temperature and intensity of the light throughout the day to align with the body's natural circadian rhythm. This trend is particularly relevant in office spaces, healthcare facilities, and educational institutions.

Local special circumstances: Turkey's strategic location between Europe and Asia makes it a key player in the global lighting market. The country has a strong manufacturing base for lighting products, with several local and international companies operating in the market. This allows for easy access to a wide range of lighting options for customers in Turkey. Additionally, the government has been implementing energy efficiency programs and offering incentives to promote the use of energy-efficient lighting solutions.

Underlying macroeconomic factors: The growth of the Comfort & Lighting market in Turkey is supported by several macroeconomic factors. The country has been experiencing rapid urbanization, with an increasing number of people moving to cities. This has led to a rise in construction activities, including residential, commercial, and infrastructure projects, driving the demand for lighting products. Furthermore, Turkey has a young and tech-savvy population that is open to adopting new technologies, including smart lighting systems. The government's focus on sustainable development and energy efficiency also plays a role in shaping customer preferences and market trends. In conclusion, the Comfort & Lighting market in Turkey is witnessing significant growth driven by customer preferences for energy-efficient and sustainable lighting solutions. The adoption of smart lighting systems and the focus on human-centric lighting are key trends in the market. Turkey's strategic location, strong manufacturing base, and government initiatives further contribute to the development 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.