Comfort & Lighting - Brazil

Brazil

Revenue in the Comfort & Lighting market is projected to reach US$104.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 14.43%, resulting in a projected market volume of US$179.5m by 2028.
In the Comfort & Lighting market, the number of active households is expected to amount to 18.7m users by 2028.
Household penetration will be 6.9% in 2024 and is expected to hit 24.5% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$20.73.

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Analyst Opinion

The Comfort & Lighting market in Brazil is experiencing significant growth and development due to several factors.

Customer preferences: Customers in Brazil are increasingly seeking comfort and convenience in their homes and workplaces. As a result, there is a growing demand for products and solutions that enhance the comfort and lighting in these spaces. This includes the use of smart lighting systems, which allow for personalized control and automation, as well as energy-efficient lighting options that help reduce electricity consumption.

Trends in the market: One of the key trends in the Comfort & Lighting market in Brazil is the increasing adoption of smart lighting systems. These systems offer a range of benefits, such as the ability to adjust lighting levels and colors to suit different moods and activities, as well as the ability to control lighting remotely through smartphone apps. This trend is driven by the growing popularity of smart home technologies and the desire for greater convenience and energy efficiency. Another trend in the market is the shift towards energy-efficient lighting solutions. With rising energy costs and growing environmental concerns, customers in Brazil are increasingly looking for lighting options that consume less electricity and have a lower carbon footprint. This has led to the increased use of LED lighting, which offers significant energy savings compared to traditional incandescent bulbs.

Local special circumstances: Brazil has a large population and a rapidly growing middle class, which has contributed to the increased demand for comfort and lighting products. As more people have disposable income, they are able to invest in their homes and workplaces, including upgrading their lighting systems and investing in comfort-enhancing products. Additionally, Brazil has a tropical climate, which means that natural lighting is abundant for most of the year. However, during the rainy season or in areas with limited natural light, there is a greater need for artificial lighting solutions. This creates a market opportunity for companies offering innovative lighting products that can mimic natural light and enhance the overall comfort of indoor spaces.

Underlying macroeconomic factors: The growth and development of the Comfort & Lighting market in Brazil are also influenced by underlying macroeconomic factors. Brazil has been experiencing economic stability and growth in recent years, which has increased consumer purchasing power and confidence. This has led to higher consumer spending on home improvement and renovation projects, including investments in comfort and lighting. Furthermore, the government has implemented policies and incentives to promote energy efficiency and the use of renewable energy sources. This has encouraged the adoption of energy-efficient lighting solutions and smart lighting systems, as customers can benefit from cost savings and environmental benefits. In conclusion, the Comfort & Lighting market in Brazil is developing and growing due to customer preferences for comfort and convenience, the adoption of smart lighting systems and energy-efficient lighting solutions, local special circumstances such as the tropical climate, and underlying macroeconomic factors such as economic stability and government policies. As the market continues to evolve, there will be opportunities for companies to innovate and cater to the changing needs and preferences of customers in Brazil.

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.