Lamps & Lighting - Angola

Angola

In Angola, the revenue in the Lamps & Lighting market for the year 2024 reached US$59.89m.
It is projected to experience an annual growth rate of 4.52% (CAGR 2024-2029).
When compared to other countries worldwide, in the United States generates the highest revenue in this segment, amounting to US$31,960m in 2024.
Taking into account the total population, the per-person revenue in Angola for 2024 is US$1.58.
As Angola experiences rapid urbanization, there is a growing demand for modern and energy-efficient lamps and lighting solutions in the country.

Key regions: Brazil, China, Denmark, United Kingdom, Worldwide

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Analyst Opinion

The Lamps & Lighting market in Angola is experiencing significant growth due to several factors.

Customer preferences: Customers in Angola are increasingly looking for energy-efficient lighting solutions that can help them reduce their electricity bills. LED lighting has gained popularity in recent years due to its energy-saving capabilities and long lifespan. Customers also prefer lighting fixtures that are aesthetically pleasing and can enhance the overall ambiance of their homes or businesses. Additionally, there is a growing demand for smart lighting systems that can be controlled remotely through mobile devices.

Trends in the market: One of the key trends in the Lamps & Lighting market in Angola is the shift towards LED lighting. LED technology offers numerous advantages over traditional lighting solutions, such as incandescent or fluorescent bulbs. LED lights are more energy-efficient, have a longer lifespan, and produce less heat. As a result, many consumers are replacing their old lighting fixtures with LED alternatives. This trend is expected to continue as more people become aware of the benefits of LED lighting. Another trend in the market is the increasing demand for decorative lighting fixtures. Customers in Angola are increasingly looking for lighting solutions that not only provide illumination but also serve as decorative pieces. This trend is driven by the growing interest in interior design and home decor. Customers are willing to invest in lighting fixtures that can enhance the visual appeal of their living spaces.

Local special circumstances: Angola has been experiencing rapid urbanization and economic development in recent years. As a result, there is a growing demand for infrastructure and housing, which in turn drives the demand for lighting products. The government's efforts to improve the country's electricity infrastructure have also contributed to the growth of the Lamps & Lighting market. Additionally, the increasing number of commercial establishments, such as hotels, restaurants, and retail stores, has created a significant demand for lighting fixtures.

Underlying macroeconomic factors: Angola's economy is heavily dependent on oil exports, and fluctuations in oil prices can have a significant impact on the country's overall economic performance. However, the government has been making efforts to diversify the economy and reduce its reliance on oil. This diversification strategy has led to increased investments in sectors such as construction, manufacturing, and services, which in turn drive the demand for lighting products. The government's focus on improving infrastructure and promoting sustainable development also creates opportunities for the Lamps & Lighting market. In conclusion, the Lamps & Lighting market in Angola is experiencing growth due to customer preferences for energy-efficient and aesthetically pleasing lighting solutions. The shift towards LED lighting and the demand for decorative fixtures are key trends in the market. The country's rapid urbanization, government investments in infrastructure, and efforts to diversify the economy are contributing to the growth of the market.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to 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 particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.