Lamps & Lighting - EAEU

EAEU

The revenue in the Lamps & Lighting market in the country in Eurasian Economic Union (EAEU) amounts to US$1.94bn in 2024.
It is expected that the market will experience an annual growth rate of 0.00% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, reaching US$31,960m in 2024.
In terms of per person revenues, the figure stands at US$10.59 in 2024.
In the EAEU, the demand for energy-efficient LED lamps has been on the rise due to government regulations and increasing consumer awareness.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Lamps & Lighting market in the Eurasian Economic Union (EAEU) is experiencing significant growth and development.

Customer preferences: Customers in the EAEU region have shown a strong preference for energy-efficient and eco-friendly lighting solutions. This can be attributed to increasing awareness about environmental issues and a desire to reduce energy consumption. LED lamps and lighting fixtures have gained popularity due to their long lifespan, low energy consumption, and ability to provide bright and focused lighting. Additionally, customers in the EAEU region also value aesthetics and design when choosing lamps and lighting fixtures for their homes or offices.

Trends in the market: One major trend in the Lamps & Lighting market in the EAEU is the increasing demand for smart lighting solutions. With the rapid advancement of technology, customers are now looking for lighting systems that can be controlled remotely through smartphones or voice assistants. Smart lighting offers convenience, energy efficiency, and the ability to create personalized lighting settings. This trend is expected to continue as more customers embrace home automation and seek ways to make their living spaces more intelligent and connected. Another trend in the market is the growing popularity of decorative and customized lighting solutions. Customers in the EAEU region are increasingly seeking unique and aesthetically pleasing lighting fixtures that can enhance the overall ambiance of their homes or commercial spaces. This has led to a rise in demand for customized lighting solutions that can be tailored to specific design preferences and requirements.

Local special circumstances: The EAEU region consists of five member states - Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. Each country has its own unique cultural and economic characteristics, which influence the Lamps & Lighting market in different ways. For example, Russia, being the largest economy in the region, has a higher demand for premium and luxury lighting products. On the other hand, countries like Kazakhstan and Kyrgyzstan have a growing middle class population, which is driving the demand for affordable and value-for-money lighting solutions.

Underlying macroeconomic factors: The Lamps & Lighting market in the EAEU is influenced by various macroeconomic factors. Economic growth, urbanization, and rising disposable incomes are key drivers of market expansion. As the economies of EAEU member states continue to grow, more individuals and businesses have the purchasing power to invest in high-quality lighting solutions. Additionally, government initiatives to promote energy efficiency and sustainability also play a role in shaping the market. Incentives and regulations aimed at reducing energy consumption and carbon emissions encourage customers to choose energy-efficient lighting options. In conclusion, the Lamps & Lighting market in the EAEU is experiencing growth and development driven by customer preferences for energy-efficient and eco-friendly lighting solutions, as well as the increasing demand for smart and customized lighting. Local special circumstances, such as varying consumer preferences and economic conditions across member states, further shape the market. The underlying macroeconomic factors of economic growth, urbanization, rising disposable incomes, and government initiatives also contribute to the market's expansion.

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.