Lamps & Lighting - G20 | Statista Market Forecast

In 2024, the revenue in the Lamps & Lighting market in the country in G20 amounts to US$69.07bn.
According to the projected Compound Annual Growth Rate (CAGR) from 2024 to 2029, the market is expected to grow annually by 3.16%.
In terms of global comparison, United States leads in revenue generation with US$32bn in 2024.
When considering the population figures, the per-person revenue generated in 2024 is US$19.51.
In India, the market for energy-efficient LED lamps is booming due to government initiatives promoting sustainability and energy conservation.

Definition:

The Lamps & Lighting segment covers different types of lamps and lights found inside buildings to provide light to carry out activities. This segment includes table and floor lamps, chandeliers, ceiling lights as well as other lamps and light fittings commonly found indoors. Candles, consumer electronics, and household appliances are not included in this segment.

Structure:

The Lamps & Lighting segment is divided into three subsegments:

The Table & Floor Lamps subsegment covers lighting fixtures designed to provide task or ambient lighting to indoor spaces. These lamps typically consist of a base, a stem, and a lampshade and contribute to the overall decor of a room while providing functional lighting.
The Ceiling Lights & Chandeliers subsegment refers to lighting fixtures that are mounted on ceilings to provide ambient lighting. These fixtures range from simple to elaborate lighting fixtures and are available in a variety of styles, sizes, and materials to suit different interior design tastes.
The Light Bulbs and Fittings subsegment includes products such as light bulbs, sockets, and other accessories used to provide and control lighting in indoor spaces.

Additional Information:

The Lamps & Lighting segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Chandeliers, wall, and ceiling lights
Standing lamps
Decoration lighting such as Christmas tree lighting
Light bulbs and fittings

Candles
Consumer electronics
Household appliances

The Lamps & Lighting market in G20 is witnessing significant growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: for Lamps & Lighting products in G20 countries have been shifting towards energy-efficient and eco-friendly options. Consumers are increasingly conscious about sustainability and are opting for products that reduce energy consumption and have a minimal environmental impact. This has led to a surge in demand for led lamps and lighting fixtures, which offer energy savings and longer lifespans compared to traditional incandescent bulbs. Trends in the market indicate a growing demand for smart lighting solutions. With the advent of Internet of Things (iot) technology, consumers are embracing connected lighting systems that can be controlled remotely through smartphones or voice assistants. These smart lighting solutions offer features such as customizable lighting settings, motion sensors, and integration with other smart home devices. The convenience and flexibility provided by smart lighting systems have made them increasingly popular among consumers in G20 countries.

Local special circumstances: also play a role in the development of the Lamps & Lighting market in G20. For example, in countries with high electricity costs, such as Germany and Japan, there is a strong incentive for consumers to invest in energy-efficient lighting solutions that can help reduce their electricity bills. Additionally, government regulations and initiatives promoting energy efficiency and sustainability have further accelerated the adoption of energy-efficient lighting products in many G20 countries.

Underlying macroeconomic factors: also contribute to the growth of the Lamps & Lighting market in G20. Economic growth and rising disposable incomes in emerging economies such as China, India, and Brazil have led to an increase in consumer spending on home improvement and interior decoration, including lighting products. Furthermore, urbanization and the expansion of the construction sector in many G20 countries have created a demand for lighting fixtures in residential, commercial, and industrial buildings. In conclusion, the Lamps & Lighting market in G20 is experiencing growth and development driven by changing customer preferences, emerging trends in energy efficiency and smart lighting, local special circumstances such as high electricity costs and government regulations, and underlying macroeconomic factors such as economic growth and urbanization. As consumers continue to prioritize sustainability and convenience, the market is expected to witness further advancements in energy-efficient and smart lighting solutions.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories 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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

From homeware to office furniture, even expanding over to pet care, the furniture industry is all-encompassing and ever-growing. Be it homes, schools, offices, or even outdoors, furniture is what gives a room its function and purpose.