Lamps & Lighting - Ghana

Ghana

In Ghana, the revenue generated in the Lamps & Lighting market in 2024 amounts to US$32.71m.
It is projected to experience an annual growth rate of 0.11% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, with US$31,960m in 2024.
In terms of per person revenues, in Ghana generates US$0.94 in 2024.
In Ghana, the market for traditional handcrafted lamps is thriving as consumers embrace the country's rich cultural heritage.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Lamps & Lighting market in Ghana has been experiencing steady growth in recent years, driven by customer preferences for energy-efficient and sustainable lighting solutions.

Customer preferences: In line with global trends, customers in Ghana are increasingly opting for energy-efficient lighting solutions. This shift in preference can be attributed to the rising awareness of the environmental impact of traditional lighting technologies, such as incandescent bulbs. LED lighting, in particular, has gained popularity due to its long lifespan, low energy consumption, and cost-effectiveness. Customers are also looking for lighting solutions that offer adjustable brightness and color temperature to create the desired ambiance in their homes or businesses.

Trends in the market: One of the key trends in the Lamps & Lighting market in Ghana is the growing demand for solar-powered lighting solutions. This trend is driven by the country's abundant sunlight and the need for reliable and affordable lighting in rural areas with limited access to electricity. Solar-powered lamps and lanterns are not only environmentally friendly but also provide a sustainable and cost-effective lighting solution for off-grid communities. Another trend in the market is the increasing adoption of smart lighting systems. These systems allow customers to control their lighting remotely through smartphone apps or voice commands. Smart lighting offers convenience, energy savings, and the ability to customize lighting settings according to individual preferences. As the use of smart home technology continues to grow globally, the demand for smart lighting solutions in Ghana is also expected to increase.

Local special circumstances: One of the unique challenges in the Ghanaian market is the prevalence of counterfeit lighting products. Customers often face difficulties in distinguishing between genuine and counterfeit products, which can lead to dissatisfaction with the quality and performance of the lighting solutions. To address this issue, manufacturers and retailers need to educate customers about the importance of purchasing from reputable sources and provide clear product labeling and certification.

Underlying macroeconomic factors: The growth of the Lamps & Lighting market in Ghana is also influenced by macroeconomic factors such as population growth, urbanization, and government initiatives. With a growing population and increasing urbanization, there is a higher demand for lighting products in residential, commercial, and public spaces. Additionally, the Ghanaian government has implemented policies and initiatives to promote energy efficiency and renewable energy, which further drives the adoption of energy-efficient lighting solutions. In conclusion, the Lamps & Lighting market in Ghana is experiencing growth due to customer preferences for energy-efficient and sustainable lighting solutions. The demand for solar-powered lighting and smart lighting systems is on the rise, driven by the need for reliable and cost-effective lighting options, as well as the growing adoption of smart home technology. However, the market also faces challenges such as the presence of counterfeit products, which require manufacturers and retailers to educate customers and ensure product authenticity. Overall, the market is expected to continue growing as the country's population expands, urbanization increases, and government initiatives support energy efficiency and renewable energy.

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.