Lamps & Lighting - Greece

Greece

In Greece, the revenue generated in the Lamps & Lighting market in 2024 amounts to US$142.90m.
It is projected that the market will experience an annual growth rate of 1.40% (CAGR 2024-2029).
When compared globally, in the United States leads in revenue generation with US$31,960m in 2024.
Taking into account the total population figures, in Greece, per person revenues amount to US$13.87 in 2024.
Greece's lamp market is embracing traditional Greek designs, incorporating elements of ancient Greek architecture and mythology.

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

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Analyst Opinion

The Lamps & Lighting market in Greece has been experiencing steady growth in recent years.

Customer preferences: Greek consumers have shown a growing interest in energy-efficient and eco-friendly lighting solutions. This shift in customer preferences can be attributed to the increasing awareness about environmental issues and the need to reduce energy consumption. LED lighting, in particular, has gained popularity due to its long lifespan, low energy consumption, and versatility in design. Consumers are also looking for lighting solutions that offer smart features, such as remote control and compatibility with home automation systems.

Trends in the market: One of the key trends in the Lamps & Lighting market in Greece is the rise of smart lighting solutions. With the increasing adoption of smart home technology, consumers are looking for lighting products that can be controlled and customized through smartphone apps or voice assistants. This trend is driven by the convenience and flexibility that smart lighting offers, allowing users to adjust the brightness, color, and even create personalized lighting scenes. Another trend in the market is the growing demand for decorative lighting. Greek consumers have a strong appreciation for aesthetics and design, and they are willing to invest in lighting fixtures that enhance the overall ambiance of their homes or commercial spaces. This has led to an increase in demand for decorative lamps, chandeliers, and pendant lights that serve as both functional and decorative elements.

Local special circumstances: Greece has a rich cultural heritage, and this has influenced the demand for traditional and vintage-style lighting fixtures. Many consumers in Greece prefer lighting products that reflect the country's historical and architectural style, such as lamps with intricate designs or fixtures made from traditional materials like bronze or copper. This demand for traditional lighting adds a unique element to the market and creates opportunities for manufacturers and retailers to cater to this specific customer segment.

Underlying macroeconomic factors: The Lamps & Lighting market in Greece is also influenced by macroeconomic factors. The country has been recovering from a prolonged economic crisis, and as the economy improves, consumers have more disposable income to spend on home improvement and renovation projects. This has contributed to the growth of the lighting market, as consumers are willing to invest in upgrading their lighting fixtures to enhance the aesthetics and functionality of their living spaces. Additionally, government initiatives and regulations promoting energy efficiency and sustainability have also played a role in shaping the Lamps & Lighting market in Greece. The government has implemented measures to encourage the use of energy-efficient lighting solutions, such as offering subsidies or tax incentives for the purchase of LED lamps. These initiatives have not only increased consumer awareness about energy-efficient lighting but have also created a favorable market environment for manufacturers and retailers of such products. In conclusion, the Lamps & Lighting market in Greece is experiencing growth driven by customer preferences for energy-efficient and eco-friendly lighting solutions, the rise of smart lighting, and the demand for decorative and traditional lighting fixtures. The recovery of the Greek economy and government initiatives promoting energy efficiency have also contributed to the market's development.

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.