Lamps & Lighting - Guatemala | Statista Market Forecast

The revenue generated in the Lamps & Lighting market in Guatemala amounts to US$25.56m in 2024.
According to projections, the market is expected to experience an annual growth rate of 2.34% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue in this segment, with US$32bn in 2024.
In terms of per capita figures, the revenue generated per person in Guatemala is US$1.39 in 2024.
Despite its rich history in traditional craftsmanship, Guatemala is now embracing modern and eco-friendly lighting designs in the lamps and lighting market.

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 Guatemala is experiencing steady growth due to increasing customer preferences for energy-efficient and decorative lighting solutions.

Customer preferences: Customers in Guatemala are increasingly opting for energy-efficient lighting solutions in order to reduce their electricity consumption and lower their energy bills. LED lighting is gaining popularity as it offers significant energy savings compared to traditional incandescent bulbs. Additionally, customers are also seeking decorative lighting options to enhance the aesthetic appeal of their homes and businesses. This has led to a growing demand for lamps and lighting fixtures that are not only functional but also visually appealing.

Trends in the market: One of the key trends in the Lamps & Lighting market in Guatemala is the shift towards LED lighting. LED technology offers numerous benefits such as longer lifespan, lower energy consumption, and reduced maintenance costs. As a result, LED lamps and fixtures are becoming increasingly popular among both residential and commercial customers. Another trend in the market is the growing demand for smart lighting solutions. With the increasing adoption of smart home technology, customers are looking for lighting systems that can be controlled remotely through smartphones or voice assistants.

Local special circumstances: Guatemala has a significant rural population that often faces electricity shortages or unreliable power supply. In such areas, solar-powered lamps and lighting solutions have gained traction. These solar-powered options provide a reliable and sustainable lighting source for households and businesses that are not connected to the main power grid. Additionally, the country's rich cultural heritage and tourism industry have also contributed to the demand for decorative lighting solutions. Traditional and artisanal lamps and fixtures are sought after by both domestic and international customers who appreciate the unique craftsmanship and cultural significance.

Underlying macroeconomic factors: The steady economic growth in Guatemala has contributed to the increasing purchasing power of consumers, enabling them to invest in better quality lighting solutions. Additionally, the government's efforts to promote energy efficiency and sustainability have also played a role in driving the growth of the Lamps & Lighting market. Incentives and subsidies for energy-efficient products have encouraged consumers to switch to LED lighting. Furthermore, the construction industry in Guatemala has been growing, leading to a higher demand for lighting fixtures in residential and commercial buildings. In conclusion, the Lamps & Lighting market in Guatemala is witnessing growth driven by customer preferences for energy-efficient and decorative lighting solutions. The shift towards LED lighting, the demand for smart lighting solutions, and the popularity of solar-powered options are some of the key trends in the market. The country's cultural heritage and tourism industry also contribute to the demand for decorative lighting. The steady economic growth and government initiatives promoting energy efficiency further support the market's development.

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.