Lamps & Lighting - Hungary

Hungary

In Hungary, the revenue generated in the Lamps & Lighting market is projected to amount to US$408.00m in 2024.
This market is expected to grow annually by 3.42% (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, in Hungary generates 0.00 in 2024.
Despite the increasing popularity of modern and minimalist lighting designs, Hungary maintains a strong demand for traditional and ornate lamps.

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

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Analyst Opinion

The Lamps & Lighting market in Hungary has been experiencing steady growth in recent years. Customer preferences have shifted towards energy-efficient and eco-friendly lighting solutions, driving the demand for led lamps and smart lighting systems. Additionally, local special circumstances, such as government initiatives promoting energy conservation and the increasing adoption of smart home technologies, have further contributed to the growth of the market.

Customer preferences: in Hungary have been increasingly focused on energy-efficient lighting solutions. led lamps have gained popularity due to their long lifespan, low energy consumption, and cost-effectiveness. Customers are increasingly aware of the environmental impact of traditional lighting technologies, such as incandescent bulbs, and are opting for more sustainable options. This shift in customer preferences has led to a significant increase in the demand for led lamps in Hungary. Another trend in the Lamps & Lighting market in Hungary is the growing popularity of smart lighting systems. With the increasing adoption of smart home technologies, customers are looking for lighting solutions that can be controlled remotely and integrated with other smart devices. Smart lighting systems offer features such as dimming, color changing, and scheduling, providing customers with greater convenience and flexibility. This trend has driven the demand for smart lighting systems in Hungary.

Local special circumstances: in Hungary have also played a role in the development of the Lamps & Lighting market. The government has implemented initiatives to promote energy conservation and reduce carbon emissions. These initiatives include subsidies and incentives for energy-efficient lighting solutions, which have encouraged customers to switch to led lamps. Additionally, the increasing adoption of smart home technologies in Hungary has created a favorable environment for the growth of the smart lighting market. Underlying macroeconomic factors have also contributed to the growth of the Lamps & Lighting market in Hungary. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. As a result, customers have been more willing to invest in high-quality lighting solutions that offer long-term savings and convenience. Furthermore, the construction industry in Hungary has been booming, driving the demand for lighting products in residential, commercial, and industrial sectors. In conclusion, the Lamps & Lighting market in Hungary has been driven by customer preferences for energy-efficient and smart lighting solutions. The increasing awareness of environmental issues and the adoption of smart home technologies have influenced customer choices. Additionally, local special circumstances, such as government initiatives and the growth of the construction industry, have further supported the development of the market.

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.