Lamps & Lighting - Iceland | Statista Market Forecast

In 2024, the revenue in the Lamps & Lighting market in Iceland amounts to US$21.83m.
The market is expected to grow annually by -0.19% (CAGR 2024-2029).
In global comparison, United States generates the highest revenue in the Lamps & Lighting market with US$32bn in 2024.
When considering the total population figures, per person revenues of US$57.81 are generated in Iceland in 2024.
Icelandic consumers are increasingly turning to eco-friendly and sustainable lighting options in the lamps & 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 Iceland has been experiencing steady growth in recent years, driven by customer preferences for energy-efficient and environmentally-friendly lighting solutions.

Customer preferences: In line with global trends, customers in Iceland are increasingly opting for energy-efficient lighting solutions such as LED lamps. LED lamps offer several advantages over traditional incandescent and fluorescent lamps, including lower energy consumption, longer lifespan, and reduced maintenance costs. Moreover, LED technology has evolved significantly in recent years, resulting in improved light quality and a wider range of design options. As a result, LED lamps have become the preferred choice for both residential and commercial lighting applications in Iceland.

Trends in the market: One of the key trends in the Lamps & Lighting market in Iceland is the growing demand for smart lighting solutions. Smart lighting systems allow users to control and customize their lighting settings through smartphone apps or voice commands. These systems offer features such as dimming, color-changing, and scheduling, providing users with greater flexibility and convenience. The increasing adoption of smart home technology in Iceland has contributed to the popularity of smart lighting systems, as they integrate seamlessly with other smart devices and enhance the overall home automation experience. Another trend in the market is the rising popularity of decorative and designer lighting fixtures. Customers in Iceland are increasingly seeking unique and aesthetically pleasing lighting solutions that complement their interior design. This trend has led to a growing demand for decorative lamps, pendant lights, and chandeliers. Manufacturers and retailers are responding to this trend by offering a wide variety of stylish and innovative lighting fixtures to cater to the diverse preferences of customers.

Local special circumstances: Iceland's unique geographical location and natural resources have influenced the Lamps & Lighting market in the country. The country experiences long winter nights and short daylight hours, which has led to a greater emphasis on artificial lighting. Additionally, Iceland's commitment to renewable energy sources, such as geothermal and hydroelectric power, has contributed to the popularity of energy-efficient lighting solutions. The abundance of renewable energy resources has made electricity relatively inexpensive in Iceland, further incentivizing customers to invest in energy-efficient lighting options.

Underlying macroeconomic factors: The Lamps & Lighting market in Iceland is also influenced by macroeconomic factors such as population growth, urbanization, and disposable income levels. Iceland has experienced a steady increase in population, particularly in urban areas, which has led to a higher demand for residential and commercial lighting. Additionally, rising disposable income levels have enabled customers to invest in higher-quality and more expensive lighting solutions. The growing tourism industry in Iceland has also contributed to the demand for lighting in hotels, restaurants, and other hospitality establishments. In conclusion, the Lamps & Lighting market in Iceland is driven by customer preferences for energy-efficient and environmentally-friendly lighting solutions, such as LED lamps. The market is also influenced by trends such as the growing demand for smart lighting systems and decorative lighting fixtures. Iceland's unique geographical location, commitment to renewable energy, and underlying macroeconomic factors further shape the market dynamics.

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.