Lamps & Lighting - Mexico

Mexico

In 2024, the revenue in the Lamps & Lighting market in Mexico amounts to US$838.00m.
It is projected that the market will experience an annual growth rate of 1.10% (CAGR 2024-2029).
When compared to other countries worldwide, in the United States generates the highest revenue in this segment, with US$31,960m in 2024.
In terms of per person revenues, in Mexico generates US$6.48 per individual in 2024, based on the total population figures.
The market for decorative lamps in Mexico is experiencing a surge in demand due to the country's vibrant and colorful culture.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Lamps & Lighting market in Mexico has been experiencing significant growth in recent years. Customer preferences have shifted towards more energy-efficient and environmentally friendly lighting solutions. led lighting has become increasingly popular due to its long lifespan and low energy consumption. Additionally, there has been a growing demand for smart lighting systems that can be controlled remotely through mobile devices. In terms of trends in the market, there has been a rise in the adoption of led lighting in both residential and commercial sectors. This can be attributed to the increasing awareness about the benefits of led lighting, such as lower electricity bills and reduced carbon emissions. Furthermore, government initiatives promoting energy efficiency have also contributed to the growth of the led lighting market in Mexico. Another trend in the market is the increasing demand for smart lighting systems. With the advancement of technology, consumers are seeking lighting solutions that offer convenience and control. Smart lighting systems allow users to adjust the brightness and color of the lights, set timers, and even integrate with other smart home devices. This trend is expected to continue as more consumers embrace smart home technology. In terms of local special circumstances, Mexico has a large population and a growing middle class. This has led to an increase in construction activities, both residential and commercial, which has driven the demand for lamps and lighting products. Additionally, Mexico has a strong manufacturing sector, which has contributed to the availability of a wide range of lighting products at competitive prices. Underlying macroeconomic factors also play a role in the development of the Lamps & Lighting market in Mexico. The country's stable economic growth and rising disposable incomes have increased consumer spending power. This has led to an increase in the demand for home improvement and renovation projects, which often include the purchase of new lighting fixtures. In conclusion, the Lamps & Lighting market in Mexico is experiencing growth due to

Customer preferences: for energy-efficient and smart lighting solutions. led lighting and smart lighting systems are becoming increasingly popular in both residential and commercial sectors. The country's growing population, strong manufacturing sector, and favorable macroeconomic conditions are also contributing to 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.