Lamps & Lighting - Mongolia | Statista Market Forecast

In Mongolia, the revenue in the Lamps & Lighting market is projected to reach US$7.73m in 2024.
It is anticipated that the market will experience an annual growth rate of 0.60% (CAGR 2024-2029).
When compared globally, United States generates the highest revenue in this segment, amounting to US$32bn in 2024.
In terms of per person revenues, in Mongolia generates US$2.21 in 2024.
"Mongolia's demand for traditional Mongolian-style lamps has been steadily increasing, reflecting a growing appreciation for the country's cultural heritage."

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 Mongolia has been experiencing significant growth in recent years. Customer preferences in the market are shifting towards energy-efficient and environmentally friendly lighting solutions. With increasing awareness about the need to reduce energy consumption and minimize carbon emissions, consumers in Mongolia are opting for led lamps and lighting fixtures. led technology offers numerous benefits such as longer lifespan, lower energy consumption, and reduced maintenance costs. Additionally, led lighting provides better color rendering and can be easily dimmed, allowing consumers to create different lighting atmospheres in their homes or workplaces. Another customer preference in the market is for aesthetically pleasing and innovative lighting designs. Consumers are increasingly looking for lighting fixtures that not only provide functional illumination but also enhance the overall interior design of their spaces. This has led to a growing demand for decorative lamps and lighting solutions that come in various shapes, sizes, and colors. Trends in the Lamps & Lighting market in Mongolia include the rise of smart lighting solutions. With the increasing adoption of smart home technology, consumers are seeking lighting fixtures that can be controlled remotely through mobile applications or voice commands. Smart lighting systems offer features such as color changing, scheduling, and dimming options, providing convenience and flexibility to users. Another trend in the market is the growing demand for outdoor lighting solutions. Mongolia has a vast and beautiful landscape, and there is a growing interest in illuminating outdoor spaces such as gardens, parks, and public areas. This trend is driven by the desire to create visually appealing outdoor environments and improve safety and security during nighttime. Local special circumstances in the Lamps & Lighting market in Mongolia include the country's extreme weather conditions. Mongolia experiences harsh winters with extremely low temperatures, which can affect the performance and durability of lighting fixtures. Therefore, there is a need for lighting solutions that are specifically designed to withstand these challenging weather conditions. Underlying macroeconomic factors that contribute to the development of the Lamps & Lighting market in Mongolia include the country's economic growth and increasing urbanization. As the economy continues to expand, consumers have more disposable income to spend on home improvement and renovation projects, including lighting upgrades. Additionally, the rapid urbanization in Mongolia has led to the construction of new residential and commercial buildings, creating a demand for lighting fixtures. In conclusion, the Lamps & Lighting market in Mongolia is driven by

Customer preferences: for energy-efficient and aesthetically pleasing lighting solutions. The market is witnessing trends such as the adoption of smart lighting and the demand for outdoor lighting.

Local special circumstances: include the extreme weather conditions in Mongolia. The

Underlying macroeconomic factors: that contribute to the market's development include economic growth and urbanization.

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.