Lamps & Lighting - Montenegro

Montenegro

In Montenegro, the revenue generated in the Lamps & Lighting market in 2024 amounts to US$2.20m.
It is projected that the market will experience an annual growth rate of -0.74% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, with US$31,960m in 2024.
In terms of per person revenues, in Montenegro generates US$3.51 in 2024.
Montenegro's growing tourism industry has led to an increased demand for unique and locally-made lamps and lighting fixtures.

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

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Analyst Opinion

The Lamps & Lighting market in Montenegro is experiencing significant growth and development.

Customer preferences: In Montenegro, customers have shown a growing preference for energy-efficient and eco-friendly lighting solutions. This can be attributed to the increasing awareness about environmental sustainability and the need to reduce energy consumption. LED lighting has gained popularity among consumers due to its long lifespan, low energy consumption, and cost-effectiveness. Additionally, customers in Montenegro also value aesthetically pleasing lighting designs that enhance the ambience of their living spaces.

Trends in the market: One of the key trends in the Lamps & Lighting market in Montenegro is the adoption of smart lighting solutions. Smart lighting systems, which can be controlled remotely through smartphones or voice assistants, offer convenience and energy savings. These systems allow users to adjust the brightness and color of the lights, create personalized lighting schedules, and even integrate with other smart home devices. The increasing popularity of smart homes in Montenegro has contributed to the growth of the smart lighting market. Another trend in the market is the rise of decorative and designer lighting fixtures. Consumers in Montenegro are increasingly seeking unique and stylish lighting options that serve as statement pieces in their homes or commercial spaces. This trend has led to the emergence of local and international lighting designers and manufacturers offering a wide range of innovative and visually appealing lighting fixtures.

Local special circumstances: Montenegro's growing tourism industry has had a positive impact on the Lamps & Lighting market. The country's picturesque landscapes and historical sites attract a large number of tourists, leading to increased demand for high-quality lighting solutions in hotels, restaurants, and other hospitality establishments. The need to create inviting and visually appealing environments for tourists has driven the demand for decorative and customized lighting fixtures.

Underlying macroeconomic factors: Montenegro's improving economy and rising disposable incomes have contributed to the growth of the Lamps & Lighting market. As people's purchasing power increases, they are more willing to invest in high-quality lighting solutions for their homes and businesses. Additionally, the construction sector in Montenegro has been experiencing steady growth, leading to increased demand for lighting products in new residential and commercial projects. In conclusion, the Lamps & Lighting market in Montenegro is witnessing growth driven by customer preferences for energy-efficient and aesthetically pleasing lighting solutions. The adoption of smart lighting systems and the demand for decorative lighting fixtures are key trends in the market. The country's growing tourism industry and improving economy, along with the construction sector's expansion, are contributing to the market's development.

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 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.