Lamps & Lighting - Puerto Rico | Statista Market Forecast

In 2024, the revenue generated in the Lamps & Lighting market in Puerto Rico amounts to US$86.18m.
According to projections, this market is expected to grow annually by 1.14% (CAGR 2024-2029).
In comparison to other countries, United States generates the highest revenue in this segment, with US$32bn in 2024.
When considering the population figures, the per person revenue in Puerto Rico is US$26.37 in 2024.
Amidst the ongoing power outages in Puerto Rico, demand for portable solar-powered lamps has surged in the 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 Puerto Rico has been experiencing significant growth in recent years. Customer preferences have shifted towards more energy-efficient and sustainable lighting solutions, driving the demand for led lamps and lighting fixtures. Additionally, local special circumstances, such as the need for resilient lighting systems in the aftermath of natural disasters, have contributed to the growth of the market.

Customer preferences: in the Lamps & Lighting market in Puerto Rico have been influenced by global trends towards energy efficiency and sustainability. Consumers are increasingly seeking led lamps and lighting fixtures, which offer significant energy savings compared to traditional incandescent bulbs. led technology also provides longer lifespan, reducing the need for frequent replacements. Moreover, led lamps are more environmentally friendly, as they do not contain harmful substances such as mercury. These customer preferences align with global efforts to reduce energy consumption and mitigate climate change. In addition to energy efficiency, the Lamps & Lighting market in Puerto Rico has been shaped by

Local special circumstances:. The island is prone to frequent hurricanes and other natural disasters, which often result in power outages. As a result, there is a high demand for lighting solutions that can operate independently of the grid. battery-powered led lamps and solar-powered lighting systems have gained popularity, as they provide reliable lighting during emergencies. This trend is expected to continue as Puerto Rico continues to recover from the devastating impact of Hurricane Maria in 2017. The Lamps & Lighting market in Puerto Rico is also influenced by underlying macroeconomic factors. The island has been facing economic challenges, including a high poverty rate and a significant debt burden. As a result, consumers are more price-sensitive and seek affordable lighting solutions. led lamps, although initially more expensive than traditional bulbs, offer long-term cost savings due to their energy efficiency and durability. This affordability factor has contributed to the growth of the led market in Puerto Rico. Furthermore, government initiatives and regulations have played a role in shaping the Lamps & Lighting market in Puerto Rico. The government has implemented energy efficiency programs and provided incentives for the adoption of led lighting. These initiatives have encouraged consumers and businesses to invest in energy-efficient lighting solutions, further driving the growth of the market. In conclusion, the Lamps & Lighting market in Puerto Rico is developing in response to customer preferences for energy-efficient and sustainable lighting solutions. led lamps and lighting fixtures have gained popularity due to their energy savings, long lifespan, and environmental benefits. The demand for resilient lighting systems in the aftermath of natural disasters has also contributed to market growth. Additionally,

Underlying macroeconomic factors: such as affordability and government initiatives, have influenced 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.