Lamps & Lighting - Serbia

Serbia

In Serbia, the revenue generated in the Lamps & Lighting market in 2024 amounts to US$40.72m.
It is projected that the market will experience an annual growth rate of 3.88% (CAGR 2024-2029).
Comparing globally, in the United States generates the highest revenue in this segment, reaching US$31,960m in 2024.
When considering the total population, per person revenues amount to US$5.74 in 2024.
Serbia's lamps and lighting market is experiencing a surge in demand due to the country's growing focus on interior design and home decoration.

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

Market

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Region comparison

Currency

Analyst Opinion

The Lamps & Lighting market in Serbia has been experiencing steady growth in recent years. Customer preferences in the market have been shifting towards more energy-efficient and environmentally friendly lighting options. led lighting has become increasingly popular in Serbia due to its long lifespan, low energy consumption, and cost-effectiveness. Customers are also looking for lighting solutions that offer smart features and can be controlled remotely. This trend towards energy-efficient and smart lighting is in line with global market preferences, as customers worldwide are becoming more conscious of their energy consumption and looking for ways to reduce their carbon footprint. One of the key trends in the Serbian market is the increasing demand for decorative lighting. Customers are looking for unique and aesthetically pleasing lighting options to enhance the ambiance of their homes and commercial spaces. This trend is driven by the growing interest in interior design and home decor, as well as the desire to create personalized and inviting spaces. As a result, manufacturers and retailers are focusing on offering a wide range of decorative lighting options to cater to this demand. Another trend in the market is the growing popularity of online sales channels. Customers in Serbia are increasingly turning to online platforms to purchase lamps and lighting products. This trend is driven by the convenience and wide selection of products available online. Online retailers are capitalizing on this trend by offering competitive prices and fast delivery options. However, traditional brick-and-mortar stores still play an important role in the market, as customers value the ability to see and touch the products before making a purchase. Local special circumstances in Serbia also contribute to the development of the Lamps & Lighting market. The country has been investing in infrastructure development, including the renovation of public spaces and buildings. This has led to an increased demand for lighting solutions in both residential and commercial sectors. Additionally, the government has implemented energy efficiency programs and incentives to encourage the use of energy-efficient lighting in households and businesses. These initiatives have further fueled the demand for led lighting in the market. Underlying macroeconomic factors, such as gdp growth and disposable income levels, also play a role in the development of the Lamps & Lighting market in Serbia. As the economy continues to grow, consumers have more purchasing power, which translates into increased spending on home improvement and decor. The construction industry is also growing, driving the demand for lighting products in both residential and commercial projects. Furthermore, the government's focus on promoting sustainable development and energy efficiency is expected to continue driving the demand for energy-efficient lighting solutions in the market. Overall, the Lamps & Lighting market in Serbia is experiencing growth due to

Customer preferences: for energy-efficient and decorative lighting options, the increasing popularity of online sales channels,

Local special circumstances: such as infrastructure development and government initiatives, and

Underlying macroeconomic factors: such as gdp growth and disposable income levels.

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.