Lamps & Lighting - Thailand

Thailand

In Thailand, the revenue generated in the Lamps & Lighting market is projected to reach US$254.70m in 2024.
This market is expected to experience an annual growth rate of 6.52% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, amounting to US$31,960m in 2024.
In terms of per person revenues, in Thailand generates US$3.54 in 2024.
Thailand's market for lamps and lighting is experiencing a surge in demand driven by the country's rapid urbanization and growing emphasis on energy-efficient solutions.

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

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Analyst Opinion

The Lamps & Lighting market in Thailand has been experiencing steady growth in recent years. Customer preferences in the market have been shifting towards energy-efficient and environmentally friendly lighting solutions. This trend is driven by increasing awareness of the need to reduce energy consumption and minimize the carbon footprint. led lighting has gained popularity due to its long lifespan, low energy consumption, and versatility in design. Consumers are also looking for smart lighting solutions that can be controlled remotely and integrated with other smart home devices. Trends in the market include the growing demand for decorative lighting products. With the rise of social media and the influence of interior design trends, consumers are increasingly seeking unique and aesthetically pleasing lighting fixtures to enhance the ambiance of their homes and commercial spaces. This has led to a rise in demand for decorative lamps, pendant lights, and chandeliers with innovative designs and materials. Another trend in the market is the increasing adoption of lighting solutions in the commercial sector. With the growth of industries such as hospitality, retail, and healthcare, there is a greater need for efficient and effective lighting solutions. Commercial establishments are investing in energy-efficient lighting systems to reduce operational costs and create a better environment for employees and customers. Local special circumstances in Thailand also contribute to the development of the Lamps & Lighting market. The government has implemented policies and initiatives to promote energy efficiency and sustainable development. This includes the promotion of led lighting and the introduction of energy labeling for lighting products. These measures have encouraged consumers and businesses to adopt energy-efficient lighting solutions. Underlying macroeconomic factors such as population growth, urbanization, and increasing disposable income also play a role in the growth of the Lamps & Lighting market in Thailand. As the population continues to grow and more people move to urban areas, there is a greater demand for lighting products. Rising disposable income levels allow consumers to invest in higher-quality lighting solutions and upgrade their existing lighting systems. In conclusion, the Lamps & Lighting market in Thailand is developing in response to

Customer preferences: for energy-efficient and environmentally friendly lighting solutions.

Trends in the market: include the demand for decorative lighting products and the adoption of lighting solutions in the commercial sector.

Local special circumstances: such as government initiatives to promote energy efficiency, also contribute to market development.

Underlying macroeconomic factors: such as population growth and increasing disposable income, further drive the growth 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.