Lamps & Lighting - EU-27

EU-27

In the year 2024, the revenue in the Lamps & Lighting market in the EU-27 amounts to US$21.48bn.
It is projected that the market will experience an annual growth rate of 2.41% (CAGR 2024-2029).
When compared to the global market, United States generates the highest revenue with US$31,960m in 2024.
Looking at the per capita figures, in 2024, each individual in the EU-27 generates US$48.00 in revenue.
In Germany, there is a growing demand for eco-friendly LED lamps as consumers prioritize energy efficiency and sustainability.

Key regions: Brazil, Canada, Germany, Denmark, United Kingdom

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Analyst Opinion

The Lamps & Lighting market in eu-27 is experiencing significant growth due to several key factors. Customer preferences for energy-efficient and sustainable lighting solutions, along with advancements in technology, are driving the market forward. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the development of the market.

Customer preferences: in the eu-27 region are shifting towards energy-efficient lighting solutions. With increasing awareness about environmental sustainability and the need to reduce carbon emissions, consumers are opting for led lamps and lighting fixtures. led technology offers significant energy savings compared to traditional incandescent bulbs, making it a popular choice among customers. Additionally, led lighting provides better quality and longer lifespan, further enhancing its appeal to consumers. Another customer preference driving the market is the demand for smart lighting solutions. With the rise of smart homes and the Internet of Things (iot), customers are looking for lighting systems that can be controlled remotely and integrated with other smart devices. This trend is pushing manufacturers to develop innovative lighting products that offer convenience and customization options to consumers. Trends in the Lamps & Lighting market in the eu-27 region include the growing popularity of decorative lighting. Customers are increasingly seeking lighting fixtures that not only provide illumination but also serve as stylish and decorative elements in their homes or commercial spaces. This trend is driving manufacturers to offer a wide range of aesthetically pleasing lighting options, including pendant lights, chandeliers, and wall sconces. Another trend in the market is the increasing adoption of smart city initiatives. Many cities in the eu-27 region are implementing smart lighting systems as part of their efforts to improve energy efficiency and enhance public safety. These smart lighting systems use sensors and advanced control systems to optimize lighting levels based on real-time conditions, resulting in significant energy savings and improved lighting quality.

Local special circumstances: in the eu-27 region also contribute to the development of the Lamps & Lighting market. Government regulations and policies promoting energy efficiency and sustainability are driving the adoption of led lighting solutions. Incentives and subsidies offered by governments further encourage consumers to switch to energy-efficient lighting options.

Underlying macroeconomic factors: such as population growth and urbanization, are also fueling the demand for lamps and lighting in the eu-27 region. As more people migrate to urban areas, the need for lighting in residential, commercial, and public spaces increases. Additionally, economic growth and rising disposable incomes in the region are driving consumer spending on home improvement and renovation projects, including lighting upgrades. In conclusion, the Lamps & Lighting market in the eu-27 region is experiencing growth due to customer preferences for energy-efficient and sustainable lighting solutions, along with advancements in technology. The market is also influenced by local special circumstances, such as government regulations promoting energy efficiency, and underlying macroeconomic factors, including population growth and urbanization.

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.