Lamps & Lighting - Canada

Canada

In Canada, the revenue in the Lamps & Lighting market reaches a substantial amount of €1.73bn in 2024.
It is projected that the market will experience an annual growth rate of 4.15% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, amounting to €29,640m in 2024.
Considering the population figures, the per person revenue in Canada for 2024 is estimated to be €44.24.
"The Canadian market for lamps and lighting is experiencing a surge in demand for energy-efficient LED products."

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

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Analyst Opinion

The Lamps & Lighting market in Canada has been experiencing steady growth in recent years. Customer preferences have shifted towards energy-efficient and eco-friendly lighting solutions, driving the demand for LED lamps and smart lighting systems. Additionally, the growing trend of home renovation and interior decoration has also contributed to the market growth. The Canadian market is also influenced by local special circumstances, such as government initiatives promoting energy conservation and the presence of a well-established retail sector.

Customer preferences: In Canada, customers are increasingly opting for energy-efficient lighting solutions. LED lamps have gained popularity due to their long lifespan, low energy consumption, and cost-effectiveness. Consumers are also embracing smart lighting systems that offer convenience and energy savings through features like remote control and automated scheduling. The demand for decorative lighting fixtures has also increased as homeowners focus on enhancing the aesthetics of their living spaces.

Trends in the market: One of the key trends in the Lamps & Lighting market in Canada is the growing adoption of LED lamps. The energy efficiency and durability of LED technology make it an attractive choice for both residential and commercial applications. The market is witnessing a shift from traditional incandescent and fluorescent lamps to LED lamps. Additionally, there is a rising demand for smart lighting systems that can be controlled through smartphones or voice assistants. These systems offer features like dimming, color changing, and scheduling, providing users with greater control over their lighting environment.

Local special circumstances: The Canadian government has implemented various initiatives to promote energy conservation and reduce greenhouse gas emissions. This has led to the promotion of energy-efficient lighting solutions, including LED lamps. The government offers rebates and incentives to encourage consumers to switch to energy-efficient lighting. This has further accelerated the adoption of LED lamps in the market. The presence of a well-established retail sector in Canada also contributes to the growth of the Lamps & Lighting market. Consumers have easy access to a wide range of lighting products through physical stores and online platforms. Retailers often offer competitive pricing and discounts, making it easier for consumers to upgrade their lighting systems.

Underlying macroeconomic factors: The steady growth of the Lamps & Lighting market in Canada can be attributed to several macroeconomic factors. Firstly, the increasing trend of home renovation and interior decoration has created a demand for new lighting fixtures. Homeowners are investing in lighting solutions that enhance the ambiance and aesthetics of their living spaces. Secondly, the growing awareness of energy conservation and environmental sustainability has influenced consumer preferences. Energy-efficient lighting solutions align with the values of environmentally conscious consumers, driving the demand for LED lamps and smart lighting systems. Lastly, the overall economic stability and disposable income levels in Canada have also contributed to the growth of the Lamps & Lighting market. As consumers have more purchasing power, they are willing to invest in high-quality lighting products that offer long-term cost savings and improved functionality. In conclusion, the Lamps & Lighting market in Canada is experiencing growth driven by customer preferences for energy-efficient and eco-friendly lighting solutions, the trend of home renovation and interior decoration, government initiatives promoting energy conservation, and the presence of a well-established retail sector. The market is witnessing a shift towards LED lamps and smart lighting systems, with a focus on energy efficiency and convenience. The underlying macroeconomic factors of home renovation trends, environmental consciousness, and economic stability further support 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 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.