Lamps & Lighting - Eastern Asia

Eastern Asia

In 2024, the revenue generated in the Lamps & Lighting market in Eastern Asia amounts to €9.19bn.
It is projected that the market will experience an annual growth rate of 7.30% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, with €29,330m in 2024.
In terms of per capita revenue, in 2024, each person in Eastern Asia generates €5.63.
In Eastern Asia, China leads the way in the lamps & lighting market, with a strong focus on energy-efficient and smart lighting solutions.

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

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Analyst Opinion

The Lamps & Lighting market in Eastern Asia has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this market.

Customer preferences: in Eastern Asia have played a crucial role in the growth of the Lamps & Lighting market. Consumers in this region have shown a strong preference for energy-efficient lighting solutions. This can be attributed to increasing awareness about environmental sustainability and the need to reduce energy consumption. led lighting, in particular, has gained popularity due to its energy efficiency and longer lifespan compared to traditional incandescent bulbs. Additionally, customers in Eastern Asia also prioritize aesthetics and design when choosing lamps and lighting fixtures, leading to an increased demand for stylish and innovative products. Several trends have emerged in the Lamps & Lighting market in Eastern Asia. One notable trend is the integration of smart technology into lighting products. With the rise of the Internet of Things (iot), consumers are increasingly looking for lighting solutions that can be controlled and customized through smartphone apps or voice commands. This trend has led to the development of smart lighting systems that offer features such as adjustable color temperature, dimming capabilities, and remote control functionality. Another trend is the growing popularity of decorative lighting, as consumers seek to enhance the ambiance and aesthetics of their living spaces.

Local special circumstances: in Eastern Asia have also influenced the development of the Lamps & Lighting market. For example, the rapid urbanization and increasing disposable income in countries like China and South Korea have led to a higher demand for residential and commercial lighting solutions. Additionally, the government regulations and initiatives promoting energy efficiency have further boosted the adoption of led lighting in the region. These special circumstances have created a favorable environment for the growth of the Lamps & Lighting market.

Underlying macroeconomic factors: have also played a role in the development of the Lamps & Lighting market in Eastern Asia. The region's strong economic growth and rising middle class have contributed to increased consumer spending on home improvement and interior design. As a result, there is a higher demand for lamps and lighting products to enhance the aesthetics of homes and commercial spaces. Furthermore, the increasing focus on sustainable development and energy conservation has driven the adoption of energy-efficient lighting solutions, such as led bulbs, which align with the region's environmental goals. In conclusion, the Lamps & Lighting market in Eastern Asia has experienced significant growth due to customer preferences for energy-efficient and aesthetically pleasing lighting solutions, emerging trends in smart lighting and decorative lighting, local special circumstances such as urbanization and government initiatives, and underlying macroeconomic factors like strong economic growth and environmental sustainability goals.

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.