Lamps & Lighting - Saudi Arabia

Saudi Arabia

In Saudi Arabia, the revenue generated in the Lamps & Lighting market is projected to reach €737.90m in 2024.
It is anticipated that the market will experience an annual growth rate of 0.19% (CAGR 2024-2029).
When compared globally, in the United States leads in terms of revenue generation, with an estimated amount of €29,330m in 2024.
In relation to the total population figures, the per person revenues in Saudi Arabia are expected to amount to €19.69 in 2024.
The demand for modern and luxurious lamps and lighting fixtures is on the rise in Saudi Arabia, reflecting the country's growing interest in sophisticated interior design.

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

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Analyst Opinion

The Lamps & Lighting market in Saudi Arabia is experiencing significant growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Saudi Arabia are increasingly seeking energy-efficient and environmentally-friendly lighting solutions. This shift in preference is driven by the growing awareness of the importance of sustainability and the need to reduce energy consumption. LED lighting, in particular, is gaining popularity due to its long lifespan, low energy consumption, and cost-effectiveness. Customers are also looking for stylish and modern lighting fixtures that enhance the aesthetics of their homes and commercial spaces.

Trends in the market: One of the key trends in the Lamps & Lighting market in Saudi Arabia is the adoption of smart lighting solutions. With the advancement of technology, customers are embracing smart home systems that allow them to control and automate their lighting through mobile apps or voice commands. This trend is driven by the convenience and flexibility it offers, as well as the ability to save energy by adjusting lighting settings based on occupancy and natural light conditions. Another trend in the market is the integration of lighting with home automation systems. Customers are increasingly looking for lighting solutions that can be seamlessly integrated with other smart home devices such as thermostats, security systems, and entertainment systems. This integration allows for a more holistic and personalized home automation experience.

Local special circumstances: Saudi Arabia has been implementing various initiatives and regulations to promote energy efficiency and sustainability. The government has set ambitious targets to reduce energy consumption and carbon emissions, which has led to increased demand for energy-efficient lighting solutions. Additionally, the government has been promoting the use of LED lighting through subsidies and awareness campaigns, further driving the growth of the market.

Underlying macroeconomic factors: The Lamps & Lighting market in Saudi Arabia is also influenced by underlying macroeconomic factors. The country's population is growing, leading to an increase in housing construction and infrastructure development. This has created a higher demand for lighting products in residential, commercial, and industrial sectors. Furthermore, the government's focus on diversifying the economy and reducing dependence on oil has led to increased investments in sectors such as tourism, hospitality, and retail, which also drive the demand for lighting solutions. In conclusion, the Lamps & Lighting market in Saudi Arabia is experiencing growth and development due to changing customer preferences towards energy-efficient and stylish lighting solutions, emerging trends in smart lighting and integration with home automation systems, local special circumstances promoting energy efficiency, and underlying macroeconomic factors such as population growth and economic diversification.

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.