Lamps & Lighting - United Kingdom

United Kingdom

In the year 2024, the revenue in the Lamps & Lighting market in the United Kingdom is estimated to reach a substantial amount of US$2.91bn.
Projections indicate that this market is anticipated to grow steadily at an annual rate of 2.36% from 2024 to 2029, as measured by the Compound Annual Growth Rate (CAGR).
However, when compared to other countries globally, it is important to note that in the United States leads the pack in terms of generating revenue in this segment, with an impressive value of US$31,960m expected in 2024.
Furthermore, when considering the revenue generated per person, it amounts to approximately US$42.79 per individual in the United Kingdom in 2024.
The United Kingdom is experiencing a surge in demand for energy-efficient LED lighting solutions in the Lamps & Lighting market.

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

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Analyst Opinion

The Lamps & Lighting market in United Kingdom has been experiencing steady growth in recent years.

Customer preferences: Customers in the United Kingdom have shown a growing interest in energy-efficient lighting solutions. This is driven by a combination of factors, including a desire to reduce energy consumption and lower electricity bills. LED lighting has become increasingly popular among consumers, as it offers significant energy savings compared to traditional incandescent bulbs. In addition, customers are also looking for lighting solutions that are aesthetically pleasing and can enhance the overall ambience of their homes or workplaces. As a result, there is a growing demand for stylish and innovative lighting designs in the market.

Trends in the market: One of the key trends in the Lamps & Lighting market in United Kingdom is the increasing adoption of smart lighting solutions. Smart lighting allows users to control and customize their lighting settings through mobile apps or voice commands. This technology not only offers convenience but also enables users to optimize energy usage by adjusting brightness levels and scheduling lighting based on their needs. The demand for smart lighting is expected to continue growing as more consumers become aware of its benefits and as the Internet of Things (IoT) ecosystem expands. Another trend in the market is the rising popularity of decorative lighting. Consumers in the United Kingdom are increasingly using lighting as a way to enhance the aesthetics of their living spaces. This has led to a growing demand for decorative lighting fixtures, such as chandeliers, pendant lights, and wall sconces. Manufacturers are responding to this trend by offering a wide range of stylish and artistic lighting designs to cater to the diverse preferences of consumers.

Local special circumstances: The United Kingdom has implemented several regulations and initiatives to promote energy efficiency in the lighting sector. For example, the government has phased out the sale of traditional incandescent bulbs and encouraged the use of more energy-efficient alternatives. This has created a favorable environment for the growth of LED lighting in the market. In addition, the government has also introduced energy labeling requirements for lighting products, which provide consumers with information on the energy efficiency of different products. This has helped raise awareness among consumers and drive the demand for energy-efficient lighting solutions.

Underlying macroeconomic factors: The Lamps & Lighting market in United Kingdom is influenced by various macroeconomic factors. Economic growth and consumer confidence play a significant role in driving consumer spending on home improvement and renovation projects, which often includes the purchase of new lighting fixtures. In addition, changes in household income levels and disposable income can also impact consumer demand for lighting products. Furthermore, technological advancements and innovations in the lighting industry, as well as changes in consumer lifestyles and preferences, can shape the direction 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.