Lamps & Lighting - South America

South America

In South America, the revenue generated in the Lamps & Lighting market in 2024 amounts to US$2.87bn.
It is projected that the market will experience an annual growth rate of 3.69% (CAGR 2024-2029).
When compared globally, in the United States leads the way in terms of revenue, generating US$31,960m in 2024.
Considering the total population figures, the per person revenue in South America is US$6.94 in 2024.
In South America, the market for lamps and lighting is experiencing a surge in demand due to the region's growing focus on sustainable and energy-efficient lighting solutions.

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

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Analyst Opinion

The Lamps & Lighting market in South America is experiencing significant growth due to several key factors. Customer preferences for energy-efficient and sustainable lighting solutions, along with the increasing urbanization and infrastructure development in the region, are driving the demand for lamps and lighting products. Additionally, local special circumstances such as government initiatives and regulations are also playing a crucial role in shaping the market.

Customer preferences: in South America are shifting towards energy-efficient and sustainable lighting solutions. With growing awareness about the environmental impact of traditional lighting sources, consumers are opting for led and other energy-efficient lighting options. This is driven by the desire to reduce energy consumption and lower electricity bills. led lighting is known for its long lifespan, low energy consumption, and reduced carbon footprint. As a result, led lamps and lighting products are gaining popularity in the South American market. Trends in the market also indicate a growing demand for smart lighting solutions. With the increasing adoption of smart home technology, consumers are looking for lighting products that can be controlled remotely and integrated into their smart home systems. Smart lighting allows users to control the brightness, color, and timing of their lights using smartphone apps or voice assistants. This trend is driven by the convenience and energy-saving benefits of smart lighting, as well as the desire for a modern and connected home.

Local special circumstances: in South America are also contributing to the growth of the Lamps & Lighting market. Governments in the region are implementing energy efficiency regulations and initiatives to promote the use of sustainable lighting solutions. These regulations require the phasing out of traditional incandescent bulbs and encourage the use of energy-efficient alternatives. Additionally, government subsidies and incentives are provided to consumers and businesses to encourage the adoption of led lighting. These special circumstances are creating a favorable environment for the growth of the Lamps & Lighting market in South America. Underlying macroeconomic factors such as urbanization and infrastructure development are also driving the demand for lamps and lighting products in South America. As cities expand and new infrastructure projects are undertaken, there is a need for lighting solutions in residential, commercial, and public spaces. The construction of new buildings, roads, and public facilities creates a demand for lighting products, both for indoor and outdoor applications. This presents a significant opportunity for manufacturers and suppliers in the Lamps & Lighting market to cater to the growing demand in South America. In conclusion, the Lamps & Lighting market in South America is experiencing growth due to customer preferences for energy-efficient and sustainable lighting solutions, along with the increasing urbanization and infrastructure development in the region. The shift towards energy-efficient lighting options, the demand for smart lighting solutions, government initiatives and regulations, as well as the need for lighting in urban and infrastructure projects, are all contributing to the development 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.