Global Lamps Market Report and Forecast 2024-2032

Global Lamps Market Size

The global lamps market reached around USD 14.21 billion in 2023. The market is projected to grow at a CAGR of 5.5% between 2024 and 2032 to reach nearly USD 23.00 billion by 2032.

Global Lamps Market Outlook

• During 2020-2025, Mauritius’ home furnishing industry is expected to grow by 202.19%, thereby resulting in increased lamp sales.

• Globally, lamps consumed 15% of overall electricity while producing 5% of greenhouse gases in 2022.

• According to the adjusted US Census Bureau data, home furnishing and furniture sales reached USD 13 billion in January 2023.

Global Lamps Market Growth

As per the United Nations, nearly 50% of the average age of the planet’s population is expected to reach 25-64 years by 2100. Increasing levels of digital literacy and smartphone access are expected to drive the growth of e-commerce channels across various industries, including home furnishing items like lamps.

In 2023, the total revenue of home furniture e-commerce reached $415 billion, which is expected to grow to $455.4 billion by 2025 and beyond. China and the United States account for a substantial portion of the revenue of the global furnishing industry (at $181.8 billion and $ 87.4 billion respectively). However, developing countries like Egypt, Niger, and Guyana are expected to witness a surge in the number of online platforms for home furniture sales.

The Middle East and Africa is expected to emerge as a frontrunner in the market for lamps over the forecast period. The demand for home furnishings in Guyana is expected to increase by 532.44% between 2020 and 2025, which can be closely followed by Niger (250.50%), Egypt (246.02%), Ethiopia (220.67%), Gabon (213.70), Guinea (208.89%), and Suriname (203.26%). This can be attributed to the development of an affluent middle class, the availability of improved logistical facilities for shipping, and increased trade flows due to the signing of international free-trade agreements.

Global Lamps Industry Segmentation

Global Lamps Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Desk Lamp

• Floor Lamp

Market Breakup by Type

• Reading Lamp

• Decorative Lamp

Market Breakup by Application

• Residential/Retail

• Commercial/Hospitality

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Lamps Market Share

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Over the forecast period, the Asia Pacific is expected to grow at a CAGR of 7.1% due to the anticipated growth of its hospitality sector.

Leading Companies in the Global Lamps Market

With the evolving trends in interior home design, major lamp manufacturers are adopting new designs, which cater to different consumer preferences.

• Signify N.V.

• MillerKnoll Inc.

• ams OSRAM AG

• Inter IKEA Holding B.V.

• Artemide S.p.A

• Pablo Inc.

• Lutron Electronics Co., Inc.

• Koncept Inc.

• OttLite Technologies, Inc.

• Flos B&B Italia Group S.p.A.

• Others

Key Highlights of the Report