The Asia Pacific Lamps Market would witness market growth of 5.4% CAGR during the forecast period (2023-2030).
Developing new homes for the homeless is a priority for governments in emerging nations like China and India, fueling the expansion of the lamps market in the region. In emerging nations, the demand for lights in the residential, commercial, and industrial sectors is rising due to rapid urbanization and infrastructural development. Lighting solutions are needed for new construction and public areas, which are expanding the market.
Moreover, the growth of the hospitality and tourism industries, which includes hotels, restaurants, and entertainment venues, has boosted demand for visually beautiful and practical lighting solutions, which has benefited the lamp industry. A few important elements influencing the expansion of this market are the abundance of retail outlets and several benefits linked to this choice, including excellent product quality, on-site product verification, and immediate product availability.
In the retail and wholesale options, products are sold by retailers, dealers, and affiliates. These channel partners typically have a well-established presence in regional marketplaces and the means to inexpensively reach their target audiences. These ideas have helped light manufacturing businesses create cutting-edge goods. Therefore, in the coming years, this market will expand rapidly.
Asia Pacific is a significant supplier of LED packages and chips. A significant aspect in deciding the value and cost of LED luminaires is the accessibility of production facilities in China, Taiwan, South Korea, and Japan. The primary causes are the government's promotion efforts and the growing adoption of cutting-edge lighting in many industries. Commercial lighting is increasingly important to enhance aesthetics and illuminate buildings, public spaces, roadways, and other sites. The demand for and growth of the regional market would thus increase during the projection period due to significant government support.
The China market dominated the Asia Pacific Lamps Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $624.7 million by 2030. The Japan market is poised to grow at a CAGR of 4.7% during (2023 - 2030). Additionally, The India market would register a CAGR of 6% during (2023 - 2030).
Based on Product, the market is segmented into Desk Lamp, and Floor Lamp. Based on Type, the market is segmented into Decorative Lamp, and Reading Lamp. Based on Application, the market is segmented into Commercial/Hospitality, and Residential/Retail. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Lamps Market is Projected to reach USD 6.5 Billion by 2030, at a CAGR of 5.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Panasonic Holdings Corporation, Koninklijke Philips N.V., Stanley Electric Co. Ltd., ams-OSRAM AG, General Electric Company, Toshiba Corporation, Siemens AG, Samsung Electronics Co., Ltd. (Samsung Group), OPPLE Lighting Co Ltd., and Maxlite, Inc.
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