According to a new report, published by KBV research, The Global Lamps Market size is expected to reach $6.5 billion by 2030, rising at a market growth of 5.2% CAGR during the forecast period.
The Floor Lamp segment would exhibit a CAGR of 5.6% during (2023 - 2030). With consumers' changing needs and style choices, floor lights have recently seen several important changes. The growing acceptance of contemporary and minimalist floor lamp designs is one significant trend. These lamps have contemporary, interior-friendly, slick, clear lines and straightforward designs. Another significant trend in floor lamps is adaptability. Today, many types come with movable arms that let users point the light precisely where it is desired, whether for ambient lighting or reading, working, or other purposes.
The Decorative Lamp segment is leading the Global Lamps Market by Type in 2022; thereby, achieving a market value of $4.2 billion by 2030. In recent years, decorative lamps have experienced a variety of trends, reflecting the shifting tastes and design preferences of consumers. Natural lamps constructed of wood, bamboo, rattan, or stone are popular due to their appealing rustic and natural appearance. Utilizing cutting-edge and novel materials additionally gives businesses an advantage over rivals.
The Residential/Retail segment would witness a CAGR of 5.7% during (2023 - 2030). Residential lighting consumption is significantly impacted by shifting interior design and home decor trends. Lighting fixtures that go with the overall décor theme are sought after by homeowners and other people who want to improve the attractiveness of their living spaces. The demand for a wide variety of household lighting is fueled by new trends in designs, materials, hues, and finishes. The general level of home renovation and construction activities affects the demand for residential lamps.
The Asia Pacific region dominated the Global Lamps Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.3 billion by 2030. The Europe region is poised to grow at a CAGR of 5% during (2023 - 2030). Additionally, The North America region would register a CAGR of 4.8% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/lamps-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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