Based on the provided forecast data, the export value of electric lamps and lighting fittings from the Philippines is expected to increase steadily from 2024 to 2028. The projected values for each year exhibit a positive growth trend, starting from $26.398 million in 2024 and reaching $31.333 million by 2028. Notably, the expected increase in value for 2025 is approximately 4.8% compared to 2024, whereas for 2026, it is about 4.5% compared to 2025. The year-on-year percentage increase continues consistently, showing around 4.2% for 2027 and 4.0% for 2028.
Considering the five-year Compound Annual Growth Rate (CAGR) from 2024 to 2028, the average annual growth rate stands at approximately 4.4%. In 2023, the recorded actual value was markedly lower than the forecasted values for subsequent years, indicating a robust growth trajectory for the sector.
Looking ahead, several future trends should be monitored:
- Advancements in LED and smart lighting technology.
- Shifts in global trade policies affecting imports and exports.
- Investments in sustainable and energy-efficient lighting solutions.
- Fluctuations in raw material prices affecting production costs.
