Over the years, the production value of lamps and lighting fittings parts in Belgium has experienced significant fluctuations. From almost zero production in 2013 and 2014, there was a substantial increase in 2015. However, the following years saw a steep decline, with the production dropping by over 68% in 2017 compared to 2016. Although there were minor recoveries in subsequent years, the value never reached the 2015 peak again. The most notable increases were observed in 2020 and 2021, with year-on-year growths of 23.15% and 49.55%, respectively. However, the market showed a downward trend from 2022, with a 15.09% decline in that year and a 14.65% decrease in 2023.
The forecast for the coming years suggests a continual decline, with a projected CAGR of -27.43% over the next five years, translating to a significant reduction in production value.
Future trends to watch for include potential technological advancements in lighting that may disrupt traditional products, as well as shifts in consumer preferences towards energy-efficient and smart lighting solutions which may impact production volumes and values. Additionally, global economic conditions and regulatory changes could also affect the market dynamics substantially.
