In 2023, the import volume of electric lamps and lighting fittings to the Philippines stood at 5.620 million kilograms. The forecast for 2024 predicts an increase to 5.6602 million kilograms, followed by consistent annual growth: 5.7039 million kilograms in 2025, 5.7467 million kilograms in 2026, 5.7887 million kilograms in 2027, and 5.8298 million kilograms in 2028. The year-on-year growth rates portray a stable trend, with minor incremental increases each year.
Over the last two years (2022-2023), the volumes showed a slight upward trend, aligning with the forecasted growth. The Compound Annual Growth Rate (CAGR) paints a picture of steady demand increases over five years up to 2028.
Future trends to watch for include the impact of energy-efficient lighting technologies and government policies on import volumes. An increase in local production or changes in global trade policies could also influence future forecasts.
