The forecasted import value of electric lamps and lighting fittings to Australia is projected to increase steadily from 2024 to 2028, starting at 460.35 million USD in 2024 and reaching 520.09 million USD in 2028. This continuity in growth translates into consistent year-on-year increases, indicating a healthy and expanding market. Compared to the actual figure from 2023, the value has been on a progressive incline, bolstered by rising demand and evolving technological advancements. The import value in 2023 stood at 445 million USD, reflecting an ongoing expansion in the market.
The projected year-on-year variation percentages from 2024-2028 are as follows: 2024-2025 (3.35%), 2025-2026 (3.17%), 2026-2027 (3.0%), 2027-2028 (2.86%). The compound annual growth rate (CAGR) over the next five years from 2023-2028 is estimated at approximately 3.14%, indicating modest but consistent growth.
Future trends to watch for include the advent of energy-efficient and smart lighting solutions driven by sustainability concerns, increased investment in infrastructure development, and growing technological integration in both residential and commercial lighting systems. Additionally, any fluctuations in global trade policies or economic conditions may significantly impact the import values.
