Surging Demand in ASEAN and Neighboring Countries
ASEAN countries, including Thailand, Indonesia, Vietnam,
the Philippines, Malaysia, Singapore, Cambodia, Myanmar,
Laos, and Brunei, have witnessed significant urbanization,
rapid economic growth, fast-rising consumption power, and
ever-improving living standards.
According to recent data,
the ASEAN region’s GDP growth is projected to increase from
4.7% in 2024 to 4.9% in 2025, driven by increasing domestic
consumption, recovering goods exports, and a tourism rebound.
The ASEAN lighting market is booming, driven by economic growth,
as well as rising living standards and a strong emphasis on energy
efficiency. Supportive government policies, improved energy
efficiency standards, and growing consumer interest in smart
and personalised lighting technologies further fuel the
region’s demand and market growth.
Countries like Indonesia, Vietnam, and particularly
Thailand are leading the way with rapid economic
development and urbanization. In 2024, the revenue
generated in Thailand's lamps and lighting market
is projected to reach USD 254.7 million, with a robust
compound annual growth rate (CAGR) of 6.52% during
2024 – 2029, thanks to rapid growth in new shopping
malls and hotels that demand efficient, smart,
and sustainable lighting solutions.