Residential Lighting Fixtures Market Growth & Trends
The global residential lighting fixtures market size is expected to reach USD 22.41 billion by 2030, expanding at a CAGR of 6.4% from 2024 to 2030. The rapid replacement of traditional lights with more energy-efficient and economical lighting fixtures is expected to remain a prominent trend. Furthermore, rising middle-class population in developing countries including China, India, Bangladesh, and Philippines as a result of urban development and increasing number of employment opportunities is projected to have a positive impact on the market.
The Light-emitting Diodes and Organic Light-emitting Diode (LED & OLED) led the market in 2018, contributing to over 50% of revenue share. High energy-efficiency and durability is anticipated to drive the growth. This segment is expected to witness steady growth in the upcoming years owing to the implementation of government initiatives aimed at encouraging the adoption of energy-efficient LED lighting instead of incandescent lighting.
Ceiling and wall mounted together held the largest share of the global residential lighting fixture market with over 60% of the total revenue share in 2018. These products illuminate the whole room and make it appear brighter and larger. In addition, availability of a wide range of ceiling and wall mounted fixtures appropriate for different types of homes and décor is anticipated to bode well for the product demand.
Asia Pacific held the leading market share of more than 45% in 2018. Rising number of residential buildings in emerging economies including China, India, and Philippines on account of easy loan assistance by banks for home construction is expected to expand the use of lighting equipment. Additionally, the increasing number of smartphone users in these countries is expected to encourage manufacturers to launch products in their online stores.
Key manufacturers include Koninklijke Philips N.V.; Cree Inc.; General Electric; Hubbell Lighting, Inc.; Acuity Brands, Inc.; Eaton Corporation; Panasonic Corporation; OSRAM Licht AG; Nichia Corporation; and Everlight Electronics Co., Ltd. New product launches is expected to remain a key competitive strategy in the forthcoming years.
Residential Lighting Fixtures Market Report Highlights
- The ceiling segment accounted for the largest share of 38.0% in 2023.
- LED and OLED product segment is expected to account for a market share of 69.3% in terms of revenue by the end of 2023, owing to excellent energy efficieny of the products.
- Middle East and Africa is expected witness the fastest CAGR of 6.2% from 2019 to 2025. The scope for electrification along with government initiatives in African countries including Nigeria, Kenya, and Ethiopia is projected to open new avenues
- Asia Pacific led the residential lighting fixture market with more than 45% of revenue share
- The online segment is projected to grow at the fastest CAGR of 8.6% over the forecast period.
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Residential Lighting Fixtures Market Variables, Trends, & Scope
Chapter 4. Residential Lighting Fixtures Market: Product Estimates & Trend Analysis
Chapter 5. Residential Lighting Fixtures Market: Source Estimates & Trend Analysis
Chapter 6. Residential Lighting Fixtures Market: Distribution Channel Estimates & Trend Analysis
Chapter 7. Residential Lighting Fixtures Market: Regional Estimates & Trend Analysis
Chapter 8. Competitive Landscape
Companies Mentioned
- Koninklijke Philips N.V.
- Hubbell Incorporated
- Vorlane
- Cree Lighting USA LLC.
- Kichler Lighting LLC.
- Cooper Lighting LLC.
- General Electric Company
- ACUITY BRANDS, INC
- Eaton.
- Panasonic Corporation
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | August 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 14.66 Billion |
| Forecasted Market Value ( USD | $ 22.41 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
