Electric Lighting Equipment Global Market Report 2024

The electric lighting equipment market size has grown strongly in recent years. It will grow from $121.39 billion in 2023 to $128.6 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth observed during the historical period can be ascribed to several key factors, including technological advancements, the implementation of energy efficiency regulations, heightened consumer awareness, urbanization, and industrial expansion.

The electric lighting equipment market size is expected to see strong growth in the next few years. It will grow to $158.46 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period can be attributed to a range of factors, including sustainability initiatives, infrastructure projects, and the rise of e-commerce and online sales. Notable trends in this projected period encompass electrification and lightweighting, advancements in materials, additive manufacturing, digitalization and connectivity, as well as an increased focus on collaboration and partnerships.

The electric lighting equipment market is expected to experience significant growth in the future, primarily driven by the increasing adoption of LED lighting technology. LED lighting utilizes light-emitting diodes (LEDs) as the primary source of illumination, offering a wide range of advantages within the electric lighting equipment sector. These advantages include energy efficiency, long-lasting durability, eco-friendliness, and the flexibility of design. For example, as of December 2022, E-Green Electrical, an energy efficiency company based in Australia, reported that approximately 50% of all light sources globally already use LED lamps. Researchers project that by 2030, LEDs will comprise about 87% of all light sources. Consequently, the growing adoption of LED lighting technology is a major driving force behind the anticipated expansion of the electric lighting equipment market.

The primary categories of electrical lighting equipment encompass general lighting, automotive lighting, and backlighting. Automotive lighting comprises lighting and signaling components affixed to the front, rear, sides, and occasionally the top of a vehicle, serving to illuminate the road for the driver. This lighting system also enhances visibility, particularly in conditions with low lighting. It plays a crucial role in notifying other drivers and pedestrians about a vehicle's presence and direction. These equipment operate through both online and offline modes and are available through various sales channels, including OEM and aftermarket, catering to residential, commercial, automotive, and other applications.

The electrical lighting equipment market research report is one of a series of new reports that provides electrical lighting equipment market statistics, including electrical lighting equipment industry global market size, regional shares, competitors with an electrical lighting equipment market share, detailed electrical lighting equipment market segments, market trends and opportunities, and any further data you may need to thrive in the electrical lighting equipment industry. This electrical lighting equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The increasing number of commercial and non-commercial buildings is poised to drive the growth of the electric lighting equipment market in the foreseeable future. Commercial buildings encompass non-residential structures not dedicated to agricultural, industrial, or institutional purposes, while non-commercial buildings include structures not utilized for commercial enterprises or as residential dwellings. Electric lighting equipment, such as dimmers and color-changing bulbs, offers an intelligent solution for implementing networked controls within offices, commercial buildings, and non-commercial buildings. For example, as of September 2022, as reported by the University of Michigan's Center for Sustainable Systems, a U.S.-based organization specializing in the development of systems analysis techniques, models, and indicators for sustainable futures, the floor space of commercial buildings in the U.S. is projected to increase by 35% from 2021 and is expected to reach 124.6 billion square feet by 2050. Furthermore, the average size of U.S. homes expanded by 45% in 2021, growing from 2,185 to 2,565 square feet. Hence, the surge in the construction of commercial and non-commercial buildings is a significant driver of growth in the electric lighting equipment market.

Prominent lighting companies are increasingly incorporating IoT (Internet of Things) technology into their lighting fixtures, enabling remote user control and the management of lighting in various settings such as offices, work environments, and city infrastructure. IoT technology is now widely employed in both residential and commercial spaces to integrate and regulate internal and external light fixtures. To facilitate wireless lighting control and provide fixture location information, small Bluetooth radio transmitters known as beacons are employed. For instance, in July 2021, Smartlabs, a trailblazer in smart lighting and electrical control, introduced Nokia Smart Lighting, a suite of IoT-powered lighting and electrical control products. This innovative solution allows for enhanced control and management of lighting systems.

Prominent companies in the electric lighting equipment market are emphasizing the development of innovative products like smart light panels to offer reliable services to their customers. Smart light panels represent a type of lighting technology that seamlessly integrates traditional lighting fixtures with smart features. For instance, in August 2023, GE Lighting, a U.S.-based company specializing in the design, manufacturing, and distribution of electric lighting equipment, introduced their new Cync smart hexagon light panels. These hexagonal panels are controllable through the Savant-powered Cync mobile app and can connect to Wi-Fi as a standalone smart light fixture, eliminating the need for a separate hub. The app provides access to pre-made light shows, allows users to create their own, and enables synchronization with music. Its user-friendly and intuitive interface enhances the overall user experience.

Major companies operating in the electric lighting equipment market include Stanley Electric Co Ltd., Panasonic Corporation, Robert Bosch GmbH, Eaton Corporation PLC, Acuity Brands Inc., OSRAM GmbH, Alstom SA, Toshiba Corporation, Hubbell Incorporated, LG Electronics, Liron Lighting LLC, Nichia Corporation, EiKO Global LLC, RAB Lighting Inc., MaxLite Inc., NaturaLED, Westgate MFG Inc., Hydrofarm Holdings Group Inc., Signify NV, Cree Inc., Technical Consumer Products Inc., Satco Products Inc., Feit Electric Company Inc., Prescolite Inc., Light Efficient Design Co. Ltd., Litetronics International Inc., Ledvance GmbH, Fulham Co. Inc., Keystone Technologies LLC, Venture Lighting International Inc., Halco Lighting Technologies LLC, American Lighting Inc., Nora Lighting Inc., Litecontrol Corporation, Sea Gull Lighting Products LLC, Kichler Lighting LLC.

Asia-Pacific was the largest region in the electric lighting equipment market in 2023. North America was the second largest region in the electric lighting equipment market. The regions covered in the electric lighting equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the electric lighting equipment market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The electrical lighting equipment market consists of sales of electric lighting fixtures, lamp shades, general indoor lighting equipment, lighting fixtures, and other electrical lighting equipment. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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