Lighting Product Market – Global Industry Analysis and Forecast 2023-2029

Lighting Product Market size was valued at US$ 113.38 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 4.5% through 2023 to 2029, reaching nearly US$ 154.29 Bn.
Lighting Product Market Overview:
LEDs with high intensity give high light output and they consume very little power. Ceiling Fixtures, Recessed Lighting Fixture, Strip Light Fixture, and Others (Chandeliers, Pendants, etc.) are the types of the lighting fixture. Residential Lighting, Table Lamp, Floor Lamp, Desk Lamp, Commercial Lighting, Industrial Lighting, and Outdoor Lighting (Street Lights, Parking Garage, Landscape, etc.) and others are the applications of the lighting product. LED Tubes & Bulbs, T8 LED tubes & bulbs, and Others (Incandescent, High Intensity Discharge) are the types of the lighting product.To know about the Research Methodology :- Request Free Sample Report
Lighting Product Market Dynamics:
The major key factors that are expected to drives the growth of the global lighting product market during the forecast period 2023-2029 are the rising need for energy efficient products in the residential and commercial industries, increasing demand for upgraded domestic lighting among consumers, and government help for the consumption of low energy plans. Moreover, the development of the real estate industry is rapidly growing. The growing number of the high class communities is driving the growth for the yard lamps.

As compared to conventional lights, LEDs lights utilize 80% less energy. LED bulbs, unlike fluorescent bulbs, do not contain any harmful materials. Due to this factors, consumers are compelled to move from conventional lights to LEDs. The adoption of LED lights are expected to be influenced by the global trend to phase out traditional lighting in China, Brazil, and European countries.

Smart and networked LED lights are expected to be the next big thing in smart home projects. The lighting industry has transitioned from analogue to digital technologies, allowing users to control, measure, and monitor light efficiency. The requirements of present-day consumers is expected to be met by wireless lighting, dimmers, and control devices with smart sensors. IoT technology allows smart lights connected to Wi-Fi to manage the warmth, brightness, and different colour selections.
Lighting Product Market Segment Analysis:
Based on the Product, the market is segmented into LED Tubes & Bulbs, T8 LED tubes & bulbs, and Others (Incandescent, High Intensity Discharge). LED Tubes & Bulbs segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. This is due to the stringent regulations prohibiting the use of inefficient light bulbs. Governments in some regions have implemented legislation prohibiting the use of incandescent bulbs for general lighting and mandating the replacement of incandescent bulbs with more energy-efficient bulbs. These are the key benefits that are expected to boost the growth of the LED Tubes & Bulbs segment in the global market during the forecast period 2023-2029.

Based on the Lighting Fixture, the market is segmented into Ceiling Fixtures, Recessed Lighting Fixture, Strip Light Fixture, and Others (Chandeliers, Pendants, etc.). Ceiling Fixtures segment is expected to hold the largest market share of xx% by 2029. This is due to the widespread use of interior lighting among households, hospitals, corporate offices, retail malls, and educational institutions. Indoor and outdoor lighting fixtures, both wall-mounted and ceiling-mounted, create a more appealing and brighter atmosphere. The growth of the ceiling fixtures segment is expected to be driven by the availability of several designs of ceiling lighting fixtures for both commercial and residential applications.

Others (Chandeliers, Pendants, etc.) segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. Manufacturing of chandeliers with a gorgeous and exquisite appearance and fine material quality, as well as the growing demand to match the ambiance, are driving this segment's growth. Moreover, the manufacture of pleasing designs at reasonable rates is driving up demand for chandelier light fixtures.
Lighting Product Market Regional Insights:
Asia Pacific dominates the Global Lighting Product market during the forecast period 2023-2029. Asia Pacific held the largest market share of 48% in 2022 and is expected to continue its dominance by 2029. This is due to the increased government support for the installation of energy-efficient lights in growing economies in the Asia Pacific region. The Indian government launched the Domestic Efficient Lighting Programme (DELP) in 2015, with the goal of replacing incandescent and CFL bulbs with LED lighting.

Moreover, to attract customers, organizations are investing heavily in retail stores, hospitals, salons, educational institutions, warehouses, and shopping malls. China's government has approved a number of legislation aimed at environmental protection and energy conservation. Due to this factors, the market in the Asia Pacific region is expected to be driven by increased advertising of energy-efficient equipment such as lighting fixtures.

North America is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. This is due to the increased demand for smart lights with Bluetooth enabled audio systems, air purifiers, and air conditioning for home design in this region.

Europe is expected to be the fastest growing region during the forecast period 2023-2029. This is due to the better light quality, long lifespan, and energy-efficient properties of lighting fixtures that are available in the Europe region.

The objective of the report is to present a comprehensive analysis of the Global Lighting Product Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global Lighting Product Market dynamic, structure by analyzing the market segments and project the Global Lighting Product Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Lighting Product Market make the report investor’s guide.
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Global Lighting Product Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 113.38 Bn.


Forecast Period 2023 to 2029 CAGR:
4.5%
Market Size in 2029:
US $ 154.29 Bn.


 Segments Covered:
by Product
LED Tubes & Bulbs
T8 LED tubes & bulbs
Others (Incandescent, High Intensity Discharge)


by Application
Residential Lighting
Table Lamp
Floor Lamp
Desk Lamp
Commercial Lighting
Industrial Lighting
Outdoor Lighting (Street Lights, Parking Garage, Landscape, etc.) and Others


by Lighting Fixture
Ceiling Fixtures
Recessed Lighting Fixture
Strip Light Fixture
Others (Chandeliers, Pendants, etc.



Lighting Product Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Lighting Product Market, Key Players are
1. Home Depot
2. Lowes
3. Target
4. Wal-Mart
5. Bed Bath & Beyond
6. Sam's Club
7. Costco
8.Menards
10. Kim Lighting
11. Innovative Lighting
12. Cree
13. Baja Designs
14. Grote
15. Rigid Industries
16. DECO Lighting
17. BIOS
18. LSI Industries
19. Nichia
20. Osram
21. Brightlux
22. Everlight
Frequently Asked Questions:
1] What segments are covered in Global Lighting Product Market report?
Ans. The segments covered in Global Lighting Product Market report are based on Product, Application, and Lighting Fixture.

2] Which region is expected to hold the highest share in the Global Lighting Product Market?
Ans. Asia Pacific is expected to hold the highest share in the Global Lighting Product Market.

3] Who are the top key players in the Global Lighting Product Market?
Ans. Daikin, United Technologies, Johnson Controls, Ingersoll-Rand, LG Electronics, and Electrolux are the top key players in the Global Lighting Product Market.

4] Which segment holds the largest market share in the Global Lighting Product market by 2029?
Ans. Ceiling Fixture segment hold the largest market share in the Global Lighting Product market by 2029.

5] What is the market size of the Global Lighting Product market by 2029?
Ans. The market size of the Global Lighting Product market is US $154.29 Bn. by 2029.

6] What was the market size of the Global Lighting Product market in 2022?
Ans. The market size of the Global Lighting Product market was worth US $113.38 Bn. in 2022.