The global residential lighting fixtures market size is expected to reach USD 21.17 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.9% during the forecast period. 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.
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https://www.grandviewresearch.com/industry-analysis/residential-lighting-fixtures-market
Further key findings from the report suggest:
Ceiling segment generated a revenue of more than USD 4 billion in 2018
LED and OLED product segment is expected to account for a market share of 59.3% in terms of revenue by the end of 2025, 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
Online distribution channel is expected to expand at a CAGR of 8.7% from 2019 to 2025
Grand View Research has segmented the global residential lighting fixture market on the basis of source, product, distribution channel, and region:
Residential Lighting Fixture Source Outlook (Revenue, USD Million, 2015 - 2025)
Incandescent
Fluorescent
LED & OLED
Residential Lighting Fixture Product Outlook (Revenue, USD Million, 2015 - 2025)
Ceiling
Pendant & Chandeliers
Wall Mounted
Portable
Others
Residential Lighting Fixture Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Offline
Online
Residential Lighting Fixture Region Outlook (Revenue, USD Million, 2015 - 2025)
North America
U.S.
Europe
Germany
U.K.
Asia Pacific
China
Japan
Central & South America
Brazil
Middle East & Africa
South Africa
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