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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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, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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