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The lighting fixtures market size is expected to grow by USD 32.82 billion, accelerating at a CAGR of 5.63% between 2023 and 2028.
APAC, Europe, North America, Middle East and Africa, and South America are the key regions propelling the market growth. In the APAC region, China dominated the market in 2018, securing the highest market share and anticipating an annual revenue of USD 15.45 billion. Governments in APAC region are enforcing energy-efficient lighting regulations to curb carbon emissions, promoting the use of fixtures like LED lighting. Rising awareness of energy conservation and environmental sustainability is propelling the demand for these fixtures, fueling market growth.
Lighting Fixtures Market Forecast 2023-2028
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The lighting fixture market is rapidly evolving with advanced technologies like LED fixtures and smart home integration gaining popularity. Luminaire has become a focal point, replacing conventional bulbs for better energy conservation. Consumers are leaning towards aesthetically pleasing options like pendant and chandeliers for home décor. In commercial spaces, high-bay and mid-bay luminaries are preferred for efficiency.
Architects, lighting designers, and electrical engineers are collaborating on innovative solutions for both residential and commercial sectors along with indoor and outdoor interiors. With growing construction activities and consumer awareness, there's a shift towards sustainable options like batteries and direct wiring. Reflectors, lenses, and shades are designed to enhance various lighting environments, from landscape to floodlights, catering to diverse needs in the market.
There is an increasing adoption of LED lighting fixtures as they are highly energy-efficient, consuming significantly less electricity compared to traditional incandescent and fluorescent lighting. In addition, advances in LED technology have led to even greater energy efficiency, making LEDs the preferred choice for both residential and commercial lighting. Furthermore, this has contributed to energy savings for consumers and businesses, as well as reduced greenhouse gas emissions.
Moreover, LED lighting fixtures have a longer lifespan compared to traditional lighting technologies. In addition, newer LED components are designed to last even longer, reducing the need for frequent replacements and maintenance. Furthermore, this has led to reduced maintenance costs for businesses and improved reliability for consumers. Hence, factors positively influencing the market will promote its expansion throughout the forecast period.
The emergence of smart lightning is a major lighting fixtures market trends and the adoption, which include smart bulbs, switches, and fixtures, has experienced significant growth worldwide. These systems offer numerous advantages, such as convenience and energy savings, making them increasingly popular among consumers and businesses. Moreover, smart lighting systems are engineered for energy efficiency.
The use of smart lighting offers several advantages, including adjustable brightness levels and scheduling features to optimize energy consumption, aligning with global initiatives to reduce energy usage and mitigate climate change. A key benefit is remote control through smartphone apps, voice commands, or automation routines, enabling users to customize lighting to their preferences from any location. These factors contribute to the market's growth during the forecast period.
One of the significant challenges is the presence of counterfeit lighting fixtures in the market which may not meet safety and quality standards, putting consumers at risk of electrical hazards, fires, or other safety issues. Therefore, this can erode trust in the entire lighting fixtures market. In addition, counterfeit products often imitate well-known brands, which can damage the reputation of legitimate manufacturers.
Moreover, consumers who unknowingly purchase counterfeit products may associate subpar quality with reputable brands. As a result, manufacturers of legitimate lighting fixtures can lose sales and market share to counterfeiters who offer similar-looking but lower-priced products. Hence, it can impact the profitability of legitimate businesses. Therefore, such factors are hindering the market growth during the forecast period.
The ceiling segment is estimated to witness significant growth during the forecast period. Ceiling-mounted fixtures including flush mounts, semi-flush mounts, and recessed lights offer overall illumination in a room. In addition, they distribute light evenly, creating a comfortable and well-lit environment for various activities. Furthermore, pendant lights and track lighting can be strategically placed to provide focused illumination for specific tasks, such as reading, cooking, or working at a desk.
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The ceiling segment was the largest segment and was valued at USD 29.03 billion in 2018. Moreover, ceiling-mounted fixtures, such as flush mounts and wall sconces, are commonly used in hallways and corridors to provide safe and well-lit passage between rooms or areas. In addition, small ceiling-mounted fixtures are installed in closets, walk-in wardrobes, and storage spaces to ensure visibility when selecting clothing or items. Furthermore, ceiling-mounted fixtures provide general lighting in bathrooms, while vanity lights or wall sconces on either side of the mirror offer task lighting for grooming and makeup application. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
Based on the application, the segment is classified into residential and commercial. Ceiling fixtures including chandeliers, pendant lights, or recessed lights offer overall illumination. In addition, floor lamps and table lamps can supplement ambient lighting, creating a cozy and inviting atmosphere. Moreover, ceiling-mounted fixtures, like ceiling fans with lights or flush mounts, create general lighting. Additionally, ceiling-mounted fixtures, wall sconces, or recessed lights ensure a safe and well-lit passage between rooms. Furthermore, floor lamps, table lamps, or wall-mounted reading lights create comfortable reading environments. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 40% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The APAC region is experiencing significant urbanization, with Billions of people moving to cities which is contributing to the market growth in the region. Factors such as urban development, including residential, commercial, and industrial projects, fuel the demand for lighting fixtures in new buildings and infrastructure. In addition, many countries in APAC, such as China and India, are witnessing robust economic growth.
Furthermore, increased disposable income levels have resulted in greater spending on home improvement, interior design, and lighting solutions. Moreover, governments in the APAC region are implementing energy-efficient lighting regulations and initiatives to reduce carbon emissions. As a result, these policies encourage the adoption of energy-efficient lighting fixtures, such as LED lighting. Growing awareness of energy conservation and environmental sustainability are driving the market growth in APAC during the forecast period.
In 2020, during the COVID-19 pandemic, there was a dip in the global lighting fixtures market value due to the closures of manufacturing facilities which disrupted the supply chain of raw materials such as glass, ceramic, and lighting components in North America. In 2021, large-scale vaccination drives enabled the lifting of lockdowns and travel restrictions, subsequently restoring manufacturing unit operations. These events are anticipated to significantly influence market growth throughout the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Acuity Brands Inc: The company offers lighting fixtures such as track fixtures, linear accents, and LED lighting fixtures for homes.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Energize CT, Amerlux LLC, ams OSRAM AG, Bajaj Electricals Ltd., ELK Home, Seoul Semiconductor Co. Ltd., Everlight Electronics Co. Ltd., General Electric Co., Havells India Ltd., Hubbell Inc., Zumtobel Group AG, IDEAL INDUSTRIES Inc., Koninklijke Philips N.V., Nichia Corp., Panasonic Holdings Corp., Eaton Corp. Plc, Siemens AG, Fagerhults Belysning AB, and LSI Industries Inc.
The Technavio report offers a comprehensive market analysis through a fusion of qualitative and quantitative data. Companies are segmented according to their business strategies, which include pure-play, category-focused, industry-focused, and diversified. The report further categorizes companies as dominant, leading, strong, tentative, or weak, based on their quantitative data assessment.
The lighting fixture market is shifting towards LED technology, especially in high-class communities and the commercial sector. LED lights offer energy efficiency, longer lifespan, and better brightness compared to fluorescent and incandescent bulbs. European nations are leading in smart home projects, adopting wireless lighting and digital systems. Advanced sensors, smart bulbs, and control devices enhance efficiency, while dimmers adjust brightness.
Government support, like the Domestic Efficient Lighting Programme (DELP), promotes energy-efficient lights. Compact fluorescent lamps (CFLs) are losing popularity due to compatibility issues. Innovation in LED in Pendant and chandelier fixtures are in demand for their elegant designs and affordable prices for both indoor and outdoor interiors. Online channels and e-commerce platforms boost sales, catering to various sectors from households to offices. Smart lighting integrates with Bluetooth audio systems and other smart devices for a complete home experience.
The lighting fixtures market analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Lighting Fixtures Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.63% |
Market Growth 2024-2028 |
USD 32.82 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.39 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 40% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acuity Brands Inc., Amerlux LLC, ams OSRAM AG, Bajaj Electricals Ltd., Eaton Corp. Plc, ELK Home, Energize CT, Everlight Electronics Co. Ltd., Fagerhults Belysning AB, General Electric Co., Havells India Ltd., Hubbell Inc., IDEAL INDUSTRIES Inc., Koninklijke Philips N.V., Nichia Corp., Panasonic Holdings Corp., Seoul Semiconductor Co. Ltd., Siemens AG, Zumtobel Group AG, and LSI Industries Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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