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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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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
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, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.
The emergence of smart lightning is a major lighting fixtures market trends. Smart lighting solutions, which comprise smart bulbs, switches, and fixtures, have gained rapid adoption across the world. In addition, consumers and businesses are attracted to the convenience and energy savings that smart lighting offers. Furthermore, smart lighting systems are designed for energy efficiency.
Moreover, users can adjust brightness levels and set schedules to optimize energy consumption. Therefore, it aligns with global efforts to reduce energy usage and combat climate change. Furthermore, one of the main advantages of smart lighting is remote control such that users can control lighting fixtures via smartphone apps, voice commands, or automation routines, allowing them to customize lighting to their preferences from anywhere. Hence, such factors drive the market 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. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in manufacturing units. Such factors are expected to drive the market during 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:
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.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
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.
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Lighting Fixtures Market Scope |
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Report Coverage |
Details |
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Page number |
164 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.63% |
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Market Growth 2024-2028 |
USD 32.82 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.39 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 40% |
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Key countries |
US, China, India, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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. |
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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. |
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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. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
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
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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