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.
Residential Lighting Fixture Market Report Highlights
• 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
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Residential Lighting Fixture Market Segmentation
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 and South America
• Brazil
• Middle East & Africa
• Saudi Africa
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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