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.
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. Major companies have been acquiring existing LED businesses to cater to the rising demand. For instance, Acuity Brands, Inc. acquired two LED business, namely, eldoLED and Distech Controls, in 2013 and 2015 respectively.
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Lighting fixture is an important element in terms of home decoration, which is gaining popularity among smart homes. Consumers have been increasingly investing in home décor due to the rising purchasing power. Over the past few years, the demand for dimmable or brightness controllable lights has witnessed significant rise, among the consumers as they can create desired atmosphere using the lights.
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
Rapid urbanization in emerging economies, including China, India, and Brazil, is expected to drive the growth of the residential lighting fixtures market in the upcoming years owing to the increased income level and the changing lifestyle of consumers. In addition, availability of cost-effective and attractive lights is projected to further fuel the product demand.
Increased adoption of LED lights to replace the traditional incandescent lights has widened the opportunity for the manufacturers. Over the past few years, the manufacturers have been expanding their LED product portfolio by innovating new fixtures and by acquiring existing companies to cater to the growing demand.
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In 2018, the ceiling and wall mounted segment accounted for more than 60% of the total market share in terms of revenue. These products are the most common solutions for overall room lighting among households. Wall-mounted fixtures balance the brightness of the entire room by bouncing off the light on ceilings and walls. They make a room feel larger and brighter while creating an attractive atmosphere. Furthermore, the availability of a wide variety of styles of ceiling and wall mounted lights suitable for every kind of homes and decorating scheme has fueled the sales of these products in residential sector.
Pendant and chandeliers segment is expected to witness the fastest CAGR of 6.6% from 2019 to 2025. Rising spending on home décor supported by the increasing purchasing power of consumers is a key growth driver. Chandelier lights have been gaining significant popularity for the decoration of living rooms as they provide attractive and elegant look to the place. Similarly, rising preference for pendant lights to enhance the look and brightness of the kitchen and dining rooms is expected to further fuel the segment growth.
Offline channel held the largest market share of more than 80% in 2018. Provision of detail instructions about installation by the product specialists is the major factor driving the adoption of these distribution channels. Furthermore, the availability of the compatible lighting fixture accessories has been appealing consumers to purchase from the offline distribution channel.
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The global residential lighting fixtures market size was valued at USD 14.92 billion in 2018. Increasing demand for energy-efficient products is anticipated to boost the market growth over the forecast period. Energy-efficient and economical lighting fixtures are increasingly replacing traditional lighting devices. Furthermore, introduction of Internet of Things (IoT) has increased the product visibility among millennial consumers.
Grand View Research has segmented the global residential lighting fixture market on the basis of source, product, distribution channel:
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
Offline channel held the largest market share of more than 80% in 2018. Provision of detail instructions about installation by the product specialists is the major factor driving the adoption of these distribution channels. Furthermore, the availability of the compatible lighting fixture accessories has been appealing consumers to purchase from the offline distribution channel.
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In 2018, the Light-emitting Diodes and Organic Light-emitting Diode (LED & OLED) segment held the largest market share, accounting for more than 50% of the total revenue. LED and OLED bulbs are highly energy-efficient and durable. These products consume up to 90% less power than incandescent lights. As a result, consumers have been increasingly replacing incandescent lights with LED lights. In several countries, the governments have implemented regulations on discontinuation and consumption of production of incandescent bulbs. As a result, the incandescent segment is expected to phase out in the upcoming years.
About Grand View Research
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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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