The electric lighting equipment market is driven by factors such as an increase in demand for energy-efficient lighting solutions, surge in demand for smart lighting solutions, and rise in the number of residential and commercial construction across the globe.
PORTLAND, Ore., July 24, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Lighting Equipment Market By Type (General Lighting, Automotive Lighting, Back Lighting), By Sales Channel (Online, Offline), By Application (Residential, Commercial, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032"According to the report, the global electric lighting equipment industry generated $105.3 billion in 2022, and is projected to reach $217.4 billion by 2032, registering a CAGR of 7.6% from 2023 to 2032.
Prime determinants of growth
The electric lighting equipment market is anticipated to expand significantly during the forecast period, owing to an increase in demand for energy-efficient lighting solutions. In addition, the surge in demand for smart lighting solutions and rise in the number of residential and commercial construction across the globe fuels the market growth. Additionally, the electric lighting equipment is anticipated to benefit owing to the increase in technological advancement and is expected to present enormous opportunities for the market over the forecast period. On the other hand, government regulation for energy efficiency standards is anticipated to restrain the market growth during the forecast period.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022–2032 |
Base Year | 2022 |
Market Size in 2022 | $105.3 billion |
Market Size in 2032 | $217.4 billion |
CAGR | 7.6 % |
No. of Pages in Report | 254 |
Segments covered | Type, Sales channel, Application, and Region. |
Drivers | Increase in demand for energy-efficient lighting solutions Surge in demand for smart lighting solutions Rise in the number of residential and commercial construction across the globe |
Opportunities | Technological advancement |
Restraints | Government regulation for energy efficiency standards |
Covid-19 Scenario
- COVID-19's impact on the Electric lighting equipment market was negative, owing to the immediate shutdowns in the commercial sector and industries such as automotive and retail.
- Moreover, the pandemic harmed the results of operations and caused reduction in spending on construction and renovation as well as a disruption in the supply chain for certain components, both of which negatively impacted the operating results. For instance, according to a survey conducted by the Lighting Industry Association (LIA) during the lockdown period, 89% of LIAS members reported that their businesses remained open and recovered 95% of their sales.
The General Lighting segment to maintain its leadership status throughout the forecast period.
Based on type, the general lighting segment held the highest market share in 2022, accounting for more than half of the global electric lighting equipment market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its energy efficiency, long lifespan, and versatility. Moreover, the automotive lighting segment is projected to manifest the highest CAGR of 8.73% from 2023 to 2032, driven by the increase in popularity of electric vehicles.
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The offline channel segment to maintain its leadership status throughout the forecast period.
Based on sales channel, the offline channel segment held the highest market share in 2022, accounting for nearly three-fifths of the global electric lighting equipment market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the online channel segment is projected to manifest the highest CAGR of 8.76% from 2023 to 2032 due to the increase in demand of e-commerce. These trends and growth factors present significant opportunities for electric lighting equipment providers in the online segment.
The residential segment to maintain its leadership status throughout the forecast period.
Based on application, the residential segment held the highest share in 2022, accounting for more than half of the global electric lighting equipment market revenue and is estimated to maintain its leadership status throughout the forecast period, due to greater emphasis on energy-efficient and advanced lighting solutions. Moreover, there are future opportunities for electric lighting equipment manufacturers to develop energy-efficient light with advanced power management systems, reducing standby power usage, and eco-friendly production techniques. These factors collectively create a strong demand for lighting in residential sector in the electric lighting equipment market. However, the commercial segment is projected to manifest the highest CAGR of 9.14% from 2023 to 2032.
Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around one-third of the global electric lighting equipment market revenue. This region is expected to witness the fastest CAGR of 8.69% from 2023 to 2032, owing to rise in urbanization in countries like India, China and Japan investments in automotive industries which are fueling the growth of the market in this region.
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Leading Market Players: -
- GENERAL ELECTRIC
- ACUITY BRAND, INC.
- STANLEY ELECTRIC CO LTD.
- OSRAM GMBH.
- NICHIA CORPORATION
- HUBBELL.INC
- EVERLIGHT ELECTRONICS CO., LTD.
- EATON CORPORATION PLC
- TOSHIBA CORPORATION
- SIGNIFY HOLDING.
The report provides a detailed analysis of these key players of the global electric lighting equipment market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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