The global Residential Lighting Fixtures Market is projected to reach USD 21.17 billion by the end 2025, according to a new report released by Million Insights. It is anticipated to grow at a CAGR of 5.9% over the forecast period, 2019 to 2025. Lighting fixtures that help in saving energy and are comparatively cheaper than the traditional ones are expected to gain high popularity over the coming years. Moreover, lifestyle of consumers in developing countries such as India, Brazil, and China is changing at a robust pace. In addition, increasing disposable income of consumers and rapid urbanization are the factors contributing to the growth of lighting fixtures market over the forecast period. Furthermore, increasing demand for energy efficient and attractive lighting fixtures is expected to propel the market growth.
The LED & OLED segment accounted for the largest revenue share of more than 50%, in 2018. These lights use optimum energy which is 90% less than the energy used by traditional incandescent lights. This helps in saving wastage of energy. Moreover, they are highly durable. Therefore, it is expected that the incandescent lighting fixtures will be extinct during the forecast period. Moreover, government regulations for banning the use of traditional incandescent bulbs to promote the use of energy efficient LED bulbs is expected to further boost the demand for LED lights over the forecast period.
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In terms of revenue, the segment of ceiling and wall mounted lighting fixtures held the largest market share of more than 60%, in 2018. These products are the most commonly preferred products for room lighting. They create a pleasing atmosphere by balancing the brightness of the room and make it appear bigger and brighter. Moreover, different kinds of wall and ceiling mounted lighting fixtures are available that are suitable for every type of houses and attract large number of consumers. This is expected to boost the sales of wall and ceiling mounted lighting fixtures over the forecast period.
Asia Pacific held the largest revenue share of more than 45% in 2018 owing to presence of large consumer base in countries such as India, Philippines and China. Moreover, rapid urbanization and increasing disposable income of consumers in this region. Furthermore, lighting appliances are in high demand in this region owing to loan assistance provided by financial institutions and banks for constructing houses and buildings. These are some of the factors anticipated to drive the residential lighting fixtures market.
Presence of leading players such as Cree Inc.; Koninklijke Philips N.V.; General Electric; Acuity Brands, Inc.; Hubbell Lighting, Inc.; Eaton Corporation; OSRAM Licht AG; Panasonic Corporation; Everlight Electronics Co., Ltd. and Nichia Corporation made the market highly competitive in nature. Product innovation and new product launches are anticipated to be the most adopted strategies to gain a competitive advantage over other competitors over the forecast period.
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