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Lighting Fixtures Market : Global Demand Analysis & Opportunity Outlook 2024

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Report ID: 360 | Published On: Feb 13, 2023
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Market Segmentation

Our-in depth analysis of the global lighting fixtures market includes the following segments:

By Product Type

  • Ceiling
  • Fans
  • Chandeliers
  • Pendants
  • Recessed
  • Utility
  • Wall

By Application

  • Residential
  • Commercial
  • Architectural

By Light Source

  • Incandescent
  • Fluorescent
  • Gas Discharge
  • Metal Halide
  • LED
  • OLED


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Market Size & Forecast
cscs

Global lighting fixtures market is growing at a compound annual growth rate (CAGR) of 7.1% during forecast period 2017-2024. The global lighting fixtures market is projected to reach to a valuation about USD 216.45 Billion by the end of year 2024. The rising demand for energy saving lighting fixtures has propelled the growth of global market of lighting fixtures. The global lighting fixture market is driven by Asia-Pacific region. Asia-Pacific accounted for the highest share about 39% of the global lighting fixtures market.

High population density is one of the key elements propelling the growth of the lighting fixtures market in Asia Pacific region and is anticipated to continue its dominance over the forecast period. Further, rise in demand for lighting fixtures in developing economics such as China, India and others is expected to augment the demand for the global lighting fixture market in near future. On the other hand, North America and Europe region are expected to witness a sluggish growth over the forecast period. Replacement of conventional lighting system with modern lighting fixtures is anticipated to positively impact the growth of the market.CLICK TO DOWNLOAD FREE SAMPLE REPORT


By Region

Global lighting fixture market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis


Growth Drivers & Challenges

Commercial, residential and industrial sectors are now witnessing higher capital investment in infrastructure development. Further, this factor is increasing the demand for lighting fixtures in these sectors. Some of the government initiatives, such as promotion for LED lighting, energy conservation and others have given boost to the global market of lighting fixtures. Over the past few years, it has been seen that modern lighting fixtures are being adopt over conventional lighting fixtures due to its attractive look and low power consumption capability. This factor is expected to impel the growth of the lighting fixture market over the forecast period. Urbanization and enhancement of infrastructure of the buildings are some of the major drivers increasing the demand for lighting fixtures. These activities are expected to increase with remarkable growth rate in near future. Apart from that, factors such as rising per capita income and rising awareness of energy consumption among the consumers have led them to replace the conventional lighting fixture with modern lighting fixtures.

The rising disposable income coupled with changing lifestyle has resulted in the adoption of advanced and attractive lighting fixture. Lighting fixtures have wide range of application in various sectors such as automobile, aerospace, industries construction and others. Further, the global lighting fixtures market is expected to witness growth over the forecast period on the account of the positive growth in end-use industries.

However, presence of local vendors has affected the overall revenue of the global market. Further, low cost offering by the local vendors is reducing the market share of the organized players.


Top Featured Companies Dominating the Market

  • Acuity Brands Lighting Inc.
    • Company Overview
    • Key Product Offerings
    • Business Strategy
    • SWOT Analysis
    • Financials
  • Advanced Lighting Technology Inc.
  • Bajaj Electricals Ltd
  • Cooper Industry PLC
  • Cree Inc.
  • Evolution Lighting
  • Fagerhults bElysning AB
  • GE Lighting
  • Grote industries Inc.
  • Havells
  • HELLA KgaA Hueck & Co.
  • Hubbell Lighting Inc.
  • Spaulding Lighting Inc.
  • Juno Lighting Group

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Top Featured Companies Dominating the Market

    • Acuity Brands Lighting Inc.
      • Company Overview
      • Key Product Offerings
      • Business Strategy
      • SWOT Analysis
      • Financials
    • Advanced Lighting Technology Inc.
    • Bajaj Electricals Ltd
    • Cooper Industry PLC
    • Cree Inc.
    • Evolution Lighting
    • Fagerhults bElysning AB
    • GE Lighting
    • Grote industries Inc.
    • Havells
    • HELLA KgaA Hueck & Co.
    • Hubbell Lighting Inc.
    • Spaulding Lighting Inc.
    • Juno Lighting Group

    Scope and Context


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Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

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