Rockville, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The global lighting fixture market is estimated to be worth US$ 40,180.2 million in 2024. The lighting fixture market is expected to soar at a 3.4% CAGR from 2024 to 2034, achieving US$ 56,115.2 million by the end of 2034.
The growing consumer preference for enhanced household lighting, together with the rapid development of the real estate sector, is predicted to boost demand for lighting fixtures. The ever-increasing number of affluent neighborhoods contributes to the demand for yard lamps.
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Commercial lighting fixtures, mainly LED light modules, are becoming more popular. Lighting fixtures are predicted to be in high demand due to their attractive appearance and capacity to enhance the overall vibe of a location.
The global lighting fixture market growth is projected to be hampered by complex purchasing decisions in the industry. Lighting fixture purchases are not made solely by end users but also by other professions. The presence of several professions has complicated the purchasing process, stifling market expansion for lighting fixtures. Over the forecast period, these challenges are expected to hinder market growth for lighting fixtures.
Regional Outlook
The lighting fixtures market analysis shows that Asia Pacific accounts for a sizable portion of the global industry. The economic success of many Asia Pacific countries, such as India, China, and Japan, stimulates investments in upgrading and beautifying residential and commercial settings. These initiatives are projected to propel the Asia Pacific lighting fixture market growth.
The lighting fixture industry in North America and Europe is expected to increase steadily in the foreseeable future due to customers' propensity to spend large sums on building decorations.
| Report Attribute | Details |
| Value Projection (2034) | US$ 56,115.2 million |
| Growth Rate (2024-2034) | 3.4% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 80 Tables |
| No. of Figures | 240 Figures |
Key Takeaways
- The outdoor lighting segment in the type category is set to exhibit a CAGR of 4.2% from 2024 to 2034.
- In the type category, the industrial lighting segment is expected to acquire a market share of 32.8% in 2024.
- China is expected to acquire a market share of 67.3% in 2024.
- Japan is set to acquire a market share of 22.8% in 2024.
- The United States is expected to acquire a market share of 67.9% in 2024.
- North America’s lighting fixture market is anticipated to surge at a CAGR of 3.5% through 2034.
- East Asia’s lighting fixture market is expected to develop at a CAGR of 4.2% through 2034.
- The United States lighting fixture sales are anticipated to surge at a CAGR of 2.9% over the forecast period.
- Canada’s lighting fixture industry to develop at a CAGR of 4.9% through 2024.
- Mexico’s lighting fixture market is expected to surge at a CAGR of 6% until 2034.
- China’s lighting fixture industry is anticipated to boost at a CAGR of 4% through 2034.
- Japan’s lighting fixture market is set to exhibit a CAGR of 3.7% through 2034.
- South Korea’s lighting fixture industry is anticipated to boost at a CAGR of 4.7% through 2034.
- The LED and OLED segment in the light source category is set to exhibit a CAGR of 4.8% from 2024 to 2034.
- In the light source category, the LED and OLED segment is expected to acquire a market share of 63.3% by 2034.
“The growing desire to beautify homes, restaurants, and hotels spurs demand for visually appealing smart lighting fixtures. Product portfolio expansion and mergers and acquisitions are the primary techniques employed by lighting fixture suppliers. The increase in investments in research and development by significant lighting fixture vendors for the development of aesthetically pleasing and innovative lighting fixtures can increase the lighting fixtures' market share.” comments an analyst.
Key Companies Profiled in This Report
- CREE, INC
- Hubbell Lighting, Inc.
- GE Lighting, LLC
- OSRAM Licht AG
- Royal Philips NV
- Acuity Brands Lighting, Inc
- ATG Electronics
- Panasonic Corporation
- D. Kichler Co.
- Eaton Corporation
Competitive Landscape
The primary lighting fixtures vendors spend heavily on green technology research and development. Many lighting fixtures manufacturers are concentrating their efforts mainly on technical advancement, geographic expansion, and mergers and acquisitions to ensure high product exposure and consumer retention to extend their consumer base and increase sales.
Recent Advancements
- Hydrel, an Acuity Brands business, debuted the groundbreaking FLAME lighting technology on June 14, 2023, which features two color distributions from a single unit. The company is constantly working to create new and improved products.
- GE Current finalized the acquisition of Hubbell Lighting on February 1, 2022. Current is expected to be the name of the combined new business. The acquisition is expected to strengthen the distribution network and improve customer service.
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Country-wise Analysis
The North America lighting fixture market is expected to expand at a CAGR of 3.5% through 2034. Growing lighting fixture demand in important nations, particularly the United States and Canada, is the leading cause of the surge in product sales. With a share of 67.9% of the global market, the United States leads the lighting fitting industry.
The East Asia lighting fixture market is expected to expand at a 4.2% CAGR through 2034. China has become a leading participant in the lighting fixture industry in East Asia, with a noteworthy share of 67.3% in 2024.
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