Electric Lighting Equipment Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share

How Big Is the Electric Lighting Equipment Market Expected to Be, and What Will Its Growth Rate Be?
In recent years, the electric lighting equipment market has experienced substantial growth. Its size is predicted to expand from $128.38 billion in 2024 to $136.64 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.4%. This growth during the historic period can be ascribed to factors such as technological progress, energy efficiency norms, increased consumer awareness, urbanization, and industrial expansion.

The market for electric lighting equipment is anticipated to experience robust expansion in the forthcoming years. By 2029, it is projected to swell to $168.55 billion, with a compound annual growth rate (CAGR) of 5.4%. This growth during the predicted period can be attributed to a range of factors like sustainability actions, infrastructure developments, e-commerce, and online sales. Notable trends during this period are expected to include electrification and lightweighting, the use of advanced materials, additive manufacturing, digitalization and connectivity, and collaboration and partnerships.

What Are the Primary Growth Drivers for the Electric Lighting Equipment Market?
The growth of the electric lighting equipment market is projected to be fueled by the rising acceptance of LED lighting. LED lighting is a lighting technology that employs light-emitting diodes (LEDs) for illumination. This lighting solution provides a plethora of advantages in the electric lighting equipment sector, such as energy conservation, longevity, eco-friendliness, and design versatility. For example, E-Green Electrical, an energy-efficient firm based in Australia, reported in December 2022 that approximately half of the global light sources are currently LED lights. It's anticipated that by 2030, LEDs will constitute around 87% of all lighting sources. Consequently, the escalating uptake of LED lighting is a key factor propelling the expansion of the electric lighting equipment industry into the future.

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Who Are the Dominant Companies Influencing Electric Lighting Equipment Market Trends?
Major companies operating in the electric lighting equipment market include Stanley Electric Co Ltd., Panasonic Corporation, Robert Bosch GmbH, Eaton Corporation plc, Acuity Brands Inc., OSRAM GmbH, Alstom SA, Toshiba Corporation, Hubbell Incorporated, LG Electronics, Liron Lighting LLC, Nichia Corporation, EiKO Global LLC, RAB Lighting Inc., MaxLite Inc., NaturaLED, Westgate MFG Inc., Hydrofarm Holdings Group Inc., Signify NV, Cree Inc., Technical Consumer Products Inc., Satco Products Inc., Feit Electric Company Inc., Prescolite Inc., Light Efficient Design Co. Ltd., Litetronics International Inc., Ledvance GmbH, Fulham Co. Inc., Keystone Technologies LLC, Venture Lighting International Inc., Halco Lighting Technologies LLC, American Lighting Inc., Nora Lighting Inc., Litecontrol Corporation, Sea Gull Lighting Products LLC, Kichler Lighting LLC.

How Is the Electric Lighting Equipment Market Evolving?
Leading companies in the electric lighting equipment market are centering their efforts on novel items such as smart light panels to deliver dependable services to their clientele. The term smart light panels applies to a lighting technology that fuses the advantages of conventional lighting apparatuses with intelligent technology. For example, in August 2023, GE Lighting, a corporation based in the US that specializes in the design, production, and distribution of electric lighting equipment, introduced new Cync smart hexagonal light panels. The hexagonal panels can be operated using the Savant-powered Cync mobile application and can link to Wi-Fi as an individual smart light fixture without the requirement of a separate hub. This application grants access to pre-set light shows, provides the ability to create custom ones, or allows the panels to synchronize with music. The app is user-friendly and intuitive.

What Are the Different Segmentations in the Electric Lighting Equipment Market?
The electric lighting equipment market covered in this report is segmented -

1) By Type: General Lighting, Automotive Lighting, Back Lighting
2) By Mode: Online, Offline
3) By Sales Channel: OEM, After market
4) By Application: Residential, Commercial, Automotive, Other Applications

Subsegments:
1) By General Lighting: LED Bulbs, Fluorescent Lamps, Incandescent Lamps, Compact Fluorescent Lamps (CFL), Halogen Bulbs, Smart Lighting
2) By Automotive Lighting: Headlights, Tail Lights, Fog Lights, Interior Lighting, Turn Signal Lights, Daytime Running Lights (DRLs)
3) By Back Lighting: LED Backlighting, OLED Backlighting, EL (Electroluminescent) Backlighting, CCFL (Cold Cathode Fluorescent Lamp) Backlighting

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Which Region Is at the Forefront of the Electric Lighting Equipment Market?
Asia-Pacific was the largest region in the electric lighting equipment market in 2023. North America was the second largest region in the electric lighting equipment market. The regions covered in the electric lighting equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

What Is Covered In The Electric Lighting Equipment Global Market Report?

- Market Size Analysis: Analyze the Electric Lighting Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Lighting Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Lighting Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Lighting Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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