Press release
Strong Growth Ahead: Electric Lighting Equipment Market Size To Grow At Arecord 5.4% Cagr By 2029
Electric Lighting Equipment Market Size
How Big Is the Electric Lighting Equipment Market Size Expected to Be by 2034?
The electric lighting equipment market has grown at a solid pace in recent years, projected to increase from $128.38 billion in 2024 to $136.64 billion in 2025 with a CAGR of 6.4%, spurred by advances in technology, energy efficiency mandates, greater consumer awareness, and urban and industrial development.
The electric lighting equipment market is anticipated to see strong growth, reaching $168.55 billion in 2029 at a CAGR of 5.4%. This growth is supported by sustainability initiatives, ongoing infrastructure projects, and the rise of e-commerce and online sales. Key trends include the adoption of electrification and lightweighting technologies, the use of advanced materials, the implementation of additive manufacturing, the push for digitalization and connectivity, and increased collaborations and partnerships.
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What Are the Emerging Segments Within 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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What Long-Term Drivers Are Shaping Electric Lighting Equipment Market Trends?
The adoption of LED lighting is expected to accelerate the growth of the electric lighting equipment market. LED lighting, which uses light-emitting diodes (LEDs), offers benefits such as energy efficiency, durability, and design flexibility. In December 2022, Australia-based E-Green Electrical reported that 50% of global lighting sources were already LEDs, with estimates suggesting that by 2030, LEDs will make up about 87% of all lighting worldwide.
Who Are the Top Competitors in Key Electric Lighting Equipment Market Segments?
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.
What Electric Lighting Equipment Market Trends Are Gaining Traction Across Different Segments?
In the electric lighting equipment market, major firms are launching innovative products such as smart light panels to improve service offerings. In August 2023, GE Lighting, a US-based lighting company, introduced Cync smart hexagon light panels. These Wi-Fi-enabled panels, controllable via the Savant-powered Cync app, offer interactive features like customizable light shows and music synchronization, eliminating the need for a separate hub.
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Which Regions Are Becoming Hubs for Electric Lighting Equipment Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Lighting Equipment Market?
2. What is the CAGR expected in the Electric Lighting Equipment Market?
3. What Are the Key Innovations Transforming the Electric Lighting Equipment Industry?
4. Which Region Is Leading the Electric Lighting Equipment Market?
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