Electric Lighting Equipment Market Expected to Achieve 5.4% CAGR by 2029: Growth Forecast Insights

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How Large Will the Electric Lighting Equipment Market Size By 2025?
In the past few years, the electric lighting equipment market has witnessed robust growth. The market size is projected to increase from $128.38 billion in 2024 to $136.64 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 6.4%. Factors such as technological progress, energy efficiency standards, heightened consumer awareness, urban development, and industrial expansion are primarily credited for this growth observed in the historical period.

How Big Is the Electric Lighting Equipment Market Size Expected to Grow by 2029?
Predictions indicate robust expansion for the electric lighting equipment market in the forthcoming years, with the market anticipated to escalate to a worth of $168.55 billion by 2029. This represents a compound annual growth rate (CAGR) of 5.4%. The projected growth during the forecast period can be traced back to factors such as sustainable efforts, structural projects, and the surge in e-commerce and online sales. Furthermore, electrification and light-weighting, advanced materials, and additive manufacturing, along with digitalization and connectivity, collaboration and partnerships, are set to be the major market trends in the forecast period.

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Which Key Market Drivers Powering Electric Lighting Equipment Market Expansion and Growth?
The expected growth of the electric lighting equipment market is set to be fueled by the rising acceptance of LED lighting. LED lighting, a type of illumination technology that utilizes light-emitting diodes (LEDs) as its light source, presents multiple advantages to the electric lighting equipment market. These benefits encompass energy efficiency, robustness, eco-friendliness, and the freedom of design. For instance, E-Green Electrical, an energy efficiency firm based in Australia, reported in December 2022 that LED lamps currently represent about 50% of all light sources globally. Projections further suggest that LEDs could account for approximately 87% of all light sources by 2030. Thus, the escalating uptake of LED lighting is spurring the progress of the electric lighting equipment market into the future.

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Which Fast-Growing Trends Are Poised to Disrupt the Electric Lighting Equipment Market?
Leading firms in the electric lighting equipment market are prioritizing the development of innovative products such as smart light panels to deliver dependable services to their clientele. Smart light panels are a category of lighting technology that integrates the advantages of conventional lighting equipment with intelligent technology. For example, in August 2023, GE Lighting, a company based in the US with a focus on creating, producing, and distributing electric lighting equipment introduced their new Cync smart hexagon light panels. These hexagon-shaped panels can be managed using the Savant-enabled Cync mobile app and can connect to Wi-Fi as an individual smart light fixture, eliminating the necessity for a separate hub. The app allows users to access pre-configured light shows, create their own, or synchronize the panels to music. The app is user-friendly and intuitive.

What Are the Emerging Segments 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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Who Are the Global Leaders in the Electric Lighting Equipment Market?
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.

Which are the Top Profitable Regional Markets for the Electric Lighting Equipment Industry?
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.

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