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Comprehensive Electric Lighting Equipment Market Forecast 2025-2034: Growth Trends and Strategic Shifts
Electric Lighting Equipment
Electric Lighting Equipment Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
There has been consistent growth in the size of the electric lighting equipment market over the past few years. It is projected to increase from $125.66 billion in 2024 to $131.63 billion in 2025, with a compound annual growth rate (CAGR) of 4.8%. The previous growth in this market is believed to be a result of factors such as technological advancements, energy efficiency regulations, increased consumer awareness, urbanization and industrial growth.
Electric Lighting Equipment Market Size Forecast: What's the Projected Valuation by 2029?
The market for electric lighting equipment is predicted to witness robust expansion in the upcoming years. The market value is anticipated to reach $160.43 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.1%. Factors contributing to this projected growth during the forecast period include sustainability initiatives, infrastructure development projects, the rise in e-commerce, and online sales. Key trends expected to shape the future of the market encompass electrification and lightweighting, the use of advanced materials, additive manufacturing, digitalization and connectivity, together with collaborations and partnerships.
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What Are the Drivers Transforming the Electric Lighting Equipment Market?
The growth of the electric lighting equipment market is anticipated to surge due to rising use of LED lighting. LED lighting, a lighting technology that utilizes light-emitting diodes for illumination, bestows numerous advantages in the electric lighting equipment field such as energy efficiency, longevity, eco-friendliness, and flexibility in design. For example, E-Green Electrical, an energy efficiency firm based in Australia, reported in December 2022 that around half of all global light sources are already LED lamps. They predict that by 2030, LEDs will comprise approximately 87% of all light sources. Therefore, the continued adoption of LED lighting technology is catalyzing the expansion of the electric lighting equipment market in the future.
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What Are the Key Trends Driving Electric Lighting Equipment Market Growth?
Leading corporations in the electric lighting equipment market are prioritizing innovative and reliable services through products such as smart light panels. These panels are a new lighting technology, blending the advantages of typical lighting fixtures with smart technology. As an illustration, GE Lighting, a company based in the US that specializes in the design, production, and distribution of electric lighting equipment, introduced its new Cync smart hexagon light panels in August 2023. These hexagon panels can be managed using the Savant-powered Cync mobile app and can be connected to Wi-Fi as an individual smart light source, eliminating the necessity for an additional hub. The app is user-friendly and allows users to select from pre-set light shows, create their own, or sync the panels to music.
Which Segments in the Electric Lighting Equipment Market Offer the Most Profit Potential?
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, Aftermarket
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 Firms Dominate the Electric Lighting Equipment Market by Market Share and Revenue in 2025?
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 Regions Offer the Highest Growth Potential in the Electric Lighting Equipment Market?
Asia-Pacific was the largest region in the electric lighting equipment market in 2024. 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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