Global Residential Lighting Fixtures Market Report
Global Residential Lighting Fixtures Market by Source (Incandescent, Fluorescent, and LED & OLED), Product (Ceiling, Pendant & Chandeliers, Wall Mounted, Portable, and Others), Distribution Channel (Offline and Online), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Residential Lighting Fixtures Overview
There are different kinds of residential lighting fixtures. A few are used on the ceiling and others are used on walls and can make the room cozy or highlight certain areas. Some lights can be moved around and placed on tables or floors to light up specific areas. Recessed lights are put into ceilings or walls to focus the light on certain spots. Under-cabinet lights help in the kitchen, and outdoor lights are for the exterior of the house.These lights can use different types of bulbs, like regular ones, energy-saving ones, or Led lights. Led lights are popular because they last a long time and save energy.
Residential Lighting Fixtures Market Analysis
The global residential lighting fixtures market size was $18,487.5 million in 2022 and is predicted to grow with a CAGR of 38,006.9%, by generating a revenue of $8.0% million by 2032.
COVID-19 Impact on Global Residential Lighting Fixtures Market
The COVID-19 pandemic had both positive and negative consequences for the residential lighting fixtures market. On the negative side, supply chain issues caused delays in manufacturing and delivery of the fixtures. However, there were some positive effects as well. Since people spent more time at home, they wanted to improve their surroundings and purchased more fixtures for aesthetic improvement. Many people began working from home, necessitating the need for adequate lighting in their home offices. People were also more concerned about their health, and they desired fixtures that promote good sleep. Energy saving fixtures also witnessed an increase in demand, and LED lights became increasingly popular.
Growing Demand for Energy-efficient Lighting to Drive the Market Growth
The increasing focus on energy conservation and the usage of controls and standards promoting energy-efficient lighting solutions have driven a rise in demand for residential lighting fixtures that consume less energy and provide better light. Several factors influence the residential lighting fixture market. The growth of urban areas increases the demand for lighting fixtures in residential spaces. Consumers' disposable incomes are increasing, allowing them to invest in home improvement projects such as upgrading their lighting fixtures. Another driving force is energy efficiency, with consumers opting for energy-saving LED fixtures to reduce energy consumption and utility bills. Smart lighting systems, wireless controls, and automation are examples of technological advancements that have contributed to market growth.
Lighting fixtures are seen as an integral part of creating ambiance and enhancing the overall look of a space, and hence aesthetics and interior design preferences influence consumer choices. Concerns about safety and security drive the demand for motion sensor fixtures and outdoor security lighting. Government regulations and incentives that promote energy efficiency and environmental awareness propel the market even further by encouraging consumers to select eco-friendly lighting solutions. Overall, the growth and trends in the residential lighting fixture market are shaped by a combination of these factors.
High Initial Costs and Slow Replacement Cycles to Restrain the Market Growth
The residential lighting fixtures market faces several factors that act as restraints to its growth and development. One significant factor is the high initial costs associated with purchasing and installing lighting fixtures in residential settings. This upfront investment can deter homeowners from upgrading their lighting fixtures, especially in the event that they already have existing fixtures input. Also, the market is highly saturated with numerous items available, making it difficult for new entrants to gain a dependable balance and compete effectively against built-up brands. Moreover, rapid technological advancements, such as Led lighting, pose both opportunities and challenges. While these advancements offer energy efficiency and cost savings, the cost to upgrade existing fixtures can be high and time-consuming. Furthermore, residential lighting fixtures generally have long replacement cycles, which slows down the rate of new purchases and limits market development. Economic factors, such as downturns or fluctuations in raw material prices, can also impact consumer spending on lighting fixtures. Environmental concerns and regulations promoting energy-efficient solutions can make challenges for manufacturers producing traditional, less efficient lighting products.
Growing Demand for Energy-efficient to Drive Excellent Opportunities
The residential lighting fixture market provides numerous opportunities for expansion and improvement. One significant opportunity is the growing demand for energy-efficient fixtures that help save energy while also protecting the environment. People want lighting solutions that use less electricity and last longer, such as LED lights. Another possibility is to connect lighting fixtures to smart home systems. This means you can control your lights with your phone or voice commands, making it easier and more convenient. People also want fixtures that suit their unique style and make their houses better. Customizable options enable consumers to select the best design, color, and finish for their needs. Health and well-being are other important factors to consider. Lighting fixtures that promote sleep and disinfect the air are becoming increasingly popular.
To know more about global residential lighting fixtures market opportunities, get in touch with our analysts here.
Global Residential Lighting Fixtures Market Share, by Source, 2022
The LED & OLED sub-segment accounted for the highest market share in 2022 The residential lighting market has been completely transformed by LED (Light Emitting Diode) and OLED (Organic Light Emitting Diode) technologies. LED lighting has surpassed in popularity due to its energy efficiency, long lifespan, and versatility. LED lighting consumes less electricity, saving homeowners money on their energy costs, and its longevity eliminates the need for frequent replacements. Furthermore, LED lights are available in a number of colors and may be utilized to generate a variety of moods in residential settings. In contrast, OLED technology has introduced a new dimension to lighting design. Because OLED fixtures are thin, flexible, and transparent, they enable unique and creative lighting installations. They provide soft, uniform illumination, which improves the visual experience. LED and OLED technologies have both gained popularity due to their energy efficiency and design capabilities.
Residential Lighting Fixtures Market Size, by Product, 2022
The ceiling sub-segment accounted for the highest market share in 2022. Ceiling lights are extremely popular in homes. They dominate the residential lighting market due to their versatility, functionality, and aesthetic appeal. There are various styles to choose from, such as chandeliers, pendant lights, and flush-mount fixtures. Ceiling lights brighten and cozy up the entire room. They also conserve space because they do not occupy any floor or surface area. Moreover, they use energy-efficient technology like LED bulbs, which last a long time and save electricity. Overall, ceiling lights are a popular choice among homeowners because they are versatile, save space, brighten rooms, and help save energy.
Residential Lighting Fixtures Market Growth, by Distribution Channel, 2022
The offline distribution sub-segment accounted for the highest market share in 2022. The residential lighting market has long been dominated by offline distribution channels. Lighting fixtures have traditionally been sold through physical retail stores, wholesalers, and distributors. The advantages provided by offline channels account for this dominance. Customers can view and test the products in person, receive personalized assistance from knowledgeable staff, and receive immediate access to the purchased items. The offline channel's dominance has also been aided by the trust and security associated with physical visuals of the products. On the other hand, offline channels are now under pressure due to the rising popularity of online retail and e-commerce. Online platforms appeal to customers who prefer the convenience of online shopping because they provide convenience, a variety of options, and affordable prices. Because of this, many companies are adopting an omnichannel strategy that combines online and offline channels.
Global Residential Lighting Fixtures Market Outlook, by Region, 2022
The Asia-Pacific residential lighting fixtures market generated the highest revenue in 2022. Asia-Pacific is notable for its rapid urbanization, large consumer base, and strong economic growth. The demand for lighting fixtures to meet housing and infrastructure needs grows in tandem with the region's urban population. Consumers in the Asia-Pacific region can afford to invest in home improvement projects such as replacing light fixtures because of the region's large population and rising disposable income. Technological advancements, particularly in LED lighting solutions, have gained popularity due to their energy efficiency and cost savings. Government initiatives promoting energy-saving practices drive even more demand for residential lighting fixtures.
Competitive Scenario in the Global Residential Lighting Fixtures Market
Product launch and joint ventures are common strategies followed by major market players. One of the leading market players in the industry is Everlight Electronics Co., Ltd. Everlight filed a lawsuit with the Taiwan Intellectual Property and Commercial Law Court on November 28, 2022, claiming patent infringement by Raider Electric and LIANG REI SHIN Co., Ltd. infringed Everlight Taiwan patents TWI665406, TWI644055, and TWI553264. Everlight seeks damages of NT$100 million from the defendant and a permanent injunction against the manufacture, import and sale of infringing products. These patents are related to LED lead frame packaging technology and structures that can improve the production speed and yield of light-emitting devices and improve the electrical conductivity and heat dissipation of light-emitting devices. It can be used not only for lighting LED products but also for backlighting and automotive LED arrays.
Some of the leading global residential lighting fixtures market players are Koninklijke Philips N.V., Cree Inc., General Electric, Hubbell Lighting, Inc., Acuity Brands, Inc., Eaton Corporation, Panasonic Corporation, OSRAM Licht AG, Nichia Corporation and Everlight Electronics Co., Ltd.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Source
Segmentation by Product
Segmentation by Distribution Channel
Key Companies Profiled
Q1. What is the size of the global residential lighting fixtures market?
A. The size of the global residential lighting fixtures market was over $18,487.5 million in 2022 and is projected to reach $38,006.9 million by 2032.
Q2. Which are the major companies in the residential lighting fixtures market?
A. Everlight Electronics Co., Ltd. and General Electric are the key players in the global residential lighting fixtures market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Product launch and joint venture are the two key strategies opted by the operating companies in this market.
Q5. Which companies are investing more on R&D practices?
A. Eaton Corporation and Nichia Corporation are the companies investing more on R&D activities for developing new products and technologies.