The electric lighting equipment market valued for $105.3 billion in 2022 and is estimated to reach $217.4 billion by 2032, exhibiting a CAGR of 7.64% from 2023 to 2032.
The electric lighting equipment consists of tools and parts that produce and regulate light for illumination. Electrical equipment used to generate light by converting electrical energy into electromagnetic radiation in the visible spectrum is known as electric lighting equipment.
Electric lighting equipment is employed in a variety of applications including the commercial, residential, and industrial sectors. Moreover, it is utilized in lighting, environments and mood, energy efficiency, media and entertainment, agriculture, and automobiles. They can help ensure people safely navigate, reduce eye strain, and result in cost savings and reduced environmental impact market dynamics.
Owing to the increase in residential and commercial building around the world as well as the rise in the number of skyscrapers, it is projected that the market for electric lighting equipment would grow significantly over the forecast period. Electric lighting equipment is also projected to profit from lighting equipment's technological progress during the forecast period and is likely to present a market expansion opportunity. On the other side, it is projected that over the projection period, government regulation for energy efficiency standards for lighting equipment will impede market expansion.
The electric lighting equipment market is segmented on the basis of type, application, sales channel, and region. On the basis of type, the market is divided into general lighting, automotive lighting, and backlighting. Based on sales channels, the market is segregated into online and offline. Based on application the market is classified into residential, commercial, and others.
Region-wise, the electric lighting equipment market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the report include General Electric, Acuity Brand Inc., Philips Lighting (Signify Holding), Stanley Electric Co Ltd., Osram GmbH, Nichia Corporation, Hubbell Incorporated, Everlight Electronics Co.ltd., Eaton Corporation plc., and Toshiba Corporation. Market players have adopted various strategies such as product launch, and acquisition, to expand their foothold in the electric lighting equipment market.
The electric lighting equipment consists of tools and parts that produce and regulate light for illumination. Electrical equipment used to generate light by converting electrical energy into electromagnetic radiation in the visible spectrum is known as electric lighting equipment.
Electric lighting equipment is employed in a variety of applications including the commercial, residential, and industrial sectors. Moreover, it is utilized in lighting, environments and mood, energy efficiency, media and entertainment, agriculture, and automobiles. They can help ensure people safely navigate, reduce eye strain, and result in cost savings and reduced environmental impact market dynamics.
Owing to the increase in residential and commercial building around the world as well as the rise in the number of skyscrapers, it is projected that the market for electric lighting equipment would grow significantly over the forecast period. Electric lighting equipment is also projected to profit from lighting equipment's technological progress during the forecast period and is likely to present a market expansion opportunity. On the other side, it is projected that over the projection period, government regulation for energy efficiency standards for lighting equipment will impede market expansion.
The electric lighting equipment market is segmented on the basis of type, application, sales channel, and region. On the basis of type, the market is divided into general lighting, automotive lighting, and backlighting. Based on sales channels, the market is segregated into online and offline. Based on application the market is classified into residential, commercial, and others.
Region-wise, the electric lighting equipment market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the report include General Electric, Acuity Brand Inc., Philips Lighting (Signify Holding), Stanley Electric Co Ltd., Osram GmbH, Nichia Corporation, Hubbell Incorporated, Everlight Electronics Co.ltd., Eaton Corporation plc., and Toshiba Corporation. Market players have adopted various strategies such as product launch, and acquisition, to expand their foothold in the electric lighting equipment market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric lighting equipment market analysis from 2022 to 2032 to identify the prevailing electric lighting equipment market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the electric lighting equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global electric lighting equipment market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Type
- General Lighting
- Automotive Lighting
- Back Lighting
By Sales Channel
- Online
- Offline
By Application
- Residential
- Commercial
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Acuity Brand, Inc.
- Eaton Corporation Plc
- Everlight Electronics co.,Ltd.
- GENERAL ELECTRIC
- Hubbell. Inc
- NICHIA CORPORATION
- OSRAM GmbH.
- Signify Holding.
- Stanley Electric Co Ltd.
- TOSHIBA CORPORATION
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ELECTRIC LIGHTING EQUIPMENT MARKET, BY TYPE
CHAPTER 5: ELECTRIC LIGHTING EQUIPMENT MARKET, BY SALES CHANNEL
CHAPTER 6: ELECTRIC LIGHTING EQUIPMENT MARKET, BY APPLICATION
CHAPTER 7: ELECTRIC LIGHTING EQUIPMENT MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the electric lighting equipment market was valued at $105.3 billion in 2022, and is estimated to reach $217.4 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032.The devices and systems that use electricity to create and regulate artificial light are referred to as electric lighting equipment. It consists of a variety of parts and lighting fixtures created to create illumination in both indoor and outdoor areas. In addition to luminaires that contain and direct the light in specific directions, this equipment also includes light sources including incandescent bulbs, fluorescent tubes, CFLs, LEDs, and HID lamps. Electric lighting equipment is used in a wide range of applications such as Residential, commercial, industries, healthcare, education Institutions and others. Electric lighting offers exterior light for nighttime activities and interior lighting for buildings. Most of the electric lighting is usually powered by electric power. However, battery systems or electric generators can also assist in power lighting for various lighting products such as LED bulbs, and luminaries among others.
Electric lighting equipment is used in different applications, such as industrial, commercial, and residential sectors. Moreover, it is used for Illumination, mood & ambiance, energy efficiency, entertainment & media, agriculture, and automotive. It can help ensure people navigate safely and reduce eye strain, which results in cost savings and reduced environmental impact.
The main aim of electric lighting equipment is to provide a safe and efficient means of illuminating spaces and objects, making them visible and improving the overall visual comfort for inhabitants. Electric lighting equipment has become an essential part of modern life, allowing people to work, study, and perform activities during the night or in areas with low natural light.
Key factors driving the growth of the Growlers market include the growth of electric lighting equipment by creating a need for sustainable lighting solutions. People are increasingly opting for energy-efficient solutions like LED lighting as they become more aware of the environmental impact of classic lighting technologies such as incandescent bulbs and fluorescent lights. LED lighting is recognized for its low energy use, minimal carbon impact, and lack of toxic compounds. Government rules and programmes help to accelerate the transition to energy-efficient lighting. As a result, the demand for electric lighting equipment, particularly LED lighting, is growing as consumers and businesses prioritize sustainability and seek to reduce their environmental impact.
The market also offers growth opportunities to the key players in the market. The integration of Li-Fi technology, which uses light waves to transmit data wirelessly, has the potential to revolutionize lighting systems. Lighting infrastructure can serve a dual purpose by embedding Li-Fi capabilities into electric lighting equipment, such as LED luminaires, allowing for both illumination and high-speed data transmission. This opens up new opportunities for applications such as indoor positioning systems, smart homes, and linked devices, where data exchange via light waves provides benefits in terms of security, bandwidth, and device density.
On the basis of type, the market is divided into general lighting, automotive lighting, and backlighting. Based on sales channel, the market is segregated into online and offline. Based on application the market is bifurcated into residential, commercial, and others. Region-wise, the electric lighting equipment market trends are analyzed across North America (the U. S., Canada, and Mexico), Europe (UK, Germany, France, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study include General Electric, Acuity Brand Inc., Philips Lighting (Signify Holding), Stanley Electric Co Ltd., Osram GmbH, Nichia Corporation, Hubbell Incorporated, Everlight Electronics Co. ltd., Eaton Corporation plc., and Toshiba Corporation. These key players adopt several strategies such as new product launch and acquisition to increase their market share in the global electric lighting equipment market during the forecast period. For instance, In January 2023, Nichia launched Nichia Light Cluster Type V which is a completely new light source module for LCDs that combines the essential characteristics of a display with the functionality of a thin, lightweight, and curved display.
Key Market Insights
By type, the general lighting segment was the highest revenue contributor to the market, and is estimated to reach $112.49 billion by 2032, with a CAGR of 7.27%. However, automotive lighting segment is estimated to be the fastest growing segment with the CAGR of 8.73% during the forecast period.By sales channel, the offline segment was the highest revenue contributor to the market, with $59.42 billion in 2022, and is estimated to reach $112.26 billion by 2032, with a CAGR of 6.68%.
Based on application, the residential segment dominated the market, and is estimated to reach $111.13 billion by 2032, with a CAGR of 7.58%. However, the commercial segment is expected to be the fastest growing segment during the electric lighting equipment Market Forecast
Based on region, Asia-Pacific was the highest revenue contributor, accounting for $ 35.63 billion in 2022 and is estimated to be fastest growing region and reach $81.17 billion by 2032, with a CAGR of 8.69%.
Companies Mentioned
- Acuity Brand, Inc.
- Eaton Corporation Plc
- Everlight Electronics co.,Ltd.
- GENERAL ELECTRIC
- Hubbell.Inc
- NICHIA CORPORATION
- OSRAM GmbH.
- Signify Holding.
- Stanley Electric Co Ltd.
- TOSHIBA CORPORATION
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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