Bulb Market By Product Type (Incandescent Bulbs, LED Bulbs, Halogen Bulbs, Fluorescent Bulbs, Compact Fluorescent Lamps, Others) , By Technology (Smart Bulbs, Non-Smart Bulbs) By Application (Residential, Commercial, Industrial) By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Departmental Stores, Online Sales Channel, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2034
Bulb Market
The bulb market was valued at $63.1 billion in 2023 and is projected to reach $104.7 billion by 2034, growing at a CAGR of 4.8% from 2024 to 2034.
A bulb is a source of artificial illumination that emits light upon receiving electric current. The structure of bulb comprises of a filament that glows & emits light and a transparent or translucent glass casing filled with inert gas. The gas is necessary to prevent the oxidation of filament. Available in different shapes and sizes, the light output of bulbs depends upon their voltage spectrum that ranges from 1.5 volts to around 300 volts.
Increase in urbanization and commercialization has boosted the demand for efficient lighting solutions, propelling the growth of the bulb market. In addition, rise in inclination toward sustainability has led to the development of environment-friendly bulbs, driving the market development. To enhance the energy efficiency and sustainability of bulbs, the adoption of ingenious thermal management solutions is trending in recent times. Manufacturers are utilizing heat sinks & innovative heat dissipation materials to disperse the generated heat and elevate the energy efficiency of lighting systems, including bulbs.
However, the high costs of advanced bulbs such as LED or smart bulbs restrict a broad consumer base toward the use of outdated incandescent bulbs. This leads to high environmental impact and hampers the growth of the market. Furthermore, high competition among the industry players results in market saturation and reduced profits, restraining the market development. On the contrary, efforts by governments across several nations to reduce their environmental impact and build a sustainable future have led to a decline in the prices of LED bulbs. This is anticipated to present remunerative opportunities for the market. According to Statista—a German database company, approximately 87% of the total lighting solutions in the U.S. are projected to be LEDs by 2030. This is attributed to the energy efficiency of the LED bulbs that is poised to open new avenues for the bulb market.
Segment ReviewThe bulb market is segmented into product type, technology, application, distribution channel, and region. On the basis of product type, the market is divided into incandescent bulbs, LED bulbs, halogen bulbs, fluorescent bulbs, compact fluorescent lamps, and others. By technology, it is bifurcated into smart bulbs and non-smart bulbs. As per application, it is classified into residential, commercial, and industrial. Depending on distribution channel, it is categorized into supermarkets/hypermarkets, specialty stores, departmental stores, online sales channel, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of product type, the compact fluorescent lamps segment held a high share of the market in 2023.
By technology, the non-smart bulbs segment dominated the market in 2023.As per application, the residential segment was the highest shareholder in 2023.
Depending on distribution channel, the supermarkets/hypermarkets segment acquired a high stake in the market in 2023.
Region wise, Asia-Pacific was the highest revenue generator in 2023.
Competition AnalysisThe major players of the global bulb market include acuity brands, Cree, Eaton, Everlight Electronics co.,Ltd., GE Lighting, NICHIA CORPORATION, ams-OSRAM AG., Philips Lighting, Seoul Semiconductor Co., Ltd, and Zumtobel Group. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy Product TypeIncandescent Bulbs
LED Bulbs
Halogen Bulbs
Fluorescent Bulbs
Compact Fluorescent Lamps
Others
By TechnologySmart Bulbs
Non-Smart Bulbs
By ApplicationResidential
Commercial
Industrial
By Distribution ChannelSupermarkets/Hypermarkets
Specialty Stores
Departmental Stores
Online Sales Channel
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market Playersacuity brands
Cree
Eaton
Everlight Electronics co.,Ltd.
GE Lighting
NICHIA CORPORATION
ams-OSRAM AG.
Philips Lighting
Seoul Semiconductor Co., Ltd
Zumtobel Group