Residential Lighting Fixtures Market Size Report, By Source (Fluorescent, LED & OLED), By Product (Ceiling, Pendant & Chandeliers), By Distribution Channel, By Region, And Segment Forecasts, 2019 - 2025
The global residential lighting fixtures market size is expected to reach USD 21.17 billion by 2025, according to a new
report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.9% during the forecast period. The rapid
replacement of traditional lights with more energy-efficient and economical lighting fixtures is expected to remain a
prominent trend. Furthermore, rising middle-class population in developing countries including China, India, Bangladesh, and
Philippines as a result of urban development and increasing number of employment opportunities is projected to have a
positive impact on the market.
The Light-emitting Diodes and Organic Light-emitting Diode (LED & OLED) led the market in 2018, contributing to over 50% of
revenue share. High energy-efficiency and durability is anticipated to drive the growth. This segment is expected to witness
steady growth in the upcoming years owing to the implementation of government initiatives aimed at encouraging the adoption
of energy-efficient LED lighting instead of incandescent lighting.
Ceiling and wall mounted together held the largest share of the global residential lighting fixture market with over 60% of
the total revenue share in 2018. These products illuminate the whole room and make it appear brighter and larger. In
addition, availability of a wide range of ceiling and wall mounted fixtures appropriate for different types of homes and
décor is anticipated to bode well for the product demand.
Asia Pacific held the leading market share of more than 45% in 2018. Rising number of residential buildings in emerging
economies including China, India, and Philippines on account of easy loan assistance by banks for home construction is
expected to expand the use of lighting equipment. Additionally, the increasing number of smartphone users in these countries
is expected to encourage manufacturers to launch products in their online stores.
Key manufacturers include 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. New product
launches is expected to remain a key competitive strategy in the forthcoming years.
Further key findings from the report suggest:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook