Industria
Electric Lighting Equipment Market to Reach $217.4 Billion, Globally, by 2032 at 7.6% CAGR: Allied Market Research
The electric lighting equipment market is anticipated to expand significantly during the forecast period, owing to an increase in demand for energy-efficient lighting solutions. In addition, the surge in demand for smart lighting solutions and rise in the number of residential and commercial construction across the globe fuels the market growth. Additionally, the electric lighting equipment is anticipated to benefit owing to the increase in technological advancement and is expected to present enormous opportunities for the market over the forecast period. On the other hand, government regulation for energy efficiency standards is anticipated to restrain the market growth during the forecast period.
Rise in the number of residential and commercial construction across the globe
Based on type, the general lighting segment held the highest market share in 2022, accounting for more than half of the global electric lighting equipment market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its energy efficiency, long lifespan, and versatility. Moreover, the automotive lighting segment is projected to manifest the highest CAGR of 8.73% from 2023 to 2032, driven by the increase in popularity of electric vehicles.
Based on sales channel, the offline channel segment held the highest market share in 2022, accounting for nearly three-fifths of the global electric lighting equipment market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the online channel segment is projected to manifest the highest CAGR of 8.76% from 2023 to 2032 due to the increase in demand of e-commerce. These trends and growth factors present significant opportunities for electric lighting equipment providers in the online segment.
Based on application, the residential segment held the in 2022, accounting for more than half of the global electric lighting equipment market revenue and is estimated to maintain its leadership status throughout the forecast period, due to greater emphasis on energy-efficient and advanced lighting solutions. Moreover, there are future opportunities for electric lighting equipment manufacturers to develop energy-efficient light with advanced power management systems, reducing standby power usage, and eco-friendly production techniques. These factors collectively create a strong demand for lighting in residential sector in the electric lighting equipment market. However, the commercial segment is projected to manifest the highest CAGR of 9.14% from 2023 to 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around one-third of the global electric lighting equipment market revenue. This region is expected to witness the fastest CAGR of 8.69% from 2023 to 2032, owing to rise in urbanization in countries like
India , China and
Japan investments in automotive industries which are fueling the growth of the market in this region.
The report provides a detailed analysis of these key players of the global electric lighting equipment market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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