Global Residential Lighting Fixture Market Trends and Forecast 2021-2028 | Growth Market Reports

The global residential lighting fixture market is anticipated to grow at a robust CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the increasing demand for energy-efficient products.

Lighting fixture is has been witnessing huge demand among smart homes. In recent years, consumers are spending more on the home decorative light product. The demand for dimmable or brightness controllable lights has witnessed a significant rise, as they can create the desired atmosphere using the lights.

Huge opportunities are available for vendors in the residential lighting fixture market, in the form of smart lighting fixtures and government projects, which is expected to aid them to increase their global footprint. Major companies in the market are integrating latest technologies in their products upgrading to improve the quality of the product and customer experience.

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Market Trends, Drivers, Restraints, and Opportunities:

• Increasing demand for energy-efficient products and replacement of economical lighting fixtures with conventional lights are driving the market growth.
• Rising penetration of the Internet of things (IoT) is raising product visibility among millennial consumers, which is fostering the growth of the market.
• The COVID-19 had disrupted the manufacturing industry. This, in turn, had negatively impacted the supply chain, which had impeded the market growth. However, the market is expected to recover soon.
• Increasing investment in the electronics industry and rapid urbanization by the state government bodies are expected to promote the utility of residential lighting fixtures across the globe.
• Growing popularity of lighting fixtures can create high revenue opportunities for players in the projected timeline.

Residential Lighting Fixtures Market Segment Insights:

LED & OLED segment to account for a large market share

On the basis of product types, the market is classified into incandescent, fluorescent, and LEDs & OLEDs. The LEDs and OLEDs segment held a large share of the market in 2020, in terms of revenue. The products in this segment consumes 90% less energy than traditional bulbs. Moreover, reducing cost of the same owing to technological advancements is propelling the growth of the market segment.

Pendant & chandeliers segments to grow at a rapid rate

Based on applications, the market is segmented into the ceiling, pendant & chandeliers, wall mounted, portable, and others. The ceiling and wall mounted segments dominated the market with the total market share of around 60% in terms of revenue. However, the pendant and chandeliers segments are anticipated to expand at a rapid pace during the forecast period. This is due to the increasing purchasing power of consumers.

Online Segment to exhibit a high CAGR

In terms of distribution channels, the residential lighting fixtures market is segregated into the online and offline. The offline segment dominated the market with more than 80% of market share in 2020. On the other hand, the online segment is anticipated to exhibit a high CAGR owing to increasing penetration of smartphones and Internet across the globe.

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Regional Outlook

On the basis of regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific dominated the market with a share of more than 45% in 2020. This is attributed to increasing population and rising disposable income. Conversely, the market in Middle East and is anticipated expand at a CAGR of 8% during the forecast period.

Competitive Landscape

Major players of the market 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.

Companies are engaging in partnerships, collaborations, and expanding their product offerings to expand their market share.

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