The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

 

 

The electric lighting equipment market has witnessed robust growth, surging from $121.39 billion in 2023 to an estimated $128.6 billion in 2024. This growth, with a Compound Annual Growth Rate (CAGR) of 5.9%, is attributed to technological advancements, energy efficiency regulations, heightened consumer awareness, urbanization, and industrial expansion.

 

 

Future Outlook

The upward trend is expected to persist, with the market forecasted to reach $158.46 billion in 2028, driven by a CAGR of 5.4%. This anticipated growth stems from sustainability initiatives, infrastructure projects, and the burgeoning impact of e-commerce and online sales. Noteworthy trends include electrification and lightweighting, advanced materials, additive manufacturing, digitalization, connectivity, and collaborative partnerships.

 

 

Rise In Commercial And Non-Commercial Buildings

Catalyst for Growth

The burgeoning number of commercial and non-commercial buildings is a significant catalyst for the electric lighting equipment market’s expansion. Commercial buildings, encompassing non-residential structures, and non-commercial structures not used for commercial or residential purposes, are driving the demand for innovative lighting solutions.

Market Insights

• In the U.S., commercial building floor space is projected to grow by 35% from 2021 to 2050, reaching 124.6 billion square feet by 2050.
• The average size of U.S. homes expanded by 45% in 2021, emphasizing the growing demand for lighting solutions.

 

 

View More On The Electric Lighting Equipment Market Report 2023 – https://www.thebusinessresearchcompany.com/report/electric-lighting-equipment-global-market-report

 

 

Adoption of Innovative Solutions

• Electric lighting equipment, such as dimmers and color-changing bulbs, provides intelligent solutions for networked controls within offices, commercial buildings, and non-commercial structures.

 

 

Major Players in the Electric Lighting Equipment Market

Industry Giants

• Stanley Electric Co Ltd.
• Panasonic Corporation
• Robert Bosch GmbH
• Eaton Corporation PLC
• Acuity Brands Inc.
• OSRAM GmbH
• Alstom SA
• Toshiba Corporation
• Hubbell Incorporated
• LG Electronics
• And many more…

 

 

Increasing Focus On Product Innovations

Industry Dynamics

• Major companies are concentrating on innovative products to enhance customer services, exemplified by the emergence of smart light panels.
• Smart light panels integrate traditional lighting fixtures with smart technology, offering user-friendly and intuitive features.

Exemplary Innovation

• GE Lighting launched Cync smart hexagon light panels in August 2023.
• These hexagonal panels can be controlled via the Savant-powered Cync mobile app, connecting to Wi-Fi without the need for a separate hub.
• The app allows users to access pre-made light shows, create their own, or synchronize the panels with music.

 

 

Market Segmentation

Insightful Categories

The electric lighting equipment market is segmented into:

1. Type: General Lighting, Automotive Lighting, Back Lighting
2. Mode: Online, Offline
3. Sales Channel: OEM, Aftermarket
4. Application: Residential, Commercial, Automotive, Other Applications

 

 

Regional Dominance

Asia-Pacific Leading the Way

• In 2023, Asia-Pacific emerged as the largest region in the electric lighting equipment market, showcasing the region’s pivotal role in the industry’s dynamics.

 

 

RequestA Sample Of The Global Electric Lighting Equipment Market Report 2023:
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The Electric Lighting Equipment Global Market Report 2023 provides comprehensive insights on the electric lighting equipment market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the electric lighting equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

 

 

View More Related Reports –

Electrical Equipment Global Market Report 2023

General Lighting Global Market Report 2023

Smart Lighting Global Market Report 2023

 

 

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