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.
Request Free Sample Report Here
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.
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.
Asia Pacific is anticipated to account for a large market share
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.
About Growth Market Reports:
GROWTH MARKET REPORTS provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GROWTH MARKET REPORTS has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys.
Contact:
Growth Market Reports
Phone: +1 909 414 1393
Email: [email protected]
Web: https://growthmarketreports.com
The global Residential Lighting Fixtures Market is projected to reach USD 21.17 billion by the end 2025, according to a new report released by Million Insights.
Lighting fixtures that help in saving energy and are comparatively cheaper than the traditional ones are expected to gain high popularity over the coming years.
Moreover, lifestyle of consumers in developing countries such as India, Brazil, and China is changing at a robust pace.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/global-residential-lighting-fixtures-market/request-sample Market Synopsis of Residential Lighting Fixture Market: The LED & OLED segment accounted for the largest revenue share of more than 50%, in 2018.
These lights use optimum energy which is 90% less than the energy used by traditional incandescent lights.
In terms of revenue, the segment of ceiling and wall mounted lighting fixtures held the largest market share of more than 60%, in 2018.
