Global Electric Lighting Equipment Market Strategies 2024, Forecast To 2033
10 Jan, 2024
The electric lighting equipment market has demonstrated robust growth, increasing from $121.39 billion in 2023 to $128.6 billion in 2024, reflecting a Compound Annual Growth Rate (CAGR) of 5.9%. Historical growth is linked to technological advancements and adherence to energy efficiency regulations. Expectations for strong growth continue, with the market projected to reach $158.46 billion in 2028, driven by sustainability initiatives and infrastructure projects.
Global Electric Lighting Equipment Market Key Driver
The growing adoption of LED lighting fuels the growth of the electric lighting equipment market. LED lighting, utilizing light-emitting diodes (LEDs), offers energy efficiency, durability, and environmental friendliness. E-Green Electrical reports that around 50% of global light sources are already LED lamps, projected to reach 87% by 2030. The increasing embrace of LED lighting contributes to the expansion of the electric lighting equipment market.
Get A Free Sample Of The Global Electric Lighting Equipment Market ReportGlobal Electric Lighting Equipment Market Segments
The electric lighting equipment market covered in this report is segmented –
1) By Type: General Lighting, Automotive Lighting, Back Lighting
2) By Mode: Online, Offline
3) By Sales Channel: OEM, Aftermarket
4) By Application: Residential, Commercial, Automotive, Other Applications
Subsegments Covered: Incandescent Bulbs, Halogen, High Intensity Discharge (HID) Bulbs, Linear Fluorescent (LFL) Bulbs, Compact Fluorescent Lamps (CFL), Light Emitting Diode (LED), Automotive Halogen Bulbs, High Intensity Discharge [HID] Bulbs, Automotive Light Emitting Diode (LED) Bulbs, Cold Cathode Fluorescent Lamps (CCFL), Back Lighting-Light Emitting Diode (LED)
By Geography: The regions covered in the electric lighting equipment market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
Asia-Pacific was the largest region in the electric lighting equipment market in 2023. North America was the second largest region in the electric lighting equipment market. The regions covered in the electric lighting equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Electric Lighting Equipment Industry Players
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, Liron Lighting LLC, Nichia Corporation, EiKO Global LLC, RAB Lighting Inc., MaxLite Inc., NaturaLED, Westgate MFG Inc., Hydrofarm Holdings Group Inc., Signify NV, Cree Inc., Technical Consumer Products Inc., Satco Products Inc., Feit Electric Company Inc., Prescolite Inc., Light Efficient Design Co. Ltd., Litetronics International Inc., Ledvance GmbH, Fulham Co. Inc., Keystone Technologies LLC, Venture Lighting International Inc., Halco Lighting Technologies LLC, American Lighting Inc., Nora Lighting Inc., Litecontrol Corporation, Sea Gull Lighting Products LLC, Kichler Lighting LLC
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Electric Lighting Equipment Market Overview
The electrical lighting equipment produces light for the electrical products. These are used for various household and other applications.
Electric Lighting Equipment Global Market Report 2023 provides data on the global electric lighting equipment market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The electric lighting equipment market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.