Residential Lighting Fixtures Market Trend, Share, Growth, Size, Analysis and Forecast 2032

Residential Lighting Fixtures Industry Prospective:

The global residential lighting fixtures market size was evaluated at $20.17 billion in 2023 and is slated to hit $45.33 billion by the end of 2032 with a CAGR of nearly 9.41% between 2024 and 2032.

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Residential Lighting Fixtures Market: Overview

Residential lighting fixtures are particularly designed fixtures and installed for offering lighting in households as well as other kinds of residences. These fixtures can take a slew of forms such as floor lamps, ceiling fixtures, floor lamps, table lamps, and wall-mounted fixtures. For the record, residential lighting fixtures market contributes over one-fourth of the lighting fixtures market. The key objective of residential lighting fixtures is to offer adequate illumination for a slew of activities.    

Key Insights

• As per the analysis shared by our research analyst, the global residential lighting fixtures market is projected to expand annually at the annual growth rate of around 9.41% over the forecast timespan (2024-2032)
• In terms of revenue, the global residential lighting fixtures market size was evaluated at nearly $20.17 billion in 2023 and is expected to reach $45.33 billion by 2032.
• The global residential lighting fixtures market is anticipated to grow rapidly over the forecast timeline owing to escalating need for power-efficient lighting activities along with growing urbanization.
• In terms of source, the LED & OLED segment is slated to register the highest CAGR over the forecast period.
• Based on product, the ceiling & wall-mounted segment is predicted to lead the segmental space in the upcoming years.
• Based on distribution channel, the offline segment is predicted to contribute majorly towards the global market share in the ensuing years.
• Region-wise, the Middle East & Africa residential lighting fixtures industry is projected to register the fastest CAGR during the projected timespan.

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Residential Lighting Fixtures Market: Growth Factors

Growing demand for electricity saving devices is expected to boost the growth of the market globally

Escalating need for power-efficient lighting activities along with growing urbanization will embellish the global market trends. Surging concerns about power usage and environmental sustainability are likely to boost the popularity of residential lighting fixtures in the coming years. Launching of new lighting systems such as LED lighting will steer the growth of the market globally.    

Residential Lighting Fixtures Market: Restraints

Surging product prices can hinder the expansion of the industry across the globe over 2024-2032

Low awareness along with huge product costs of LED and OLED is predicted to retard the growth of the global residential lighting fixtures industry.

Residential Lighting Fixtures Market: Opportunities

Escalating renewable energy trends will open new growth avenues for the market across the globe in the upcoming years

Swift urbanization and rise in the allocation of funds for the electronics sector are projected to open new growth avenues for the global residential lighting fixtures market. A surging preference for green energy for reducing carbon emissions is slated to shape the expansion of the market globally.

Residential Lighting Fixtures Market: Challenges

Non-uniformity in standardization of LED laws can create obstacles in the growth of industry across the globe

Security issues pertaining to IoT controlled lights can challenge the expansion of the global residential lighting fixtures industry. Lack of uniformity pertaining to standard LED protocols can restrict the expansion of the global industry.

Residential Lighting Fixtures Market: Segmentation

The global residential lighting fixtures market is divided into source, product, distribution channel, and region.                                         

In source terms, the residential lighting fixtures market across the globe is segregated into fluorescent, incandescent, and LED & OLED segments. Furthermore, the LED & OLED segment, which acquired nearly 52% of the global market revenue in 2023, is expected to register massive gains in the years ahead. The expansion of the segment in the analysis timeline can be credited to beneficial features of the LED & OLED such as energy efficiency and durability. Reportedly, these products require less power in comparison to other sources of light, thereby enhancing their usage in residential sector.  Moreover, favorable government incentives promoting the LED & OLED use will further increase the product sales, thereby expediting the growth of the segment in the years ahead.

On the basis of the product, the global residential lighting fixtures industry is segmented into ceiling & wall-mounted, portable, ceiling, and pendant & chandeliers segments. Additionally, the ceiling & wall-mounted segment, which garnered a major share of the global industry in 2023, is expected to dominate the segment in the years to come. The segmental surge during 2024-2032 can be due to rise in the demand for the product by various households for room lightening. Apart from this, wall-mounted fixtures help in reducing the over-brightness of the room through bouncing of light from walls & ceilings.

Based on the distribution channel, the residential lighting fixtures market globally is bifurcated into offline as well as online segments. Furthermore, the offline segment, which amassed a key share of the global market in 2023, is expected to account noticeably towards the global market revenues in the upcoming years. The segmental elevation over 2024-2032 can be due to easy availability of accessories of residential lighting fixtures in various electrical & electronics shops.

Residential Lighting Fixtures Market: Report Scope

Residential Lighting Fixtures Market: Regional Insights

Asia-Pacific is predicted to maintain the leading position in the global residential lighting fixtures market in the upcoming years

Asia-Pacific, which accounted for nearly 71% of the global residential lighting fixtures market proceeds in 2023, is projected to be a leading region in the next seven years. In addition to this, the regional market progression in the coming years can be attributed to growing product penetration in densely populated countries such as China and India. Moreover, surging expenditure on electrification by various governments in the sub-continent is predicted to boost the revenue of the market in the region.

The Middle East & African residential lighting fixtures industry is slated to register the fastest growth rate annually in the forecast timeline. The elevation of the industry in the Middle East & Africa can be credited to a prominent increase in the manufacture & utilization of lighting products in the region. For the record, more than 50% of rural population in South Africa has access to electricity. Moreover, there is a huge growth opportunity for the industry in the untapped countries of the Middle East & Africa.

Key Developments

• In last quarter of 2021, Cree Inc. launched the CPY500TM series which is a total canopy lighting solution.
• In the first half of 2024, Lifx, a key firm offering smart lighting solutions to end-users, introduced a new product line of outdoor smart lights.
• In December 2023, WoodenStreet, a key player in the furniture sector, declared that it will launch Light Street, a key in-house product that can be effectively used for lightening & home decor purpose. Such moves are likely to embellish the expansion of the residential lightening industry across the globe in the near future.

Residential Lighting Fixtures Market: Competitive Space

The global residential lighting fixtures market profiles key players such as:

• Panasonic Corporation
• Koninklijke Philips N.V.
• Nichia Corporation
• Acuity Brands Inc.
• Cree Inc.
• General Electric
• OSRAM Licht AG
• Hubbell Lighting Inc.
• Eaton Corporation
• Everlight Electronics Co. Ltd.

The global residential lighting fixtures market is segmented as follows:

By Source

• Fluorescent
• Incandescent
• LED & OLED

By Product

• Portable
• Ceiling & Wall-Mounted
• Pendant & Chandeliers

By Distribution Channel

• Offline
• Online

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa