Electric Lighting Equipment Manufacturing Market - Global Industry Research Analysis

According to Market Research Store, the global electric lighting equipment manufacturing market size was valued at around USD 26.47 billion in 2023 and is estimated to reach USD 41.07 billion by 2032, to register a CAGR of approximately 5% in terms of revenue during the forecast period 2024-2032.

The electric lighting equipment manufacturing report provides a comprehensive analysis of the market, including its size, share, growth trends, revenue details, and other crucial information regarding the target market. It also covers the drivers, restraints, opportunities, and challenges till 2032.

Global Electric Lighting Equipment Manufacturing Market: Overview

The Electric Lighting Equipment Manufacturing Market encompasses the production of lighting solutions, including residential, commercial, and industrial lighting systems. This market includes the manufacturing of fixtures, bulbs, LED technologies, and smart lighting systems tailored to various applications. It serves sectors such as construction, automotive, healthcare, and urban infrastructure.

With the growing demand for energy-efficient solutions, the market has increasingly shifted towards LED and smart lighting technologies that offer durability and lower energy consumption.

The market growth is driven by rising urbanization, advancements in lighting technology, and increasing government initiatives promoting energy-efficient solutions. The transition from conventional lighting to LED and IoT-integrated smart lighting systems has been a significant contributor to market expansion.

Key Highlights

• The electric lighting equipment manufacturing market is anticipated to grow at a CAGR of 5% during the forecast period.
• The global electric lighting equipment manufacturing market was estimated to be worth approximately USD 26.47 billion in 2023 and is projected to reach a value of USD 41.07 billion by 2032.
• The growth of the electric lighting equipment manufacturing market is being driven by the increasing demand for efficient and environmentally friendly dyeing processes in the textile industry.
• Based on the product, the general lighting segment is growing at a high rate and is projected to dominate the market.
• On the basis of application, the residential segment is projected to swipe the largest market share.
• By region, North America is expected to dominate the global market during the forecast period.

Electric Lighting Equipment Manufacturing Market: Dynamics

Key Growth Drivers

• Urbanization and Infrastructure Development: The rapid urbanization and infrastructure development in emerging economies are driving the demand for lighting solutions.  
• Energy Efficiency and Sustainability: The increasing focus on energy efficiency and sustainability is driving the adoption of energy-efficient lighting solutions, such as LED lighting.
• Smart Lighting Technologies: The integration of smart technologies into lighting systems, enabling remote control, dimming, and color-changing capabilities, is driving market growth.
• Government Regulations: Government regulations promoting energy efficiency and sustainable lighting practices are influencing the market.

Restraints

• High Initial Investment: The initial cost of adopting new lighting technologies, especially LED lighting, can be significant.
• Complex Supply Chain: The global supply chain for lighting components, including semiconductors and electronic components, can be vulnerable to disruptions.
• Rapid Technological Advancements: Keeping up with the rapid pace of technological advancements in the lighting industry can be challenging.
• Economic Fluctuations: Economic downturns can impact the demand for lighting equipment, especially in sectors like construction and real estate.

Opportunities

• Internet of Things (IoT) Integration: Integrating lighting systems with IoT platforms can enable remote monitoring, control, and data analytics.
• Customized Lighting Solutions: Offering customized lighting solutions tailored to specific applications, such as healthcare, hospitality, and retail, can expand market reach.
• Emerging Markets: Expanding into emerging markets with growing infrastructure and urbanization can provide significant growth opportunities.
• Sustainable and Eco-Friendly Lighting: Developing sustainable and eco-friendly lighting solutions, such as solar-powered and energy-efficient lighting, can align with global sustainability goals.

Challenges

• Intellectual Property Rights: Protecting intellectual property rights for innovative lighting technologies is crucial to maintain a competitive edge.
• Standardization and Interoperability: Ensuring interoperability between different lighting systems and protocols can be complex.
• Supply Chain Management: Managing a complex supply chain, especially for specialized components, can be challenging.
• Consumer Education: Educating consumers about the benefits of energy-efficient and smart lighting solutions is essential to drive adoption

Electric Lighting Equipment Manufacturing Market: Segmentation Insights

The global electric lighting equipment manufacturing market is divided by product, application, and region.

Segmentation Insights by Product

Based on Product, the global electric lighting equipment manufacturing market is divided into general lighting, automotive lighting, back lighting, and others.

The General Lighting segment dominates the market, accounting for the largest share due to its widespread use across residential, commercial, and industrial applications. The growing shift toward LED lighting and smart lighting solutions is a significant driver of this segment. General lighting holds the largest share of the market, driven by its ubiquitous presence across homes, offices, retail spaces, and industrial environments.

Automotive lighting constitutes a significant market share, particularly in regions with robust automotive industries like North America, Europe, and Asia-Pacific. The growing demand for electric vehicles (EVs) and autonomous vehicles further drives this segment. Automotive lighting includes headlamps, taillights, interior cabin lights, and signal lights used in vehicles.

Back lighting occupies a moderate share of the market, driven by the rising demand for consumer electronics and display technologies in various industries. The shift from traditional CCFL backlighting to LED-based systems has further boosted this segment. Backlighting refers to lighting used in electronic displays like TVs, monitors, smartphones, and automotive dashboards

Segmentation Insights by Application

On the basis of Application, the global electric lighting equipment manufacturing market is bifurcated into residential, institutional, commercial, industrial, automotive, and others.

The Residential application segment dominates the electric lighting equipment manufacturing market, largely due to the widespread use of lighting solutions in homes and apartments. The shift towards energy-efficient and smart lighting systems in residential applications drives this dominance. The Residential application segment holds a substantial market share, driven by the demand for energy-efficient lighting solutions and smart home systems.

The Institutional segment has a moderate share, driven by the expansion of educational institutions and healthcare facilities globally. Government initiatives to promote energy-efficient lighting in public buildings also play a key role in this segment’s growth. This segment includes lighting for schools, universities, hospitals, government buildings, and other public institutions.

The Commercial application segment holds a significant share of the market, driven by the demand for energy-efficient lighting in commercial spaces. The shift towards LED lighting and the growing adoption of smart lighting solutions contribute to this segment's expansion. The commercial segment includes lighting used in office buildings, retail stores, shopping malls, restaurants, hotels, and other businesses.

The Industrial segment holds a moderate share of the market. The growth of manufacturing activities, particularly in developing economies, and the increasing demand for durable and energy-efficient lighting solutions in industrial settings drive this segment's growth. The industrial segment includes lighting for factories, warehouses, manufacturing plants, and other industrial facilities.

Electric Lighting Equipment Manufacturing Market: Report Scope

Electric Lighting Equipment Manufacturing Market: Regional Insights

• North America currently leads the global electric lighting equipment manufacturing market

North America holds a significant share of the electric lighting equipment manufacturing market, with the United States being a major contributor. The region benefits from a well-established industrial base, strong consumer demand for energy-efficient lighting solutions, and government initiatives promoting sustainability.

The adoption of smart lighting technologies is also growing rapidly in North America, driven by the demand for home automation and intelligent lighting solutions in both residential and commercial sectors. Furthermore, green building initiatives and energy efficiency regulations are pushing the market toward advanced lighting systems, such as LED and OLED technologies.

Europe is another key market, with countries like Germany, the UK, France, and the Netherlands leading the charge. The region’s lighting manufacturing sector is undergoing a transformation with a focus on energy efficiency and environmentally friendly lighting solutions.

Europe's stringent environmental regulations and the EU's commitment to reducing carbon emissions have significantly driven the demand for energy-efficient lighting technologies, including LEDs and other low-energy lighting solutions. Smart lighting is also growing in popularity, especially in urban areas, as part of larger smart city initiatives.

The Asia Pacific region is the fastest-growing market for electric lighting equipment manufacturing, driven by rapid urbanization, industrialization, and rising disposable incomes in countries like China, India, Japan, and South Korea. China, being one of the largest manufacturing hubs for lighting equipment, is a key player in the market. The country's significant role in the production of LED lights and other energy-efficient lighting products makes it a dominant force in the global market.

Additionally, the growing adoption of smart homes and smart cities, along with increasing government support for energy-efficient lighting initiatives, is driving the demand for modern lighting solutions in the region.

In Latin America, Brazil, Mexico, and Argentina are the leading markets for electric lighting equipment. The growing demand for energy-efficient solutions and increased infrastructure development, particularly in urban areas, is fueling market growth.

However, challenges such as economic instability and limited access to advanced lighting technologies in certain regions may hinder growth. Despite these challenges, the market is expected to expand as governments in countries like Brazil and Mexico implement energy-saving initiatives and smart city projects.

The Middle East and Africa (MEA) market is growing steadily, with demand driven by the region's growing construction industry, increased focus on sustainability, and rapid urbanization, particularly in countries like the UAE, Saudi Arabia, and South Africa.

The Middle East, with its hot climate, has a high demand for outdoor lighting solutions, while Africa is seeing a rise in infrastructure and residential development that drives the need for energy-efficient lighting solutions. In addition, smart lighting technologies are gaining traction in the MEA region, particularly in commercial and government sectors.

Electric Lighting Equipment Manufacturing Market: Competitive Landscape

The report provides an in-depth analysis of companies operating in the electric lighting equipment manufacturing market, including their geographic presence, business strategies, product offerings, market share, and recent developments. This analysis helps to understand market competition.

Some of the major players in the global electric lighting equipment manufacturing market include:

• Eaton
• General Electric
• Koninklijke Philips
• OSRAM
• Panasonic

The global electric lighting equipment manufacturing market is segmented as follows:

By Product

• General Lighting
• Automotive Lighting
• Back Lighting

By Application

• Residential
• Institutional
• Commercial
• Industrial
• Automotive

By Region

• North America
  • U.S.
  • Canada
• Europe
  • U.K.
  • France
  • Germany
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• The Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East Africa

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