The global residential lighting fixtures market size was valued at USD 83.8 billion in 2022 and is expected to expand at a CAGR of 5.1% from 2023 to 2030. Growing awareness about energy-efficient lighting and increasing demand for aesthetically pleasing lighting products are some of the key factors driving the market. The growing demand for LED lighting fixtures is expected to bolster the market growth during the forecast period. The growing demand for LED lighting products is attributed to their energy efficiency, durability, and cost-effectiveness.

The residential lighting fixtures market is further driven by the increasing demand for smart lighting solutions, as well as the increasing demand for energy-efficient lighting products. Furthermore, the growing popularity of smart lighting products is driving the market. Smart lighting systems allow for remote control of lights, dimming, scheduling, and creating different scenes. They also enable users to monitor and control the power consumption of their lighting fixtures, thus providing energy savings.

The increasing demand for luxury lighting fixtures is also driving the market. The growing preference of consumers for stylish and aesthetically pleasing lighting fixtures is propelling the market. Furthermore, the rising spending power of consumers is further driving the demand for luxury lighting products. Additionally, manufacturers are focusing on launching innovative products to meet the growing demand for luxury lighting fixtures. For instance, in October 2021, Philips Lighting launched the Hue Lux and Hue White Ambiance, offering customers the ability to personalize their lighting with the touch of a button.

The residential lighting fixtures market is further driven by the increasing demand for retrofit lighting solutions. Retrofit lighting solutions allow for the customization of existing lighting systems, thus eliminating the need to install new lighting products. Moreover, these solutions are also cost-effective, as they reduce the cost of installing new lighting fixtures. Furthermore, the increasing demand for energy-efficient lighting solutions is driving the market. For instance, in May 2021, Osram launched its new range of LED retrofit bulbs, which are designed to replace traditional incandescent and halogen bulbs.

Additionally, the increasing adoption of lighting fixtures with advanced features is also driving the market. For instance, in August 2021, Philips Lighting launched its new range of LED lighting fixtures which are designed to adapt to the changing light throughout the day. The lighting fixtures are equipped with features such as motion sensors, dimmers, and color temperature adjustment, enabling users to customize their lighting experience. Moreover, the increasing demand for energy-efficient lighting solutions is also driving the market.

The LED lighting segment led the market in 2022 and is expected to grow at the highest CAGR during the forecast period. The increasing demand for energy-efficient lighting solutions is driving the growth of the LED lighting market. LED lighting products are gaining popularity owing to their advantages, such as high efficiency, durability, and low power consumption. Furthermore, government initiatives and regulations are encouraging the use of LED lighting products for residential and commercial applications.

The chandeliers segment is anticipated to witness the fastest growth during the forecast period. Chandeliers are also known as hanging lights and are commonly used for residential lighting applications. The increasing demand for chandeliers from residential users is a major factor driving the market. Moreover, increasing consumer preference for aesthetically pleasing lighting products is also driving the demand for chandeliers. Manufacturers are offering chandeliers in different designs, shapes, and sizes, which are attracting the attention of the consumers.

The residential lighting fixtures market is highly fragmented and is made up of several small and medium-sized manufacturers. In terms of distribution channel, the market is divided into two categories: offline and online.

Offline: The offline channel dominated the market in 2020 and is projected to continue its dominance during the forecast period. This is attributed to the rising number of retail outlets offering residential lighting fixtures products. Supermarkets and hypermarkets accounted for the largest share of the offline channel in 2020. The rising number of these outlets in developing countries is expected to fuel the growth of the offline channel.

Online: The online channel is expected to witness the highest CAGR of 11.1% during the forecast period. The increasing penetration of the internet and rising preference for online shopping platforms are expected to drive the growth of the online channel. In addition, the availability of various discounts and offers on online platforms is expected to drive the growth of the online channel.

The LED segment accounted for the largest revenue share of 61.7% in the year 2022. The increasing demand for energy-efficient products and rising environmental awareness among consumers have increased the demand for LED lighting products. Furthermore, the technological advancements in LED bulbs such as color-changing and motion-sensing capabilities have further propelled the demand for the LED segment.

The fluorescent segment is anticipated to expand at the highest CAGR of 7.3% over the forecast period. The increasing adoption of fluorescent lighting fixtures in residential, commercial, and industrial applications is driving the market. Moreover, the increasing demand for low power consumption lighting systems and government initiatives such as subsidies and tax rebates to promote energy-efficient lighting systems are driving the segment.

Europe emerged as the largest regional market and accounted for over 32.5% of the total revenue in 2022. This is attributed to the strong presence of renowned lighting manufacturers such as Philips Lighting, OSRAM, and Zumtobel Group. The growing demand for energy-efficient lighting technologies in the region is further expected to propel the market growth. For instance, in October 2021, LEDVANCE launched its new SYLVANIA LED luminaires in the UK.

Asia Pacific is expected to witness a rapid growth over the forecast period, on account of rapid urbanization and the increasing purchasing power of consumers in the region. The presence of prominent players, such as Panasonic Corporation, Opple Lighting Co., Ltd., and Hubbell Incorporated, is further expected to foster the regional market growth.

In this part of the residential lighting fixtures products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a residential lighting fixtures products business comes from the sale of products. Here you will find a list with a description of the specific products that are sold and other possible sources of profit such as the sale of accessories, bulk orders, and installation services.

Projecting Expenses
In this section, all the regular expenses related to keeping the residential lighting fixtures products business running will be described. The list of operating expenses includes inventory, supplies, wages, shipping, marketing, advertising, rent, utilities, insurance policies, and others.

Some of the key companies operating in the residential lighting fixtures market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In November 2022, Philips Lighting launched the Hue Ambiance fixtures which use the company’s proprietary LED bulbs to provide a range of colors, allowing users to customize their lighting.

– In October 2022, GE Lighting launched the Link range of smart lighting products that can be controlled remotely using a smartphone or voice commands.

– In September 2022, Osram launched a range of LED bulbs with adjustable color temperature, allowing users to adjust the color temperature of their lights to suit their needs.

Some of the prominent players in the residential lighting fixtures market include:

– Philips Lighting
– GE Lighting
– Osram
– Acuity Brands
– Hubbell Lighting
– Cooper Lighting Solutions
– Panasonic Corporation
– Kichler Lighting
– Cree Lighting
– LG Electronics, Inc.

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global residential lighting fixtures market based on product, application, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Ceiling Lights
– Wall Lights
– Table/Floor Lights
– Recessed Lights
– Other

2. Application Outlook (Revenue, USD Million, 2017 – 2030)

– Residential
– Commercial

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Potential of Product Innovation in the Residential Lighting Fixtures Market?
[A]: There is a strong potential for product innovation in the residential lighting fixtures market. The market is anticipated to gain traction due to the growing demand for energy-efficient lighting solutions and the emergence of smart lighting technologies. The residential lighting fixtures market is expected to witness tremendous growth in the coming years, owing to the advancements in LED lighting technology, which is expected to increase the efficiency of lighting products and reduce energy consumption. Furthermore, product innovations such as motion sensors, dimmers, and Wi-Fi enabled lighting fixtures are expected to drive the growth of the residential lighting fixtures market.

[Q]: Who are the Key Players in the Residential Lighting Fixtures Market?
[A]: The key players in the residential lighting fixtures market are Philips Lighting, Acuity Brands Lighting, Inc., Hubbell Lighting, Inc., Wipro Lighting, Cree, Inc., and Havells India Ltd.

[Q]: What are the Factors Driving the Residential Lighting Fixtures Market?
[A]: The factors driving the residential lighting fixtures market include the increasing demand for energy-efficient lighting solutions, the growing awareness about the benefits of LED lighting, the increasing adoption of smart lighting solutions, and the increasing demand for aesthetically pleasing lighting fixtures.

[Q]: What is the Outlook for the Residential Lighting Fixtures Market?
[A]: The residential lighting fixtures market is projected to register a healthy growth rate over the forecast period. The market is expected to be driven by the increasing demand for energy-efficient lighting solutions and the growing adoption of smart lighting technologies. Additionally, the increasing focus on aesthetic lighting fixtures is expected to further contribute to the growth of the residential lighting fixtures market.