U.S. & Canada Residential Lighting Fixtures Market Segmented By Chandeliers, Pendants, Flush Mount Ceiling Lights, Semi-Flush Mount Ceiling Lights Product for Indoor, Outdoor use of Aluminum, Plastic, Metal Material with Corded-electric, Hardwired, Battery-powered Source
Industry: Consumer Goods
Published Date: September-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 300
Report ID: PMRREP33161
The U.S. & Canada residential lighting fixtures market is projected to expand at 7.6% CAGR and reach US$ 39.79 Bn by the end of 2032, up from the market size of US$ 17.9 Bn that it reached at the end of 2021.
Sales of residential lighting fixtures in the U.S. & Canada currently account for 10% to 15% share of the global market.
| Report Attribute | Details |
|---|---|
|
U.S. & Canada Residential Lighting Fixtures Market Size (2022) |
US$ 19.14 Bn |
|
Y-o-Y Market Growth (2021-2022) |
5.5% |
|
Projected Market Value (2032) |
US$ 39.79 Bn |
|
Market CAGR (2022 to 2032) |
7.6% |
|
Market Share of Top 5 Manufacturers |
20% to 25% |
From 2017 to 2021, the U.S. & Canada market for residential lighting fixtures increased at a CAGR of 5.5%, with the United States holding a significant share of the market.
Due to numerous benefits such as remote control support, the ability to be programmed to meet specific needs, energy efficiency, and long lifespan, a majority of companies in the U.S. & Canada are creating wireless lighting fixtures. As a result, the market for lighting fixtures in the U.S. and Canada is anticipated to be driven by rising consumer demand for wireless lighting systems.
Increasing construction of smart buildings is anticipated to drive the demand for energy-saving products such as LED lighting fixtures, which will lead to the growth of the lighting fixtures market in the region. Manufacturers in the U.S. & Canada are focused on R&D and product innovation to introduce innovative products and expand their customer base.
Growth in R&D for introducing innovative products and the growing adoption of light fixtures among millennials are expected to continue over the coming years. In addition, rising awareness about energy-saving lights is also likely to shape the path of the residential lighting fixtures market over the decade.
Besides, through alliances, mergers, and acquisitions, major market players are attempting to broaden their product offerings and geographic reach. Over the next ten years, sales of residential lighting fixtures in the U.S. & Canada are anticipated to increase at a high-value CAGR of 7.6%.
“Desirable Claims by Manufacturers and Brand Owners”
Manufacturers and brand owners are putting forth claims related to product efficiency and effectiveness in a bid to convert the product’s USP into a larger market share and establish a strong presence in the industry. The lighting fixtures market has seen a lot of claims made by manufacturers to promote their brands. Consumer purchase patterns are significantly influenced by company claims.
“LED-based Lighting Fixture Products Accounting for High Sales”
Rapidly growing demand for LED (light emitting diode) lighting has also been driving the growth of the lighting fixtures industry. LEDs offer longer life and higher energy efficiency as compared to incandescent lamps. Lighting fixtures based on LED technology are anticipated to be a key driver for the market over the coming years, as technological advancements in LED light sources are expected to further enhance their energy efficiency, brightness, and affordability.
Further, rising urbanization in the U.S. and Canada is expected to drive the demand for residential lighting fixtures owing to the increased income levels and the changing lifestyles of consumers.
How is the Residential Lighting Fixtures Market Progressing in Canada?
“Growing Use of LED Lights Instead of Traditional Halogen Bulbs & Rise of Smart Home Concept”
The residential lighting fixtures market in Canada is expected to progress rapidly at a CAGR of 10.7% during the forecast period.
Beneficial characteristics of LED lights such as durability, low heat radiation, and energy efficiency are driving LED lighting acceptance in Canada. The government is taking steps to encourage people to use LED products, which is expected to help the market grow during the forecast period.
Other factors such as government guidelines regarding the adoption of energy-efficient technologies are creating major opportunities for lighting fixture suppliers in the country.
Rise in the concept of smart homes has led to an increase in the construction of smart buildings. With more smart buildings on the way, the demand for energy-saving infrastructure such as LED lighting fixtures is anticipated to increase rapidly going forward.
What is Driving the Sales of Residential Lighting Fixtures in the U.S.?
“Emergence of New Energy Efficiency Standards in the U.S.”
The U.S. is one of the key markets for residential lighting fixtures in the North American region and accounts for a market share of 83.2%. The market in the U.S. is expected to progress steadily at a CAGR of 6.8% through 2032.
LEDs are a very much energy-efficient lighting tool and have the potential to primarily change the future of lighting in the United States. Residential LEDs – ENERGY STAR devices, in particular, consume at least 75% less energy than incandescent lighting and can last up to 25 times longer. Energy savings in the United States could be significantly impacted by the widespread usage of LED lighting.
This will help create huge demand for residential lighting fixtures as they are available at a reasonable price as compared to other products, and also save money on energy bills in the country.
Which Type of Residential Lighting Fixtures Rule the Market in the U.S. & Canada?
“Chandeliers Account for Major Market Share in Residential Lighting Fixtures”
According to the analysis, under product, chandeliers are estimated to hold a major share of 32% in the market in 2022, and this segment is estimated to continue exhibiting steady growth at a CAGR of 6.1% over the decade.
The production of chandeliers with a luxurious appearance and exquisite materials, as well as the expanding desire to customize lighting fixtures to fit specific environments in living rooms, dining rooms, and study rooms, among others, are driving the expansion of the market. Additionally, the availability of stylish designs at competitive rates is boosting demand for chandelier lighting fixtures.
Which End Use Will Account for Higher Sales of Residential Lighting Fixtures?
“Indoor Lighting Fixtures to Bring in High Revenue Streams”
According to the analysis, the indoor segment is estimated to account for a value share of 66.6% in 2022 and expand at a CAGR of 6.4% during the forecast period.
The market for interior light fixtures is expanding rapidly as a result of the rising number of new structures being built and the refurbishment of old structures. New materials and products, including indoor light fixture items, must be employed during the building of new structures as well as the remodeling of existing buildings. Because of this, light fixtures will be in high demand for indoor residential construction use.
Which Sales Channel is Allowing Residential Lighting Fixture Manufacturers to Thrive?
“Specialty Stores to Drive High Sales of Residential Lighting Fixtures”
Online retail is estimated to account for 16.5% market share in 2022. Residential lighting fixture sales through online channels are expected to increase at a CAGR of 10.9% between 2022 and 2032.
The online sales channel is projected to expand at the fastest CAGR during the forecast period due to the availability of several offers on products and growing e-Commerce in countries such as the U.S. and Canada. In addition, the availability of a wide range of products and increasing penetration of smart lighting are likely to drive high product sales through online channels.
Manufacturers of residential lighting fixtures in the U.S. & Canada are following several techniques to strengthen their position in profitable market niches. Products are introduced, major players are collaborated with, partnerships are formed, acquisitions are made, and local distribution networks are strengthened as part of their strategies.
For Instance:
|
Attribute |
Details |
|---|---|
|
Forecast Period |
2022-2032 |
|
Historical Data Available for |
2017-2021 |
|
Market Analysis |
|
|
Key Countries Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Pricing |
Available upon Request |
By Product:
By Usage:
By Material:
By Power Source:
By Sales Channel:
By Country:
To know more about delivery timeline for this report Contact Sales
The U.S. & Canada residential lighting fixtures market reached US$ 17.9 Bn at the end of 2021.
Between 2017 and 2021, U.S. & Canada residential lighting fixture sales increased at 5.5% CAGR.
The U.S. accounted for a market share of 83.2% in 2021.
Some of the prominent manufacturers of residential lighting fixtures are Kichler Lighting LLC, NBG Homes/Quoizel, Generation Lighting, Progress Lighting (Hubbell Inc.), HINKLEY, INC., Minka Lighting Inc and Golden Lighting, Artika, and Globe Electric.
The U.S. & Canada market for residential lighting fixtures is expected to expand at 7.6% CAGR through 2032.
Developing products with innovative, new designs & styles is one of the most common trends being observed in the industry.
