Authored By: Sarah
08 Oct 2021

Lighting Market | Discover Top Trends and Drivers
Trends, Drivers and Vendor Forecasts for 2021-2025

The lighting market and it is expected to grow by $ 16.32 bn, accelerating at a CAGR of almost 3.36% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers to enable growth projections and insights. This analytical examination of the market will enable businesses to plan and set the path for future growth prospects.


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Lighting Market: Market Segments and Key Trends

The Lighting market is segmented by Type (LED technology and Traditional technology), Geography (APAC, Europe, North America, South America, and MEA), and Application (General lighting, Automotive lighting, and Backlighting). APAC led the market with 45% of the market growth set to originate from this region during the forecast period. High import duties is one of the challenges that will need to be overcome to drive growth. The research report provides market share projections of each segment along with a detailed analysis of all the factors that are likely to boost growth within specific regions as well as global markets.

Lighting Market: Leading Factors to Drive Market Growth

One of the primary factors that will drive market growth is the strong government support and incentive programs. The lighting market report provides an understanding of this and all the other drivers that are likely to impact market growth. These insights will enable clients to design growth strategies that will leverage opportunities and neutralize challenges effectively.

Lighting Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2021-2025

Lighting Market: Competitive Landscape

The market is fragmented. The research report provides insights into the top market player and their product portfolio along with pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Acuity Brands Inc., HELLA GmbH and Co. KGaA, Hubbell Inc., IDEAL INDUSTRIES INC., Marelli Holdings Co. Ltd., Nichia Corp., OSRAM GmbH, Signify NV, Stanley Electric Co. Ltd., and Zumtobel Group AG are some of the major market participants.

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Lighting Market: Key Highlights of the Report for 2021-2025

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive lighting market growth during the next five years
  • Precise estimation of the lighting market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the lighting market industry across APAC, Europe, North America, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of lighting market vendors

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerate at a CAGR of over 3.36%.

     
  2. What is the incremental growth of the market?
    The market is expected to grow by $ 16.32 bn through 2021-2025.

     
  3. What is a key factor driving this market?
    Strong government support and incentive programs will drive market growth over the forecast period.

     
  4. What are the key regions covered in this market research report?
    APAC, Europe, North America, South America, and MEA are the key regions featured in this research report.

     
  5. Which is the leading geographic region for this market:
    45% growth will originate from APAC

     
  6. Who are the leading market vendors?
    The leading vendors in this market are Acuity Brands Inc., HELLA GmbH and Co. KGaA, Hubbell Inc., IDEAL INDUSTRIES INC., Marelli Holdings Co. Ltd., Nichia Corp., OSRAM GmbH, Signify NV, Stanley Electric Co. Ltd., and Zumtobel Group AG

     
  7. What are the market segments covered in this report?
    The market is segmented by Type (LED technology and Traditional technology), Geography (APAC, Europe, North America, South America, and MEA), and Application (General lighting, Automotive lighting, and Backlighting)

Lighting Market Size to Grow by $ 9.77 bn During 2020-2024

Technavio has been monitoring the lighting market and it is expected to grow by $ 9.77 billion, accelerating at a CAGR of almost 1% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report

Lighting Market: APAC to lead market growth during the forecast period

  • 52% of the market growth will originate from APAC during the forecast period.
  • Declining manufacturing cost of leds will be a key trend that will influence market growth significantly.
  • The Strong government support and incentive programs will be a significant factor in driving the growth of the lighting market.

Lighting Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2021-2025

Lighting Market: Key Competitors

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Acuity Brands Inc., HELLA GmbH & Co. KGaA, Hubbell Inc., IDEAL INDUSTRIES Inc., Marelli Holdings Co. Ltd., Nichia Corp., OSRAM Licht AG, Signify NV, Stanley Electric Co. Ltd., and Zumtobel Group AG are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

For more insights on this market: Download a Free Sample Report

Lighting Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive lighting market growth during the next five years
  • Precise estimation of the lighting market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the insecticides industry across APAC, Europe, North America, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of lighting market vendors

Technavio has been monitoring the global lighting market, which is expected to grow by USD 9.77 billion accelerating at a CAGR of over 1% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Download latest version with COVID-19 analysis Free Sample Report

This report provides a detailed analysis of the lighting market by Type (LED technology and Traditional technology), Geography (APAC, Europe, North America, South America, and MEA), and Application (General lighting, Automotive lighting, and Backlighting), and the Segment Forecasts, 2020-2024. The report also provides a detailed analysis of around 25 vendors operating in the lighting market. 

Lighting Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2021-2025

Lighting Market: Segmentation by Type

During 2019, the LED technology segment accounted for the major share of the Lighting Market. The efficiency and benefits such as power saving, longer lifetime, and higher payback period, of LED lighting will driving its sales, contributing to the lighting market share growth. This report provides an accurate prediction of the contribution of all the segments to the growth of the lighting market size. 

Lighting Market: Segmentation by Geography

APAC was the largest Lighting Market market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Market growth in this region will be faster than the growth of the market in other regions.

Lighting Market: Vendor Analysis

The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Acuity Brands Inc., HELLA GmbH & Co. KGaA and Hubbell Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Technavio offers custom research reports with detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will help clients keep up with new product launches in direct & indirect COVID-19 related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report 

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