The global lamps & lighting market size was valued at USD 219.37 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.8% from 2021 to 2028. The rise in demand for intelligent street lighting systems and the increasing need for energy-efficient lighting systems are considered to be major factors for market growth. Also, increasing brand recognition and influence of lamps & lighting with the help of social media are anticipated to further fuel the product demand. High penetration of LED bulbs and lighting in the commercial and residential sectors has also become a major driving force for the market. Owing to its increasing demand, various manufacturers are changing advertising strategies and product branding to accelerate sales.
Product innovations by the key players will also contribute to market growth. Industry participants are investing heavily in R&D for technological advancement, which will support market growth. The lighting segment is expected to have significant growth during the forecast period.
Due to the COVID-19 pandemic, product sales were dropped drastically. It is likely to see a reverse effect and decline in lamps & lighting demand. The prestige sales were declined in various other countries due to the pandemic. Moreover, the financial status of electronic sectors was jeopardized by the outbreak of COVID-19 due to the disrupted supply chain.
The lamps segment accounted for the largest revenue share of more than 60% in 2020 owing to the increased demand for these products. The increasing demand for lamps from rural areas is estimated to further boost segment growth over the forecast period. Rural areas in developing regions, such as the Middle East, Latin America, and APAC, are lucrative markets.
The lighting fittings segment will register the fastest CAGR from 2021 to 2028 due to growing product demand. These products are manufactured using high-quality materials. Lighting fittings products are sold at higher prices as compared to other products. The rise in disposable income among the urban populace of developing economies has also led to the increasing demand for these products.
The offline segment dominated the market with the highest share of more than 69.5% in 2020. The product sales through offline distribution channels are increasing due to more sustainability offered by these stores. Hence the segment is projected to showcase steady growth during the forecast period. The ease of hard cash transaction services and trustworthy relationships with domestic consumers are the major factors propelling the segment growth.
The online segment is estimated to showcase the fastest CAGR over the forecast period. Lamps & lighting can be purchased at a low price via online platforms. Such channels provide several other benefits, such as free shipping, coupon benefits, and doorstep delivery services. Moreover, the rising number of app-based sellers is also driving segment growth.
North America dominated the global market in 2020 with a revenue share of more than 43% due to the high product demand in the U.S and Canada. Increasing purchasing power of lamps & lighting in this region is other major factor boosting the market growth. A rise in consumer disposable income levels is also aiding the market growth in this region.
In Asia Pacific, the market is expected to witness a CAGR of more than 6% from 2021 to 2028. This can be credited to the increasing product demand in this region. It is one of the dynamic markets in the electronic industry. In addition, increasing disposable income levels are projected to boost the market growth.
Companies focus on innovating new products to meet the increasing demand. Various new players are entering the market due to low entry barriers. The increasing product demand offers growth opportunities to the market participants for product development. Some of the prominent players in the global lamps and lighting market include:
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Report Attribute |
Details |
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Market size value in 2021 |
USD 231.22 Billion |
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Revenue forecast in 2028 |
USD 343.10 Billion |
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Growth rate |
CAGR of 5.8% from 2021 to 2028 |
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Base year for estimation |
2020 |
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Historical data |
2017 - 2019 |
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Forecast period |
2021 - 2028 |
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Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Product, distribution channel, and region |
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Regional scope |
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
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Country scope |
U.S.; Germany; U.K.; France; China; Japan; South Africa; Brazil |
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Key companies profiled |
Cree Lighting; Acuity Brands Lighting, Inc.; Digital Lumens, Inc.; Dialight; GE Current; Hubbell; LumiGrow; LSI Industries, Inc.; Panasonic Corp.; Siteco GmbH |
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Customization scope |
Free report customization (equivalent up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope |
This report forecasts revenue 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 2028. For the purpose of this study, Million Insights has segmented the global lamp & lighting market report on the basis of product, distribution channel, and region:
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