As per newly released data by Future Market Insights (FMI), the Residential Lighting Fixture Industry Analysis in United States and Canada is expected to be worth US$ 132.5 billion in 2024. Sales are further expected to reach US$ 275.6 billion by 2034, growing at a 7.6% CAGR from 2024 to 2034.
The United States and Canada residential lighting fixture business is expected to rise at a decent rate during the forecast period. This is due to a number of factors, including the increasing demand for smart homes and the integration of the internet of things (IoT).
The growing advancement in technology has led to the development of innovative materials and designs in residential lighting fixtures as manufacturers are incorporating advanced technology and sustainable materials, wireless technologies, and low-power consumption systems into the designs of lighting fixtures. These advancements have escalated the demand among consumers in the United States and Canada.
In the post-pandemic era, there is an increasing demand for at-home services, which has escalated the e-commerce sector in these countries. As the millennial population is connected to the internet, it is set to support the growth of online shopping. Additionally, it also provides modern consumers with the ability to search and compare different products along with convenience.
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The business is highly competitive, with several brands and manufacturers offering a wide range of products. A handful of the key players in the United States and Canada residential lighting fixture business include Philips, Legrand, Eaton Corporation, Acuity Brands, and others.
Key Takeaways from Business Study-
- Pendants are predicted to expand at a CAGR of 10.6% over the course of the forecast period.
- In terms of sales channels, the online retailers segment is projected to expand at a decent CAGR of 10.9% during the forecast period.
- The LED technology segment is expected to rise with a CAGR of 8.1% during the projection period.
- The United States and Canada residential lighting fixture business is expected to be worth US$ 132.5 billion in 2024.
- The Canada residential lighting fixture business is estimated to rise at a CAGR of 10.7% during the forecast years.
“Growing urbanization, rising disposable income, and increasing tech-savvy and environment-conscious consumers are set to aid growth in the United States and Canada residential lighting fixture business,” says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights (FMI).
Competitive Landscape
Key players present in the United States and Canada residential lighting fixture business are Philips, Acuity Brands Lighting, Inc., Eaton Corporation, and Cree, Inc., among others. The United States and Canada residential lighting fixture business has a fragmented competitive landscape, with several players competing on the basis of product quality, effectiveness, brand reputation, and price.
Companies are investing in research and development activities to develop new and innovative products and expand their distribution channels. In addition to key manufacturers, there are also smaller firms selling residential lighting fixtures at more affordable costs.
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For instance,
- In 2023, Acuity Brands announced the acquisition of Current, a leading provider of smart lighting solutions for commercial and industrial applications.
- In 2022, Hubbell Incorporated announced the launch of its new HALO Home smart lighting system. It is designed to make it easier for consumers to control their lighting fixtures with their smartphones or tablets.
Get Insights into United States and Canada Residential Lighting Fixture Study:
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the United States and Canada residential lighting fixtures business, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study divulges compelling insights on the United States and Canada residential lighting fixture business by product type (chandeliers, flush mount ceiling lights, pendants, semi-flush mount ceiling lights, and others), power source (battery-powered, corded-electric, and hardwired), technology (incandescent, fluorescent, and LED), usage (indoor, and outdoor), sales channel (direct sales, modern trade, departmental stores, specialty stores, online retailers, and other sales channel), and country.
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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