The Europe Electric Lighting Equipment Market would witness market growth of 6.8% CAGR during the forecast period (2023-2030).In the year 2020, the Europe market's volume surged to 111.9 million units, showcasing a growth of 3.8% (2019-2022).
Electric lighting equipment is also projected to profit from the technological progress of lighting equipment throughout the forecast period and is likely to offer a market expansion opportunity. In addition, there is a growing understanding of the impact of illumination on health and well-being, driving the demand for lighting options that can improve health outcomes. For instance, lighting solutions that simulate natural daylight can aid in regulating sleep-wake cycles and boosting productivity.
These lighting solutions also reduce glare and can help to minimize eye strain and headaches. Additionally, the market is showing potential due to a rise in the demand for personalized lighting solutions. As consumers show a greater interest in lighting options that are specifically tailored to satisfy their needs and preferences, manufacturers of electric lighting equipment have the potential to create more individualized lighting solutions. Human-centric lighting solutions can increase productivity, safety, and concentration in work or learning contexts.
Europe is the leader in developing safety and uniform performance standards for specific indoor commercial smart lighting for garages, roadways, and parking. Existing manufacturers are extending their product portfolio to enter the market, while established smart lighting manufacturers regularly upgrade their product offers. Modern urban living is being disrupted by technology, which has the potential to raise living standards. With all this, the adoption of lighting control systems would also surge in areas amid smart city concepts. As a result of the expansion of smart city projects and the urbanization of this region, the market will expand in the coming years.
The Germany market dominated the Europe Electric Lighting Equipment Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $10.3 billion by 2030. The UK market is anticipated to grow at a CAGR of 5.9% during (2023 - 2030). Additionally, The France market would witness a CAGR of 7.6% during (2023 - 2030).
Based on Type, the market is segmented into General Lighting, Automotive Lighting and Back Lighting. Based on Sales Channel, the market is segmented into Offline and Online. Based on Application, the market is segmented into Residential, Commercial and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Electric Lighting Equipment Market is Projected to reach USD 173.2 Billion by 2030, at a CAGR of 7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Hubbell Incorporated, Eaton Corporation PLC, Stanley Electric Co. Ltd., Acuity Brands Lighting, Inc., ams-OSRAM AG, Savant Systems, Inc., Toshiba Corporation, Nichia Corporation, Everlight Electronics Co., Ltd., and Signify N.V.
By Type (Volume, Million Units, USD Million, 2019-2030)
By Sales Channel (Volume, Million Units, USD Million, 2019-2030)
By Application (Volume, Million Units, USD Million, 2019-2030)
By Country (Volume, Million Units, USD Million, 2019-2030)
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