The North America Electric Lighting Equipment Market would witness market growth of 6.6% CAGR during the forecast period (2023-2030).In the year 2019, the North America market's volume surged to 120.7 million units, showcasing a growth of 3.7% (2019-2022).
Light is produced by electric lighting equipment using electricity. This source of illumination is a typical example of artificial lightning. The three primary categories of electrical lighting equipment are backlighting, automotive lighting, and general lighting. Especially in low light, the lighting system enhances visibility.
Modern society is dependent on electric lighting. It has a variety of functions since it illuminates houses, buildings, offices, schools, roads, factories, etc. Electricity typically powers the vast majority of lighting fixtures and fittings. However, electric generators or battery systems can also help with lighting for various lighting items, including lights and LED lights.
Companies operating in the market must adhere to the energy efficiency standards established by the government agencies of various countries. Additionally, the market is expected to rise due to technological advancements throughout the forecasted period. Wipro provides, for instance, inSync, a human-centric lighting solution that is synchronized with the earth's natural illumination cycle and can be programmed to simulate natural sunlight.
The future of lighting in the United States could be significantly altered by LED, a very energy-efficient lighting technology. Compared to incandescent lights, residential LEDs, especially those with the Energy star label, use at least 75% less energy and can last up to 25 times longer. In Mexico, the government primarily concentrates on outdoor lighting to cut electricity consumption and greenhouse gas emissions, growing public infrastructure projects and government investments in the area are encouraging the growth of the street lighting sector, which in turn is boosting demand for LED lights. It is anticipated that the market will expand in the region due to the rising popularity of smart homes and focus on energy conservation.
The US market dominated the North America Electric Lighting Equipment Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $34.8 billion by 2030. The Canada market is estimated to witness a CAGR of 9% during (2023 - 2030). Additionally, The Mexico market would register a CAGR of 8.1% 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 U.S., Mexico, Canada, and Rest of North America.
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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