According to a new report, published by KBV research, The Global Electric Lighting Equipment Market size is expected to reach $173.2 billion by 2030, rising at a market growth of 7.0% CAGR during the forecast period. In the year 2022, the market attained a volume of 466.6 million units, experiencing a growth of 4% (2019-2022).
The Automotive Lighting segment is experiencing a CAGR of 7.7% during (2023 - 2030). Automotive lighting is crucial since it enhances the driver's vision. Using car lights helps drivers identify other drivers, moving vehicles, pedestrians, and other potential hazards on the road. It improves visibility for passing vehicles and gives the interior and exterior of the car a fashionable appeal. Automotive lights are installed in various areas, including the front, sides, back, and inside. One of the key elements fueling the market's expansion is the rising number of cases involving traffic accidents.
The Offline segment is leading the Global Electric Lighting Equipment Market by Sales Channel in 2022; thereby, achieving a market value of $108.2 billion by 2030. Many lighting products can be found at general stores and hypermarkets/supermarkets. The growth of the segment is attributed to higher demand for products in these stores. Consumers find it easier to buy lighting equipment after seeing and testing one in such stores. Additionally, such stores also offer help to customers requiring assistance to fix/place lights.
The Commercial segment is showcasing a CAGR of 7.4% during (2023 - 2030). The companies that make lights are concentrating more on creating new LEDs that use less electricity, produce the lightest possible, and have a long lifespan. The commercial segment's growth rate is affected by several variables, including the expansion of commercial real estate and public infrastructure.
The Asia Pacific region dominated the Global Electric Lighting Equipment Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $66.8 billion by 2030. The Europe region is anticipated to grow at a CAGR of 6.8% during (2023 - 2030). Additionally, The North America region would exhibit a CAGR of 6.6% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/electric-lighting-equipment-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Geography (Volume, Million Units, USD Million, 2019-2030)
Companies Profiled
Unique Offerings 
