Overview and Scope
High-end lighting refers to premium, sophisticated solutions with superior design, advanced technology, and exceptional quality. These fixtures often feature innovative materials and customizable options and are typically designed by renowned designers or brands. High-end lighting enhances the aesthetic and functional aspects of upscale residential, commercial, and hospitality spaces.
Sizing and Forecast
The high end lighting market size has grown strongly in recent years. It will grow from $18.86 billion in 2023 to $20.23 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to growing acceptance of cutting-edge and contemporary lighting solutions, urbanization, architectural trends, environmental awareness, economic growth.
The high end lighting market size is expected to see strong growth in the next few years. It will grow to $27.10 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to smart home integration, consumer preference for customization, energy efficiency standards, sustainability focus, economic recovery and growth, growth in smart cities. Major trends in the forecast period include technological advancements, design innovations, technological innovation, increased adoption of smart lighting, customization and personalization.
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The high end lighting market covered in this report is segmented –
1) By Type: Light-Emitting Diode Light, High-Intensity Discharge Lamps, Compact Fluorescent Lamps, Fluorescent Lamps, Plug-In Fluorescent, Other Types
2) By Interior Design: Modern, Traditional, Transitional
3) By Application: Wired, Wireless
4) By End User : Commercial, Industrial, Residential, Other End Users
North America was the largest region in the high end lighting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the high end lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing number of smart homes in developing countries is expected to propel the growth of the high-end lighting market going forward. Smart homes refer to residences equipped with internet-connected devices that enable remote control and automation of systems like lighting, heating, security, and entertainment. The increasing number of smart homes in developing countries is driven by rising disposable incomes, greater access to technology, and a growing demand for convenience and energy efficiency. Smart devices use high-end lighting by enabling remote control, customization, and automation of lighting systems to enhance convenience, energy efficiency, and ambiance. For instance, in May 2021, according to a survey conducted by National Public Radio, a US-based non-profit media organization, a study of 1,292 people found that nearly 60 million Americans own a smart speaker, with 29% owning more than one. These devices, which provide news updates and set alarms via voice commands, exceeded expectations in convenience for nearly 60% of users and in usefulness for 52%. Therefore, the increasing number of smart homes in developing countries will drive the high-end lighting market.
Key Industry Players
Major companies operating in the high end lighting market are General Electric Company, LG Corporation, Panasonic Corporation, Honeywell International Inc., Eaton Corporation, Legrand Group, Signify NV, OSRAM GmbH, Hubbell Incorporated, Acuity Brands Lighting Inc., Cree Inc., Lutron Electronics Co. Inc., Electronic Theatre Controls Inc., Kichler Lighting, Tech Lighting LLC, Maxim Lighting, Minka Group, Arteriors Build India Private Limited, Quoizel LLC, Hudson Valley Lighting Group International, Hammerton Inc., Visual Comfort & Co., Hinkley Lighting Inc., Crystorama Lighting, Feiss, Holtkötter Licht GmbH
The high end lighting market report table of contents includes:
1. Executive Summary
2. High End Lighting Market Characteristics
3. High End Lighting Market Trends And Strategies
4. High End Lighting Market – Macro Economic Scenario
5. Global High End Lighting Market Size and Growth
…..
32. Global High End Lighting Market Competitive Benchmarking
33. Global High End Lighting Market Competitive Dashboard
34. Key Mergers And Acquisitions In The High End Lighting Market
35. High End Lighting Market Future Outlook and Potential Analysis
36. Appendix
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