The U.S. lighting products market exhibits the presence of varied players and a large number of retailers. With the leading players vying to gain the lion’s share, the U.S. lighting products market exhibits a highly competitive landscape. Moreover, this lighting industry operates at surplus of products, causing fiercer rivalry among players, finds Transparency Market Research (TMR) in a recent study.
The Home Depot, Lowes, Target, Wal-Mart, Bed Bath & Beyond, Sam’s Club, Menards, and Costco are among the leading market players. Of these companies, The Home Depot emerged dominant holding a share of over 19% in the overall market in 2015. It is currently focusing on its future plans of expanding the presence across the U.S. suburban area. On account of such business policies, The Home Depot’s dominance is expected to continue through the report’s forecast period. Other companies as well will focus on expanding their regional presence in order to gain sustainable growth in the near future.
According to TMR, the U.S. lighting products market, which stood at US$185.65 bn in 2015, is forecast to reach US$285.84 bn by the end of 2024. If these figures hold true, the U.S. lighting products market will progress at a CAGR of 5.0% between 2016 and 2024.
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Residential Lighting Segment to be a Major Contributor to Market’s Growth
By standalone type, pace of gains in the others segment is projected to remain the highest through the forecast period. The T8LED tube bulb segment will emerge as the second-lead in the market and held around 26% of the overall market in terms of value in 2016. Based on application, the residential lighting segment emerged dominant in 2015 and is expected to continue leading the market through the forecast period. TMR predicted its overall value-based share to reach over 69% by the end of 2016. The residential lighting segment is expected to gain from the increasing demand for retrofitting in the U.S.
Growth Witnessed in Construction Sector to Fuel Demand for Lighting Products
The lighting products market in the U.S. is treading along a positive curve. The rising installation of bulbs and lighting fixtures across major applications will aid the expansion of the U.S. lighting products market. Growth witnessed in the residential and non-residential constructions will thus have an inevitable impact on the overall demand for lighting products. Besides new constructions, the demand for retrofitting advance bulbs and tubes will emerge as a chief market driver.
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As the country focuses on propagating energy-efficiency and implements supportive policies, the U.S. will witness a considerable surge in the demand for lighting products across residential, industrial, commercial, and outdoor applications. Given the scenario, the demand for LED tubes and bulbs has accelerated. In the coming years other market segments are prophesized to benefit as well in response to the rising awareness. Further, the market is likely to benefit from the rising purchase of chandeliers and other customizable lighting products aimed at enhancing the aesthetic view of residential and commercial complexes.
Further, the growth in the purchase of chandelier and other customized fixture to enhance the aesthetic view of a premises at commercial and residential arena has made the U.S lighting product market attractive for new players.
Increasing Installation of Bulbs and Lighting Across End User Industries to Drive US Lighting Products Market
Light acts as an important change marker across almost every industry. The applications of light in different activities such as photography and interior design among others are the growing with rise in population. Growing stringency of regulations in terms of inefficient lighting technologies and rising government efforts toward sustainable development are the key growth drivers. An aggressive decline in the prices of Light-Emitting Diode (LED), coupled with the transformation in energy policies across the world, has been driving the market growth. Moreover, attractive incentives and rebates provided by the governments for the use of LED lighting in several countries will leverage the demand.
The US lighting products market is expected to witness slow recovery in the second half of 2021. The market witnessed a slump in revenue and sales as the COVID-19 pandemic broke out. Several governments issued strict lockdowns and travel restrictions that affected the manufacturing processes. This led to stopping of production processes and logistical operation, hampering market growth. However, with the gradual opening of the global economy, the US lighting products market is expected witness staggered recovery in the coming months.
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