A report by GMI, Inc., suggest that residential lighting products market is slated to amass USD 70 billion in value through 2027. Residential lighting products such as table lamps, floor lamps, and wall lamps have transformed significant in terms of design and technology in recent years. Consumer are nowadays preferring LED lighting solutions as they consume less amount of electricity and emit ample amount of luminescence.

Rise in disposable income across emerging nations has led to an increase in standard of living, steering the demand for smart homes that are equipped with energy-saving and cost-effective lighting solutions. To limit the consumption of electricity, governments across many countries promoting the use of LEDs in residential space.

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Favorable government policies to encourage the use of energy-efficient lighting solutions will complement the market growth. In June 2021, the British government banned the use of halogen bulbs and is devised plans to further ban the use of fluorescent bulbs by the end of 2023 to boost the sale of LEDs.

Rise in purchasing power across European nations has driven the sale of home décor lighting products like spotlights, LED lamps/strips, pendants, chandeliers, and pendants to enhance the aesthetic beauty of homes.

LED lights are mostly famed for their superior efficiency enhanced performance, reduced cost of maintenance, and high durability. Rapid technological enhancements along with price adjustments have complement their adoption.

Efforts taken by industry associations like Global Lighting Association and LightingEurope to promote the use of energy efficient lighting solution to improve human comfort and safety will further support businesses operating in the residential lighting products market of Europe.  

Trend of smart lighting solutions

The advent of IoT and AI has encouraged the development of smart residential lighting products that can be remotely controlled and connected to other smart home devices like Amazon Echo, Google Home, and Apple Homekit, among various others.

Speculating a promising business landscape, many tech companies are shifting their focus towards smart lighting solutions. In July 2021, Smartlabs- a leading name in smart lighting and electrical control along with telecom giant Nokia introduced ‘Nokia Smart Lighting’- a line of IoT-powered lighting and electrical control solutions. These lights were designed to make smart lighting easily available, easy to install, and intuitive to use.

Decorative lightings gaining grip across LATAM

Countries across Latin America are witnessing a surge in demand for residential lighting products market as to a growing inclination towards a lavish lifestyle and increasing disposable income. Decorative lights have witnessed considerable demand as they improve the beauty of a particular space in the house through extra luminescence.    

There has also been an increase in the presence of new market players in Latin America due to the growing demand for the product along with the need for energy efficient lighting solutions.

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Impacts of COVID-19 pandemic

The coronavirus pandemic has largely affected the sales of residential lighting products market owing to the disruptions in the supply chain along with the unavailability of raw materials from Asian nations like Taiwan, China, and India. Restrictions imposed by governments regarding the movement of people and cross border trade in a bid to control the rate of infection have impacted businesses on a large extent.

Lighting product manufacturers were thereby obligated to temporarily halt their production due to a lack of resources. However, with gradual relaxations in many countries due to the decline in COVID-19 cases, the demand for residential lighting products could resume, supporting manufacturers and suppliers with promising business prospects. 

Table of Contents (ToC) of the report:

Chapter 1   Methodology and Scope

1.1    Definitions & forecast parameters

1.1.1    Definitions

1.1.2    Methodology and forecast parameters

1.2    COVID-19 impact

1.3    Data Sources

1.3.1    Secondary

1.3.2    Primary

Chapter 2   Executive Summary

2.1    Residential lighting products market 360° synopsis, 2018 – 2027

2.1.1    Business trends

2.1.2    Product trends

2.1.3    Sales channel trends

2.1.4    Regional trends

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