The Asia Pacific Electric Lighting Equipment Market would witness market growth of 7.2% CAGR during the forecast period (2023-2030).In the year 2021, the Asia Pacific market's volume surged to 169.4 million units, showcasing a growth of 4.1% (2019-2022).
Integrating Internet of Things (IoT) technology into lighting fixtures enables remote user control and lighting control in offices, work environments, and municipal infrastructure. IoT technology is widely employed in homes and workplaces to integrate and regulate interior and external lighting fixtures. Additionally, during the past few decades, the sector has incorporated ideas like artificial intelligence (AI) and the Internet of Things (IoT). The application of these concepts has enabled light manufacturing companies to create novel products.
Due to factors including population growth, climate change, and resource constraint, demand has increased in developing nations. The development of new houses for the homeless is a priority for governments in emerging nations like China and India, fueling the expansion of the market in the region. Both modes of connectivity are used to operate the device. OEM and aftermarket, which are utilized for residential, automotive, commercial, and other applications, are some of the different sales channels.
Due to the rising demand from the commercial and residential application segments, Asia Pacific is anticipated to become a significant region. Many nations, including Japan, India, and South Korea, are predicted to be at the forefront of adopting smart lighting due to their expanding economies and significant investments in smart city initiatives. Beyond the UJALA program, the domestic LED sector has expanded tremendously, with industry sales of over 1.15 billion LEDs far exceeding the program's target of 700 million LED unit sales. Numerous countries are implementing energy-saving measures, and as LED lighting installations increase, the market in the region is expanding.
The China market dominated the Asia Pacific Electric Lighting Equipment Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $17.7 billion by 2030. The Japan market is estimated to grow at a CAGR of 6.4% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 7.7% 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 China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
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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