The Latin America, Middle East and Africa Electric Lighting Equipment Market would witness market growth of 9.1% CAGR during the forecast period (2023-2030).In the year 2026, the LAMEA market's volume is expected to surge to 36.8 million units, showcasing a growth of 11.3% (2023-2030).
With the population growth, more people are using light in activities like photography, interior design, and other uses. Numerous scientists have supported using LEDs in plant growth with empirical evidence. Demand for LED lighting is high because it produces white light by converting electricity into light by utilizing the qualities of metals, which is essential for plant growth and development. In addition, companies in the lighting industry tend to produce and sell lights (LEDs and CFLs) for low prices so that people can afford them and use them for a long time. As a result, this will help the market to grow and thrive in the near future.
The three primary categories of electrical lighting equipment include backlighting, vehicle lighting, and general lighting. Automotive lighting comprises lighting and signaling components located on the rear, front, sides, and, occasionally, top of the vehicle. It provides the driver with the illumination of the road. Additionally, the lighting system enhances visibility, particularly in low light. It signals a vehicle's presence and direction to other cars and pedestrians.
Abu Dhabi and Dubai are among the top 50 Smart Cities in the world, because of projects like the government's digital transformation, Smart Dubai, and Expo 2020 Dubai, one of the greatest connected events globally. Using information and Internet of Things technology, the Smart Cities & Artificial Intelligence Plan (2018–2022) aims to manage infrastructure in smart cities. The UAE government announced plans to implement several projects as part of the Projects of the 50 initiatives, aiming to attract $149.8 billion in foreign direct investment (FDI) over the following nine years. These projects will accelerate the UAE's economic development and transform the nation into a comprehensive hub for all sectors in the LAMEA region.
The Brazil market dominated the LAMEA Electric Lighting Equipment Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3.4 billion by 2030. The Argentina market is poised to grow at a CAGR of 9.7% during (2023 - 2030). Additionally, The UAE market would exhibit a CAGR of 8.8% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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