According to Technavio’s latest market research study, the global lighting market is expected to grow at a CAGR of more than 9% during the forecast period, 2017-2021.
This report by Technavio provides an in-depth analysis of the global lighting market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the application type
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The top three revenue contributing application segments are discussed below:
Global general lighting market: General lighting is the most popular segment as it is most widely used in applications such as homes, offices, factories, streets, stadiums, and theaters. Major players in the market space, such as Philips, GE Lighting, OSRAM, and Cree, primarily focus on this segment. Market research analysts at Technavio predict the global general lighting market to post growth at a CAGR of around 6% between 2017 and 2021.
“The introduction of LEDs is one of the key driving forces behind growth of the global general lighting market. LEDs are highly preferred by customers because albeit their high initial purchase cost, their maintenance cost is very low. They last significantly longer than traditional incandescent bulbs, consume very less electricity, and are environment-friendly,” says Sunil Kumar Singh, a lead analyst at Technavio for research on lighting.
Global automotive lighting market: The automotive lighting segment is experiencing the fastest growth among the three segments. There are many reasons contributing to this, such as the implementation of LED in automotive lighting, which is a major development propelling growth of the global automotive lighting market. LEDs in car lights bring down the service and maintenance costs, and due to their better and brighter luminescence than incandescent bulbs, safety on roads is ensured.
Global backlighting market: The growth of the global backlighting market will be driven by the growing needs and requirements of customers in display technology. OLED (organic light-emitting diode) is the next evolution of LED technology. It is much sought after as it offers clearer and crisper images than LED or other technologies. The global backlighting market is projected to account for a revenue of more than USD 29 million by the end of the forecast period according to the industry analysts at Technavio.
The top vendors operating in the global lighting market are:
- Acuity Brands
- Cree
- General Electric (GE)
- HELLA
- KOITO
- Magneti Marelli
- Nichia
- OSRAM
- Philips
- Stanley Electric
Other prominent vendors in the market include Bridgelux, CITIZEN ELECTRONICS, Dialight, Eaton, EVERLIGHT, Hubbell, Intematix Corporation, LG Innotek, KYOCERA Corporation, Panasonic Corporation, Samsung Electronics, Seoul Semiconductor, Sharp, TOSHIBA, TOYODA GOSEI, and Zumtobel Group.
A more detailed analysis is available in the Technavio report titled, ‘Global Lighting Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports
- Global Architectural Lighting Market 2017-2021
- Global Light Emitting Diode (LED) Phosphor Market 2017-2021
- Global Vein Illumination Device Market 2017-2021
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