Light fixture, light fitting, or luminaire refers to an electrical appliance containing an electric lamp to illuminate a space. Most light fixtures include a fixed body and one or multiple lamps. They may be in sockets for easy replacement, or, in the case of some LED lighting, they may be hardwired into the fixture itself. It is also possible that these fixtures have a switch for controlling the light, which can be either attached to the fixture body itself or connected to the power cord.
The global Luxury Lighting Fixtures market is expected to witness a CAGR of 6.42% during the forecast period. The revenue generated by the worldwide Luxury Lighting Fixtures market in 2021 was over USD 18,280 million and is expected to generate revenue worth USD 29,202 million in 2028. Therefore, the incremental growth opportunity offered by the global Luxury Lighting Fixtures is estimated to be USD 171.5 billion between 2022 and 2028.
Interesting Facts about Luxury Lighting Fixtures Industry
S. is the leading market for Luxury Lighting Fixtures
Rising disposable income is mainly driving the demand for Luxury Lighting Fixtures
LED Lamps, HID Lamps, and Fluorescent lights are significant types of Luxury Lighting Fixtures
Wireless and Wired are two leading Technologies used in Luxury Lighting Fixtures
UK, Germany, France, China, Japan, and South Korea are the most important markets for Luxury Lighting Fixtures
The global luxury lighting fixture market has been steadily growing over the past few years due to the rising global lighting market. The lighting market has been going through a drastic change and is rising steadily due to light-emitting diodes (LED) becoming the leading light source. LEDs are replacing conventional lights everywhere as more and more people are learning about the benefits of using LEDs over Halogen bulbs, Compact fluorescent lamps, or Incandescent lamps.
The Luxury Lighting Fixtures Market is also expected to grow over the forecasted period. Constant innovations and improvements in the industry make luxury lighting fixtures better and more affordable for the average consumer. The use of LEDs has led to declining costs in production and affordability. Table Lamps, Bath and Vanity, Floor Lamps, Chandeliers/Pendants, Outdoor Sconces, Linear lights, Wall Sconces, and Others are some of the most critical application areas for Luxury Lighting Fixtures.
Increasing Disposable Income
The increased demand for eco-friendly products is a major driving factor in the Luxury Lighting Fixture Market. In addition, governments around the world are changing lighting regulations to be more energy-efficient, aiding the growth of this market as people are replacing their old lights with LED lighting fixtures.
The increase in the per capita income of the average consumer is also a key driver factor in the luxury lighting fixture market. Rising urbanization and new planned smart cities are impacting the growth of this market. There is a high demand for better interior designs with lighting that will waste as little energy as possible.
The LED market is seeing constant innovations like sensor-enabled, color-switching, and lighting that can be connected to your phones. As a result, there is an increased demand for smart or connected homes. As a result, manufacturers are adding advanced technology like artificial intelligence, remote controls, Bluetooth, or Wi-Fi connectivity to their lighting fixtures to help meet this growing demand.
High Cost of Luxury Lighting Fixtures
High initial costs while installing these luxury lighting fixtures are the most significant challenge in this particular market. Also, installing these high-end lighting fixtures can be very hard and technical for the average consumer without professional help, making many people not jump into the lighting fixture market.
Innovations in the lighting industry like newer eco-friendly ‘green’ lights can also restrain this market over the forecasted period. In addition, the unavailability of replacement parts or specialized parts for lighting fixtures is also a significant restraint on the Luxury lighting fixtures market. Key end-user segments for the Luxury Lighting Fixtures market include Residential, Hospitality, Retail, Restaurant, MultiFamily (Condos), Office, Education, Government, and Others.
Alger Triton, Arteriors, Challenger Lighting Company, Curry and Company, Hammerton, Hinkley, Hubbardton Forge, Hudson Valley (Hudson Valley, Troy, Mitzi, Corbett), I Works, Illuminations, Meyda/ 2nd Ave., Renaissance, Renwil, Swarovski/Schonbek, Tech Lighting, Trinity lighting, Urban Electric, and Visual Comfort are some of the major players operating in the global Luxury Lighting Fixtures market.
Frequently asked questions about global Luxury Lighting Fixtures industry
Likewise other industries, COVID 19 also taken a toll on Luxury Lighting Fixtures market with around 11.40% decline in its revenue in 2020 as compare to 2019
North America is the largest regional market with highest share in the total revenue generation of Luxury Lighting Fixtures consumed in 2021
Growing construction of luxury construction and increasing disposable income to fuel the demand for Luxury Lighting Fixtures
Table Lamps segment dominated the Luxury Lighting Fixtures market in 2021 with over 15% share
Hospitality was the largest end-user of Luxury Lighting Fixtures in 2021 with over 20% share
