Lamps & Lighting - North America

North America

In 2024, the revenue in the Lamps & Lighting market in North America amounts to US$34.67bn.
This market is projected to experience an annual growth rate of 3.84% (CAGR 2024-2029).
When compared globally, in the United States generates the highest revenue in this segment, with US$31,960m in 2024.
Considering the total population, per person revenues of US$67.93 are generated in North America in 2024.
In North America, the demand for energy-efficient LED lighting is on the rise, driven by government initiatives and consumer preferences for sustainable products.

Key regions: Brazil, China, Denmark, United Kingdom, Worldwide

Market

Region

Region comparison

Currency

Analyst Opinion

The Lamps & Lighting market in North America has been experiencing steady growth in recent years. Customer preferences have played a significant role in shaping the trends in this market. led lighting has gained popularity due to its energy efficiency and long lifespan. Customers are increasingly looking for eco-friendly and energy-saving lighting solutions, which has driven the demand for led lamps and fixtures. Additionally, smart lighting systems that can be controlled remotely through smartphones or voice assistants have also gained traction in the market. Trends in the market have also been influenced by local special circumstances. North America has been witnessing a shift towards sustainable and green practices, and this has extended to the lighting industry as well. Government regulations and initiatives promoting energy efficiency have encouraged consumers to opt for led lighting solutions. The availability of rebates and incentives for energy-efficient lighting products has further boosted the adoption of led lamps and fixtures. Another trend in the market is the growing demand for decorative and designer lighting. Customers are increasingly looking for unique and aesthetically pleasing lighting solutions to enhance the ambiance of their living spaces. This has led to the emergence of innovative and stylish lighting designs in the market. Manufacturers are focusing on creating lighting fixtures that not only provide functional lighting but also serve as decorative elements in homes and commercial spaces. The Lamps & Lighting market in North America is also influenced by underlying macroeconomic factors. The overall economic growth in the region has contributed to increased consumer spending on home improvement and renovation projects. As a result, there is a higher demand for lighting products to upgrade existing lighting systems or incorporate new lighting designs. Additionally, the real estate market in North America has been booming, leading to an increased demand for lighting products in new residential and commercial constructions. In conclusion, the Lamps & Lighting market in North America is experiencing growth driven by

Customer preferences: for energy-efficient and aesthetically pleasing lighting solutions. The adoption of led lighting and smart lighting systems has been on the rise, along with the demand for decorative and designer lighting. Government regulations promoting energy efficiency and the overall economic growth in the region have also contributed to the market trends.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.