The global luxury lighting fixture market is expected to witness substantial growth owing to the rapidly changing consumer preferences from conventional lighting technology to luxury lighting fixtures. Moreover, the rising adoption of more advanced and energy-efficient LED lighting technology over fluorescent and incandescent lighting is further expected to fuel the demand for luxury lighting fixtures. The rapid pace of urbanization along with an increase in disposable income in the developing economies is likely to support the growth of the global luxury lighting fixture market. The surging regulations on the increasing energy consumption along with the rise in consumer awareness related to energy efficiency across the globe have increased the demand for efficient luxury lighting fixtures. Additionally, the demand for color consistency and advanced lighting distribution & temperature is expected to fuel the growth of the luxury lighting fixtures market.
- Fluorescent lamps under the source segment held a share of 22.14% in 2020. This is accredited to the enhanced features in LED, government initiatives, and a ban on incandescent and HID lights in some countries, along with the increasing demand for energy-efficient lighting is expected to fuel the demand for fluorescent lamps.
- The wireless luxury lighting fixtures segment held a share of over 28% of the global luxury lighting fixture market in 2020. The market for wireless luxury lighting fixtures is anticipated to grow at a higher CAGR due to the ongoing technological advancement like remote operations through smartphones, color-changing features, light dimming features, Bluetooth, and Wi-Fi connectivity. As these wireless luxuries lighting fixtures are easier to install without changing or damaging the interior and are also more efficient and effective as compared to wired ones, therefore the demand for wireless luxury lighting fixtures is anticipated to grow at a faster pace during the forecast period.
- North America held a share of 28.11% of the global luxury lighting fixture market in 2020. This is due to the rising demand for luxury lighting fixtures from the residential sector especially in the U.S. Additionally, the industrial sector is expected to grow at an exponential rate during the anticipated period, accredited to the rising industrial lighting regulations and standards.
Major players operating in the global luxury lighting fixtures market include Philips Lighting Holding B.V., OSRAM Licht AG, General Electric Company, CREE Inc., Digital Lumens Inc., Tech Lighting, Hudson Valley, Swarovski, Renaissance, and Illuminations among others.
Asia Pacific region held a share of over 25.12% of the global luxury lighting fixture market in 2020. This is accredited to the rise in the disposable income of consumers along with the lifestyle change. Additionally, increasing smart city projects and the rapid pace of urbanization in the region are likely to have a positive impact on the growth of the global luxury lighting fixture market. Furthermore, surging demand for interior designing along with increasing demand for connected home and energy-efficient products will drive the luxury lighting fixtures market growth during the forecast timeframe.