US Lighting Products Market: Snapshot
The U.S. lighting products market exhibits the presence of varied players and a large number of retailers. With the leading players vying to gain the lion’s share, the U.S. lighting products market exhibits a highly competitive landscape. Moreover, this lighting industry operates at surplus of products, causing fiercer rivalry among players, finds Transparency Market Research (TMR) in a recent study.
The Home Depot, Lowes, Target, Wal-Mart, Bed Bath & Beyond, Sam’s Club, Menards, and Costco are among the leading market players. Of these companies, The Home Depot emerged dominant holding a share of over 19% in the overall market in 2015. It is currently focusing on its future plans of expanding the presence across the U.S. suburban area. On account of such business policies, The Home Depot’s dominance is expected to continue through the report’s forecast period. Other companies as well will focus on expanding their regional presence in order to gain sustainable growth in the near future.
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According to TMR, the U.S. lighting products market, which stood at US$185.65 bn in 2015, is forecast to reach US$285.84 bn by the end of 2024. If these figures hold true, the U.S. lighting products market will progress at a CAGR of 5.0% between 2016 and 2024.
Declining Construction of New Homes Poses Threat to Market
Because the market’s success is intrinsically linked with construction activities within an economy, decline in construction of new homes witnessed in the U.S. will have a negative influence in its overall trajectory. This will act as a major growth barrier, threatening the market’s expansion in the coming years. Nevertheless, the U.S. is efficiently testing solar powered lighting products to bolster the use of non-renewable resources across industries. Several manufacturing companies are venturing into this practice by providing a wide-range of solar-powered decorative lighting products. This, coupled with investments in technological developments, will aid the lighting products market’s expansion in the U.S. in the coming years.
This review is based on a TMR report, titled “Lighting Products Market – U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
The report segments the U.S. lighting products market as:
The U.S. Lighting Product Market
By Product
- By Standalone Type
- LED Tubes & Bulbs
- T8 LED tubes & bulbs
- Others(Incandescent, High Intensity Discharge)
- By Lighting Fixture
- Ceiling Fixtures
- Recessed Lighting Fixture
- Strip Light Fixture
- Others (Chandeliers, Pendants, etc.)
By Application
- Residential Lighting
- Table Lamp
- Floor Lamp
- Desk Lamp
- Others
- Commercial Lighting
- Industrial Lighting
- Outdoor Lighting (Street Lights, Parking Garage, Landscape, etc.)
By Retailers
- The Home Depot
- Lowes
- Target
- Wal-Mart
- Bed Bath & Beyond
- Sam’s Club
- Costco
- Menards
Research objectives:-
– To study and analyze the global US Lighting Products consumption (value & volume) by key regions/countries, product type and application, history data.
– To understand the structure of the US Lighting Products market by identifying its various sub-segments.
– Focuses on the key global US Lighting Products manufacturers, to define, describe and analyze the sales volume, value, market share, market competitive landscape, SWOT analysis, and development plans in the next few years.
– To analyze the US Lighting Products with respect to individual growth trends, future prospects, and their contribution to the total market.
– To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
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