Lighting Market size is set to grow by USD 54.76 billion from 2024-2028

The global lighting market size is estimated to grow by USD 54.76 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.89% during the forecast period. Growing number of developments and lighting product launches is driving market growth, with a trend towards advances in automotive lighting systems. However, sustainability issue in the lighting industry poses a challenge.

Adaptive lighting systems are gaining popularity in both commercial and passenger vehicles due to their enhanced safety and comfort features. For instance, adaptive headlamps adjust their beams according to steering input, ensuring the vehicle's desired path is illuminated. This is particularly beneficial during night driving and low-light conditions. Adaptive emergency brake lights (AEBL) automatically flash when a vehicle undergoes an emergency brake, alerting drivers behind. Laser lights, delivering more brightness than LED lamps with minimal power consumption, are the latest trend in automotive lighting. Their long life and highly directional output make them an effective option for automobiles. OEMs are investing in R&D to develop laser lighting technology for the automotive industry, presenting significant growth opportunities for the global lighting market. Adaptive front-lighting systems and AEBL are expected to become standard features in commercial vehicles to enhance safety measures.

The lighting market is thriving with trends in interior designing, photography, and scientific advancements. LED lights are leading the charge, offering energy efficiency and long lifespan. Plants and metals also influence the industry, with researchers exploring their potential in lighting. Developing and under-developing nations focus on off-grid solar solutions for houses and even for the homeless. Electricity consumption remains a concern, driving the need for energy-efficient luminaires and light control systems. AI and environmental actions shape the future of lighting, while capital costs and logistics inefficiency challenge the retail sector. Raw materials, such as raw materials for LEDs, CFLs, LFLs, HID, halogen, and incandescent, impact pricing. Solar, automotive, aviation, advertising, medical devices, and camera flashes are other significant sectors. Energy costs and energy-efficient alternatives, like LED lights for automotive headlamps, continue to be a priority.