Kitchen Lighting Market to Experience Substantial Improvement, Latest Expansion, and Complete Analysis by 2031
Kitchen lighting market
The global kitchen lighting market is anticipated to witness substantial improvement during the forecast period of 2023 to 2031. The market is expected to reach a valuation of USD 12.1 billion by 2031, expanding at a CAGR of 6.5% over the forecast period.
The growth of the kitchen lighting market is primarily attributed to the increasing demand for energy-efficient and sustainable lighting solutions. Additionally, the rising trend of home renovation and remodeling is also driving the market growth. Moreover, the growing popularity of smart home devices is further fueling the demand for kitchen lighting solutions.
Smart home kitchen lighting
The kitchen lighting market is segmented by product type, distribution channel, and region. Based on product type, the market is segmented into task lighting, ambient lighting, and accent lighting. Task lighting is the most dominant segment in the kitchen lighting market. This is attributed to the increasing demand for energy-efficient and sustainable lighting solutions in the kitchen.
Based on distribution channel, the market is segmented into offline and online channels. The offline channel is the most dominant segment in the kitchen lighting market. This is attributed to the fact that consumers prefer to purchase kitchen lighting products from physical stores in order to get a better understanding of the products and to avail of after-sales services.
Based on region, the kitchen lighting market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is the most dominant region in the kitchen lighting market. This is attributed to the high disposable income of consumers in the region and the increasing demand for energy-efficient and sustainable lighting solutions.
Global kitchen lighting market segmentation
The key players in the kitchen lighting market are Acuity Brands, Inc., Cree, Inc., General Electric Company, Koninklijke Philips N.V., Osram Licht AG, Zumtobel Group AG, Signify Holding N.V., Legrand S.A., Leviton Manufacturing Co., Inc., Schneider Electric SE, and Hubbell Incorporated.
Market trends
Some of the key trends that are driving the growth of the kitchen lighting market include:
- Increasing demand for energy-efficient and sustainable lighting solutions: Consumers are increasingly becoming aware of the environmental impact of their lifestyle choices and are opting for energy-efficient and sustainable lighting solutions. This is driving the demand for kitchen lighting solutions that use LED technology.
- Rising trend of home renovation and remodeling: The home renovation and remodeling market is witnessing substantial growth in recent years. This is attributed to the increasing demand for energy-efficient and sustainable homes, as well as the desire of homeowners to update their homes to reflect their personal style. The rising trend of home renovation and remodeling is driving the demand for kitchen lighting solutions.
- Growing popularity of smart home devices: The smart home device market is witnessing substantial growth in recent years. This is attributed to the increasing demand for convenience and security. Smart home devices are becoming increasingly popular in the kitchen, as they allow consumers to control their kitchen lighting remotely. This is driving the demand for kitchen lighting solutions that are compatible with smart home devices.
Challenges
Some of the key challenges that are faced by the kitchen lighting market include:
- High cost of LED lighting solutions: LED lighting solutions are more expensive than traditional lighting solutions. This is a major challenge for the kitchen lighting market, as it may deter some consumers from purchasing LED lighting solutions.
- Lack of awareness about the benefits of LED lighting solutions: Many consumers are not aware of the benefits of LED lighting solutions, such as their energy efficiency and long lifespan. This lack of awareness is a major challenge for the kitchen lighting market.
Growth opportunities
Some of the key growth opportunities for the kitchen lighting market include:
- Growing demand for kitchen lighting solutions in emerging markets: The kitchen lighting market in emerging markets is expected to witness substantial growth in the coming years. This is attributed to the increasing urbanization and rising disposable income of consumers in these markets.
- Increasing demand for smart kitchen lighting solutions: The demand for smart kitchen lighting solutions is expected to increase in the coming years. This is attributed to the increasing popularity of smart home devices and the growing demand for convenience and security.
- Increasing demand for energy-efficient and sustainable kitchen lighting solutions: The demand for energy-efficient and sustainable kitchen lighting solutions is expected to increase in the coming years. This is attributed to the increasing awareness about the environmental impact of lifestyle choices and the rising demand for energy-efficient and sustainable homes.