Residential electric lighting fixture sales in the US have seen varied performance over the past decade. From 2013 to 2020, the market experienced fluctuations, peaking in 2015 and subsequently declining. Notable declines have been observed in 2020 and 2022, followed by a slight recovery in 2021. However, the overall trend from 2020 to 2023 is negative, with the market standing at $1.3543 billion in 2023. The forecasted data from 2024 to 2028 indicates continued decline, with a forecasted CAGR of -1.01% and a forecasted 5-year growth rate of -4.94%.
The last two years show a slight rebound of 6.1% in 2021, followed by another drop of 3.11% in 2022, and a further slight decline of 1.17% in 2023.
Trends to watch for:
- Impact of smart home technology and energy-efficient LED fixtures, which may drive market demand.
- Potential growth in sustainable and eco-friendly lighting solutions.
- Effect of regulatory changes and energy efficiency standards on market dynamics.
- Economic factors and consumer spending that could influence the residential lighting market.
