The household lighting industry market size is projected to reach 45.5 billion yuan in 2024
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- From
- www.lightingchina.com.cn
- Issue Time
- Dec 10,2024
Summary
The household lighting industry focuses on the production and sale of lighting products designed for residential environments
# Industry Overview
The household lighting industry focuses on the production and sale of lighting products designed for residential environments. It encompasses a wide range of lighting fixtures, including but not limited to chandeliers, ceiling lights, wall lamps, table lamps, and floor lamps. The primary function of these fixtures is to provide adequate illumination for indoor and outdoor residential spaces, catering to daily needs such as reading, cooking, relaxation, and entertainment.
With advancements in technology and rising living standards, household lighting products have evolved beyond their practical utility. They now offer decorative and ambiance-enhancing features, transitioning from purely functional items to a blend of aesthetics and functionality.
# Current Market Analysis
In recent years, the household lighting market has experienced steady growth, driven by global population growth, accelerated urbanization, and an increasing number of households.
Data indicates the following market size trends:
-2019: ¥39 billion
-2020: ¥36 billion
-2021: ¥36.1 billion
-2022: ¥36.3 billion
-2023: ¥41.3 billion
-2024 (forecasted): ¥45.5 billion
This data highlights a stable market during 2020–2022, followed by a significant growth trend beginning in 2023.
According to the data:
In 2019, the market size was ¥3.7 billion, rising to ¥4.5 billion in 2020, ¥6 billion in 2021, ¥7.4 billion in 2022, and ¥10 billion in 2023. By 2024, it is projected to grow to ¥13.7 billion. This steady year-over-year increase highlights the rapid growth of China's smart home lighting market, showcasing its significant development potential.
According to the data:
In 2019, smart products accounted for 10% of the market, increasing to 13% in 2020, 17% in 2021, 20% in 2022, 24% in 2023, and an estimated 30% in 2024. This upward trend reflects the growing adoption of smart solutions in the household lighting industry, indicating that smart lighting products will capture an increasingly larger market share in the coming years.
