Bulb Market Share, Size, Trends, Industry Analysis Report, By Type (Incandescent Bulbs, Fluorescent Bulbs, CFLs, Halogens, LEDs); By Application; By Region; Segment Forecast, 2023- 2032
- Published Date:Dec-2023
- Pages: 114
- Format: PDF
- Report ID: PM4113
- Base Year: 2022
- Historical Data: 2019-2021
The global bulb market was valued at USD 57.97 billion in 2022 and is expected to grow at a CAGR of 4.5% during the forecast period.
Bulbs have become an integral part of daily life since their invention. It is used in automobile headlights like cars, bikes, and more to increase safety while driving at night for pedestrians and other vehicle drivers. The growing recreational activities are driving the demand for effective lighting, which assists in creating a pleasant mood for humans. The prevalence of bulb adoption in households and commercials to lighten dark places is boosting the expansion of the bulb in the coming years. Furthermore, the growing product launches in the global space are enhancing product availability for a wider audience.
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- For instance, in January 2023, GE Lighting introduced new Dynamic Effects Neon-Shape Smart Lights at the CES 2023. They are suitable for bedroom, entertainment, and gaming purposes.
The market research report offers an in-depth analysis of the industry to support informed decision-making. It offers a meticulous breakdown of various market niches and keeps readers updated on the latest industry developments. Along with tracking the Bulb Market on the basis of SWOT and Porter’s Five Forces models, the research report includes graphs, tables, charts, and other pictorial representations to help readers understand the key insights and important data easily.
Moreover, the rising incorporation of smart homes is further boosting the demand for smart bulbs, which can be operated by mobile, facilitating households to switch off or on their lights even out of their rooms, driving convenience when they forget to switch off lights and switch on lights at night before entering the room, making it highly feasible for people with the fear of darkness.
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However, the higher initial costs associated with energy-efficient bulbs like LEDs (light-emitting diodes) compared to traditional incandescent bulbs are hampering their purchase by low-income households, which may impact their demand in the future.
- Rising product innovations in the global space
The growing innovations in the marketplace are propelling bulb utilization in various disciplines. The rising global power outage problem is driving the need for efficient bulbs without electricity. To tackle this issue, companies are working on innovating chargeable bulbs for consumers. For instance, Halonix launched the Halonix Prime 12W B22 LED Bulb with a built-in Li+ battery, which charges the bulb efficiently in a few hours. It can work for 4 hours after a power cut. As scientists and companies step forward with the latest technologies to meet ongoing consumer needs, the adoption of bulbs throughout the study period will further increase.
In addition, the widespread use of wireless technology is creating new growth potential for the bulb market, as wireless lighting technology is capturing a large consumer base owing to its ability to connect without cable connectivity. Moreover, organic light-emitting diode (OLED) technology is gaining popularity due to its ability to offer flexibility and provide aesthetically pleasing lighting on surfaces. As the new evolution of technology takes place, there will be a rapid shift in consumer electronics, which may create new growth potential for the bulb market soon.
The market is primarily segmented based on type, application and region.
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By Type Analysis
- LED segment is expected to witness the highest growth during the forecast period
The LED segment is projected to grow at the highest CAGR during the projected period due to its ability to conserve electricity. These are known to be energy-efficient compared to incandescent, fluorescent, CFL, and halogen bulbs, driving energy-conscious consumers to shift from traditional bulbs. Furthermore, the lower production of heat and environmental sustainability of these bulbs gained traction among a larger consumer base. These bulbs are known to have a longer life, which is up to 50,000 hours, resulting in lower maintenance costs for the users. These factors are contributing to the growth of the bulb market in the coming years.
The compact fluorescent lamps (CFL) segment led the industry market with a substantial revenue share in 2022, largely attributable to its ability to offer longer light life in various applications. According to the article published in Energy Star, these bulbs use 75% less electricity compared to the other bulbs. If every house in America replaced their incandescent bulb with an Energy Star-qualified CFL, we could save the energy required for 3 million households every year and prevent greenhouse gas emissions, which is equal to 800,00 car emissions. The growing awareness about these bulbs capabilities will further create new growth potential in the coming years.
By Application Analysis
- Automobile headlights segment accounted for the largest market share in 2022
The automobile headlights segment accounted for the largest share. The rising number of road accidents at night is fueling the need for headlights. They play a crucial role in illuminating the roadway and facilitating safe driving. Furthermore, governments are initiating policies to tackle growing accidents in their countries. They are mandating the use of helmets while driving bikes. In the future, there will be a chance of keeping headlights mandatory to save citizens from accidents at night, driving demand for headlights.
The lamps and light bulbs segment is expected to grow at the fastest rate over the next few years on account of the wide range of applications. Lamps and light bulbs are used in households, residential, industrial, commercial, and more. The growing technological advancements in the marketplace are propelling the demand for lamps and light bulbs. For instance, the evolution of LED light bulbs increased the consumer shift from traditional bulbs to LED light bulbs and lamps. These are contributing to the growth of the market soon.
- Asia Pacific region witnessed the largest share in the global market in 2022
The Asia Pacific region registered the largest global market. This growth is highly attributable to the growing government policy formulations to conserve electricity and reduce the lighting burden on the population in the region, primarily in China and India. The Government of India initiated the Unnat Jyoti by Affordable LEDs for All program (UJALA) in 2015 with the aim of transforming all household lights into LEDs. This scheme became the largest lighting policy in all of the world.
According to Energy Efficiency Services Limited (EESL), by June 2023, the UJALA scheme would have distributed around 368 million LED bulbs and tube lights, avoiding 38 million metric tonnes of carbon dioxide per year and saving INR 192 billion in electricity costs. Furthermore, around 2.4 billion LED units will be sold in India by March 2022, which is seven times higher than the UJALA distribution of lights. This will further create new growth opportunities for the bulb market in the coming years.
The North American region is expected to be the fastest-growing region with a healthy CAGR during the projected period, owing to rising concerns about greenhouse gas emissions. According to a report, the nationwide reduction of power consumption by 15% for one year in America with efficiency measures can save six lives a day and help to avoid up to $20 billion due to health problems. This demonstrates the need for energy-efficient appliances like bulbs in the region. As the government starts taking measures against higher power consumption in the region, there will be a need for efficient bulbs in the coming years.
Key Market Players & Competitive Insights
The bulb market is witnessing higher competition in the marketplace, driven by the growing number of companies in the manufacturing of bulbs and the rising research and development activities for new product innovations in bulbs. The rising partnerships, collaborations, mergers, and acquisitions among the key market players are expanding the global bulb market.
Some of the major players operating in the global market include:
- Acuity Brands
- Everlight Electronics
- GE Lighting
- Nichia Corporation
- Philips Lighting
- Seoul Semiconductor
- Zumtobel Group
- In January 2023, LEDVANCE introduced the SYLVANIA Everyday LED Light Bulb portfolio to help families save money, time, and energy. They use less energy and have a 3.5-times longer life than traditional bulbs, which often do not require bulb replacement.
Bulb Market Report Scope
Market size value in 2023
USD 60.43 Billion
Revenue forecast in 2032
USD 89.73 Billion
4.5% from 2022 – 2030
2019 – 2021
2023 – 2032
Revenue in USD billion and CAGR from 2023 to 2032
By Type, By Application, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Report customization as per your requirements with respect to countries, region and segmentation.
Gain profound insights into the 2022. Bulb Market with meticulously compiled statistics on market share, size, and revenue growth rate by Polaris Market Research Industry Reports. This thorough analysis not only provides a glimpse into historical trends but also unfolds a roadmap with a market forecast extending to 2032. Immerse yourself in the comprehensive nature of this industry analysis through a complimentary PDF download of the sample report.