The U.S. and Canada residential lighting fixtures market in the has been experiencing significant growth in recent years, driven by changing consumer preferences, technological advancements, and increasing focus on energy efficiency. In this article, we will delve into the trends and analysis of the residential lighting fixtures market in the U.S. and Canada.
According to a recent report by PMR, the residential lighting fixtures market in North America is expected to grow at a CAGR of 5.2% during the forecast period of 2021-2026. The report also highlights that the market size of residential lighting fixtures in North America is expected to reach USD 8.4 billion by 2026.
One of the primary drivers of this market growth is the increasing adoption of energy-efficient lighting fixtures. Consumers are becoming more conscious of their energy consumption and are willing to pay a premium for fixtures that are energy-efficient and have a lower carbon footprint. Furthermore, technological advancements in lighting fixtures have also played a significant role in the market’s growth. Manufacturers are increasingly investing in developing smart lighting fixtures with features such as Wi-Fi connectivity, voice control, and smartphone apps. These features offer convenience and ease of use to consumers, further driving the market’s growth.
In terms of product type, LED lighting fixtures are the most popular, accounting for the largest market share. This is primarily due to their energy efficiency, longer lifespan, and lower maintenance costs.
Future Prospects:
The residential lighting fixtures market in the U.S. and Canada is expected to continue growing in the coming years. The increasing focus on sustainability and energy efficiency is expected to be the primary driver of market growth. Additionally, the growing demand for smart home appliances and the increasing adoption of voice-controlled devices are also expected to play a significant role in shaping the market’s future prospects.