The residential lighting products market is anticipated to showcase significant growth by 2027 owing to prevalent product demand across the globe. Additionally, increasing focus of manufacturers on product development is set to further boost market growth through the forecast timeline.

Following the COVID-19 outbreak, government-imposed lockdowns worldwide forced people to stay indoors in order to curb the transmission of the novel coronavirus. Subsequently, soaring demand for energy- and cost-efficient lighting products for residential applications has bolstered industry growth.

Recently, smart lighting has been gaining massive popularity in residential settings. Smart LED bulbs are equipped with software that connects to either an application, smart home assistance, or other smart accessories, allowing users to automate lights or control them remotely, which eliminates the need for conventional wall switches. To capitalize on this niche in the market, industry players have been expanding their product offerings, thereby fostering business outlook.

For instance, in July 2021, Smartlabs, one of the frontrunners in the smart lighting space, launched Nokia Smart Lighting, a range of IoT-driven lighting and electrical control products. The products were intended to make smart lighting easy-to-install, straightforward-to-buy, and intuitive-to-use. The novel product line offered customers a solution with precision engineering, high-end style, and wide-ranging capabilities at affordable prices.

In another instance, in July 2021, American Lighting, a leading provider of lighting solutions for residential projects, introduced Spektrum+, an advanced product suite with Bluetooth mesh technology to streamline lighting applications in homes. The Spektrum+ line came with a user-friendly application and an open mesh network that were designed to augment functionality across product types. As a result, mounting availability of technologically advanced lighting products at low cost for residential applications has positively influenced product penetration.

For comprehensive analysis, the residential lighting products market has been categorized on the basis of product, sales channel, and region. In terms of product, the market has been divided into outdoor lighting, decorative lighting, technical lighting, and bulbs.

The residential lighting products market from the bulbs product segment is estimated to reach a substantial valuation by 2027, progressing at a robust CAGR over the assessment timeframe. LED bulbs are witnessing high market demand owing to their properties like superior efficiency and low power consumption, which is expected to stimulate segmental growth through the following years.

With respect to sales channel, the residential lighting products market has been segregated into B2B, B2C, and e-commerce. The B2C sales channel segment is projected to garner a considerable market share by 2027, expanding at a substantial pace over 2021-2027. Several benefits of B2C sales channel, such as low operation cost and direct customer reach, are set to propel segmental expansion over the forthcoming years.

From the regional perspective, Asia Pacific contributed to a notable portion of the residential lighting products market in terms of revenue in 2020 and is projected to grow at a steady rate over the forecast period. Rising disposable income of consumers, along with rapid urbanization, would support product adoption in China, India, and Japan, which is likely to facilitate regional market growth in the future.