Worldwide demand for lighting fixtures is forecast to rise 5.2 percent per annum through 2012 to nearly $118 billion. Growth will slow relative to the pace of the 1997-2007 period, in large part due to more modest price increases. While demand for lighting fixtures in the large markets of Japan and the United States will improve from their sluggish gains over the past decade, the developing economies of Asia and Eastern Europe are projected to post the fastest growth. These and other trends, including market share and company profiles, are presented in World Lighting Fixtures, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
China is forecast to become the largest national lighting fixture market in 2012, surpassing the US and accounting for 20 percent of the global market. India will post the fastest growth of any major national market, as demand is expected to grow more than ten percent per annum through 2012. The smaller market in Russia is also expected to post strong gains, leading growth in Eastern Europe.
Lighting fixture demand in the advanced economies of Western Europe, the US and Japan is projected to lag the global average through 2012. Of these markets, the US is expected to achieve the fastest gains, as construction markets recover from the downturn that began in 2006 and motor vehicle production increases. Demand in Japan and Western Europe will be restrained by weak construction markets and poor prospects for motor vehicle production.
Although growing slower than it has over the past decade, demand in the manufactured goods market will see robust growth in Eastern Europe, which is expected to be the fastest growing region in terms of lighting fixture demand. Demand for motor vehicle lighting fixtures will be particularly strong in this region, as motor vehicle production in Eastern Europe will grow faster than in any other region.
The Freedonia Group is a leading international business research company, founded in 1985, that publishes more than 100 industry research studies annually. This industry analysis provides an unbiased outlook and a reliable assessment of an industry and includes product segmentation and demand forecasts, industry trends, demand history, threats and opportunities, competitive strategies, market share determinations and company profiles.