Mexico Lighting Market Report and Forecast 2024-2032

Mexico Lighting Market Outlook

The Mexico lighting market size reached a value of approximately USD 2.91 billion in 2023. The market is further projected to grow at a CAGR of 7.6% between 2024 and 2032, reaching a value of USD 5.66 billion by 2032.

Key Trends in the Market

Lighting refers to the deliberate arrangement or usage of lights in homes, streets, buildings, and shopping complexes, among others, for aesthetic and practical purposes. The various sources of lighting include tube lights, emergency lights, streetlights, and bulbs, among others.

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• Adoption of LED lights by home gardening enthusiasts is rising rapidly as they aid in the growth of various types of plants. LED lights (especially broad-spectrum LED sets) provide the optimum wavelengths required by plants for adequate chlorophyll production, for instance, blue light increases chlorophyll production, leading to healthier foliage.

• Advancements in the lighting technology, such as the development of blue LEDs, wireless lighting and LiFi, are further enhancing the growth of the Mexico lighting market. LiFi creates a light communication system, allowing the indoor spaces to transform into efficient places.

• The government of Mexico is heavily investing in the development and maintenance of the public infrastructure of the country including, public buildings and parks among others, which in turn, is boosting the requirement for lighting solutions in the country.

Market Analysis

Based on type, the market is segmented into LED, fluorescent, incandescent, and halogen. On the basis of product, the market is divided into bulbs, streetlights, downlights, tube lights, flood lights, and emergency lights, among others. By application, the market is categorised into residential, commercial, public, and industrial. On the basis of distribution channel, the market is segmented into supermarkets and hypermarkets, convenience stores, speciality stores, and online, among others. Based on region, the market is divided into Baja California, Northern Mexico, The Bajío, Central Mexico, Pacific Coast, and Yucatan Peninsula.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Mexico lighting market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Signify Holdings BV

• OSRAM GmbH

• Eaton Corporation

• Panasonic Holdings Corporation

• Savant Systems, Inc.

• OPPLE Lighting Co., Ltd

• Acuity Brands Inc.

• Hubbell Incorporated

• Others

Market Share by Type

The LED lighting segment accounted for a large share of the Mexico lighting market owing to its increasing applications in various sectors and its low cost. Its ability to withstand frequent switching and instant lighting along with low voltage operation capability has enhanced its demand and usage. Further, the design flexibility, directionality, dimming capabilities, and improved environmental performance are major factors boosting the adoption of LEDs in Mexico. LED lighting solutions are capable of meeting bright lighting requirements while consuming less energy, which helps lower energy bills and reduce environmental impact.

Market Share by Application

The residential segment is expected to account for a significant portion of the market owing to the growing demand for ambient and aesthetic lighting for homes and indoor spaces. The rapid urbanisation and the growing construction of new homes are further boosting the utilisation of lighting. Also, the rising trend of work from home is encouraging people to use good and bright lighting solutions at homes for improving concentration and work efficiency, adding on to the lighting demand in Mexico.

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Additionally, there is an increase in the development of commercial buildings and other public infrastructure in Mexico. The commercial segment is thus anticipated to acquire a significant share of the Mexico lighting market over the forecast period, with the rising demand for decorative and energy-efficient lighting solutions.

Competitive Landscape

Signify Holdings BV was founded in 1938 and is headquartered in Eindhoven, Netherlands. The company manufactures and sells appliances, electronics, and electrical components, providing connected lighting systems and data-enabled services to its customers globally.

Eaton Corporation was established in 1911 and has its headquarters located in Dublin, Ireland. The manufacturing company operates through segments including electrical products, aerospace, e-mobility, and electrical systems and services, among others.

Other Mexico lighting market players include OSRAM GmbH, Panasonic Holdings Corporation, Savant Systems, Inc., OPPLE Lighting Co., Ltd, Acuity Brands Inc., and Hubbell Incorporated, among others.

Key Highlights of the Report