North America Cabinet LED Lighting Market to Grow at a CAGR of 9.3% to reach US$ 3,691.22 million from 2022 to 2028
The North America cabinet LED lighting market is expected to grow from US$ 1,983.30 million in 2021 to US$ 3,691.22 million by 2028. It is estimated to grow at a CAGR of 9.3% from 2022 to 2028.
Cabinet LED lighting is a small and inconspicuous light source virtually invisible and can be easily installed. Government initiatives toward sustainable green energy, such as net-zero emission by 2050 and the ENERGY STAR program by the US Environmental Protection Agency and the US Department of Energy, are promoting energy efficiency. Cabinet LED lighting offers many advantages, such as low cost and energy bills, and minimum energy consumption, which attract many consumers to install cabinet LED lighting. Thus, these energy efficiency initiatives are positively impacting the cabinet LED lighting market growth. The rising adoption of LED lighting in kitchen cabinets and cupboards and the growing number of new homes would create lucrative opportunities for the North American cabinet LED lighting market players during the forecast period.
As per the Bureau of Economic Analysis, disposable income in the US in December 2021 and 2020 was US$ 18,261.5 billion and US$ 16,706.4 billion, respectively, and the income was US$ 18,519.8 billion in March 2022, which shows a strong economic recovery. Therefore, rising disposable income has made consumers invest in enhancing interiors, such as modular kitchens, where under-cabinet LED lighting is witnessinghigh demand. In addition, the growing use of under cabinet lighting in the hospitality industry is propelling the cabinet LED lighting market growth.
According to the US Census Bureau, new residential construction authorized by building permits, housing starts, and housing completions in March 2022 for privately-owned housing units is 1,873,000, 1,793,000, and 1,303,000, respectively. These stats show that the construction of houses and residential and commercial buildings is likely to increase during the next few years. Since cabinet LED, lighting is mostly used in kitchens, bathrooms, offices, hotels, dining areas, barbacks, and underneath counters to enhance décor. With the increasing new residential construction authorized by building permits, housing starts, and housing completions in the US, the demand for cabinet LED lighting will also increase. The Canadian government has proposed a budget for 2022 and 2023 to build 100,000 new housing units. Thus, a new Housing Accelerator Fund has been established. Over the next five years, the government would invest US$ 4 billion in housing development assistance, such as up-front funding or an annual per-door incentive, as well as in municipal housing planning and delivery processes, which would speed up housing development in the coming years. These government initiatives have fueled the construction of houses and boosted consumers' inclination toward modular kitchens. Thus, it is anticipated that the demand for cabinet LED lighting will grow over the coming years.
North America Cabinet LED Lighting Market: Key Players
Hafele America Co., Acuity Brands Lighting LLC, Kichler, WAC Lighting, and SGi Lighting are the 5 key market players operating in the North America cabinet LED lighting market. The listing of these players is derived by considering the following key parameters: Overall revenue, segmental revenue, brand image & industry expertise, current cabinet LED light portfolio and related products, customer base, geographical reach, research and development investments, patents, technology integration, new product launches, partnerships, mergers & acquisitions, and other market-related activities. In addition to these players profiled in the report, several other global, regional, and country-level LED light portfolio manufacturers and providers operating in the North America market ecosystem/value chain were also studied for a 360-degree view of the market.
North America Cabinet LED Lighting Market: By Type
Based on type, the North America cabinet LED lighting market is segmented into in-cabinet lighting and under-cabinet lighting. The under-cabinet lighting segment dominates the market due to the increasing proliferation of cabinet LED lighting in the kitchen. The in-cabinet lighting segment is anticipated to register a higher CAGR during the forecast period. In-cabinet lighting for shelf lighting can be used for decorative purposes, such as open shelving or utility, when additional illumination is required. The most common type of lighting is linear lighting, which is hidden behind the frame or recessed beneath the shelf.
Impact of COVID-19 Pandemic on North America Cabinet LED Lighting Market
The number of hotel construction or renovation projects reduced significantly in the US, Canada, and Mexico in 2020, which showcased poor demand for cabinet LED lighting. The federal government's restrictions on construction activities and workers' movement in North America declined the demand for kitchen cabinet LED lighting. This resulted in slow growth of the cabinet LED lighting market. However, the lockdown caused due to the COVID-19 pandemic has prompted residential and commercial customers to adopt energy-efficient cabinet LED lighting to save money. Also, the cabinet LED lighting market size is expected to grow between 2022 and 2023 owing to increased residential building construction, improved supply chain system, surged demand for kitchen cabinet lighting, and government incentives and policy support.
North America Cabinet LED Lighting Market: Market Initiative
Market initiatives are a strategy adopted by companies to expand their footprint worldwide and meet the growing customer demand. Market players present in the North America cabinet LED lighting market is mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings.
- In 2022, Acuity Brands, Inc. announced it is expanding its collaboration with Microsoft to bring new capabilities to Acuity's smart lighting, lighting controls, and building automation solutions.
- In 2020, Savant Systems, Inc. announced that it had acquired GE Lighting. Under a long-term licensing agreement, GE Lighting, a Savant company, will continue using the GE brand on its products moving forward.
North America Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
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The North America cabinet LED lighting market is analyzed on the basis of type, application, and country. Based on type, the market is bifurcated into in-cabinet lighting and under-cabinet lighting. By application, the market is segmented into residential, commercial, retailer, and hospitality. By region, the market is segmented into the US, Canada, and Mexico.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Cabinet LED Lighting – Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.3 Ecosystem Analysis
4.4 Expert Opinion
4.5 Premium Insights
4.5.1 List of LED Manufacturers
4.5.2 Supply Chain Analysis
5. North America Cabinet LED Lighting – Market Dynamics
5.1 Market Drivers
5.1.1 Growing Construction of Residential and Commercial Buildings in North America
5.1.2 Rising Demand for Interior Designs and Increasing Disposable Income
5.2 Market Restraints
5.2.1 Overheating Leads to Reduced Life of Cabinet LED Lighting
5.3 Market Opportunities
5.3.1 Energy-Consuming Products and Services with Higher Efficiency and Lower Costs
5.4 Future Trends
5.4.1 Rising Penetration of IoT Connected-Cabinet LED Lighting
5.4.2 Government Stringent Regulations Toward Green Sustainability
5.5 Impact Analysis of Drivers and Restraints
6. North America Cabinet LED Lighting Market – Market Analysis
6.1 North America Cabinet LED Lighting Market Overview
6.2 North America Cabinet LED Lighting Market Revenue Forecast and Analysis
6.3 North America Cabinet LED Lighting Market: Market Positioning – Five Key Players
7. North America Cabinet LED Lighting Market Analysis – by Type
7.1 Overview
7.2 North America: Cabinet LED Lighting Market, by Type
7.3 In-Cabinet Lighting
7.3.1 Overview
7.3.2 In-Cabinet Lighting: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
7.4 Under-Cabinet Lighting
7.4.1 Overview
7.4.2 Under-Cabinet Lighting: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
8. North America Cabinet LED Lighting Market Analysis – by Application
8.1 Overview
8.2 North America: Cabinet LED Lighting Market, by Application
8.3 Residential
8.3.1 Overview
8.3.2 Residential: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
8.4 Commercial
8.4.1 Overview
8.4.2 Commercial: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
8.5 Retailer
8.5.1 Overview
8.5.2 Retailer: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
8.6 Hospitality
8.6.1 Overview
8.6.2 Hospitality: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
9. North America Cabinet LED Lighting Market – Country Analysis
9.1 Overview
9.1.1 North America North America Cabinet LED Lighting Market Breakdown, by Country
9.1.1.1 US: Cabinet LED Lighting Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 US: Cabinet LED Lighting Market, by Type
9.1.1.1.2 US: Cabinet LED Lighting Market, by Application
9.1.1.2 Canada: Cabinet LED Lighting Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Canada: Cabinet LED Lighting Market, by Type
9.1.1.2.2 Canada: Cabinet LED Lighting Market, by Application
9.1.1.3 Mexico: Cabinet LED Lighting Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Mexico: Cabinet LED Lighting Market, by Type
9.1.1.3.2 Mexico: Cabinet LED Lighting Market, by Application
10. North America Cabinet LED Lighting Market – COVID-19 Impact Analysis
10.1 Overview
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 Merger and Acquisition
11.4 New Product launch
12. Company Profiles
12.1 ACUITY BRANDS, INC.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Kichler Lighting LLC
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Hafele America Co
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 GM Lighting
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Savant System Inc
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Black+Decker Inc.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 SGi Lighting Inc.
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 RAB Design Lighting
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Phantom Lighting Systems
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 WAC Lighting
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
12.11 Hera Lighting
12.11.1 Key Facts
12.11.2 Business Description
12.11.3 Products and Services
12.11.4 Financial Overview
12.11.5 SWOT Analysis
12.11.6 Key Developments
12.12 JESCO Lighting
12.12.1 Key Facts
12.12.2 Business Description
12.12.3 Products and Services
12.12.4 Financial Overview
12.12.5 SWOT Analysis
12.12.6 Key Developments
12.13 Advanced Lighting Concepts, LLC d.b.a Environmental Lights
12.13.1 Key Facts
12.13.2 Business Description
12.13.3 Products and Services
12.13.4 Financial Overview
12.13.5 SWOT Analysis
12.13.6 Key Developments
12.14 Legrand North America, LLC
12.14.1 Key Facts
12.14.2 Business Description
12.14.3 Products and Services
12.14.4 Financial Overview
12.14.5 SWOT Analysis
12.14.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. North America Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
Table 2. US: Cabinet LED Lighting Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 3. US: Cabinet LED Lighting Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 4. Canada: Cabinet LED Lighting Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 5. Canada: Cabinet LED Lighting Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 6. Mexico: Cabinet LED Lighting Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 7. Mexico: Cabinet LED Lighting Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 8. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Cabinet LED Lighting Market Segmentation
Figure 2. North America Cabinet LED Lighting Market Segmentation – By Country
Figure 3. North America Cabinet LED Lighting Market Overview
Figure 4. North America Cabinet LED Lighting Market, by Type
Figure 5. North America Cabinet LED Lighting Market, by Application
Figure 6. North America - PEST Analysis
Figure 7. Cabinet LED Lighting Market: Ecosystem Analysis
Figure 8. Cabinet LED Lighting Market: Expert Opinion
Figure 9. North America LED Lighting Market– Ecosystem Analysis
Figure 10. North America Cabinet LED Lighting Market: Impact Analysis of Drivers and Restraints
Figure 11. North America Cabinet LED Lighting Market Revenue Forecast and Analysis (US$ Million)
Figure 12. North America: Cabinet LED Lighting Market Revenue Share, by Type (2021 & 2028)
Figure 13. In-Cabinet Lighting: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. Under Cabinet Lighting: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. North America: Cabinet LED Lighting Market Revenue Share, by Application (2021 & 2028)
Figure 16. Residential: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. Commercial: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. Retailer: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. Hospitality: Cabinet LED Lighting Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. North America North America Cabinet LED Lighting Market Breakdown, by Country, 2021 & 2028 (%)
Figure 21. US: Cabinet LED Lighting Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Canada: Cabinet LED Lighting Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Mexico: Cabinet LED Lighting Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Impact of COVID-19 Pandemic in North America
- ACUITY BRANDS, INC
- Kichler Lighting LLC
- Hafele America Co
- GM Lighting
- Savant System Inc
- Black+Decker Inc
- SGi Lighting Inc
- RAB Design Lighting
- Phantom Lighting Systems
- WAC Lighting
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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