Market Trends of france led lighting Industry
Increasing passenger car and battery electric private and utility car registrations to drive the growth of the LED market
- France's total population has been growing for years, which reached 67.64 million in 2021. The fertility rate in France looks to be 1.83 children for every woman. The overall life expectancy at birth in France was expected to be 82.32 years in 2021. Over the years, the nation's rate has remained consistent. The death rate in France fell by 0.2 per 1,000 people (-2.02%) in 2021 compared to 2020. Overall, the death rate decreased, falling to 9.7 deaths per 1,000 people in 2021. According to the data, there are more people, which means that they will need more space to live in, which will help the market to expand.
- In France, there will be about 31 million households in 2021. In France, there are 2.19 individuals in each family on average as of 2018. In France, as of the fourth quarter of 2021, there were over 29,712 new dwelling units that had been sold or reserved for sale. There were around 27,918 completed or scheduled house sales in the fourth quarter of 2020. More LED usage will be made possible by the rise in the number of homes sold.
- As of January 2022, there will be more than 38.7 million passenger vehicles in the French fleet, up from over 35.8 million in 2011. Up to 2022, the number of passenger vehicles on the road increased continuously. Additionally, since electric passenger car registrations first appeared on the French automobile market, they have dramatically increased. Nearly 219,800 new battery-powered electric private and utility cars were registered in France in 2022. This was an increase of almost 26.1% from the previous year. The sale of LEDs in France will benefit from the rise in automotive vehicle sales.
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High per capita income and energy saving scheme to promote the use of LED lights
- The average household size is 2.2 people per household in France in 2022. The current population of France is 65.7 million as of June 2023, increasing at a slow pace of around 0.2% yearly. 81.5 % of the population is urban (53.2 million people in 2020). Thus, the increase in population is expected to create more LED penetration and increase the need for illumination in the country.
- Between 2017 and 2020, the homeownership rate in Germany decreased slightly. In 2021, about 64.7% of the population lived in an owner-occupied dwelling, and in 2022, it reached 63.4%. This makes France one of the countries with the highest homeownership rate, but in coming years, it is expected to decline slowly, and the lowest rental residential real estate market is expected to grow further in the country. These instances suggest that LED penetration is there, but the penetration is less compared to previous years in the residential segment.
- In France, disposable income is high, which results in the rising spending power of individuals and affording more money on new residential spaces. France's per Capita income reached USD 25,337.71 in December 2022, compared to USD 27,184.2 in December 2021. Compared to some developed nations, it has high purchasing power. For instance, Brazil had USD 7732.4 as of 2021, and Italy had USD 15,321.9 as of 2017, which is lower.
- In June 2017, the French government announced the Energy Savings Certificate scheme, which allows people to get subsidies that can cover up to 100% of the price of LED bulbs based on the householder’s income. Such instances are further expected to surge the demand for LED lighting in the country.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Increasing EV incentives to increase the sales of electric vehicles to drive the growth of the LED market
- Increasing auto loans, leasing of automobiles, and government subsidies for EVs to promote the growth of the LED lighting market
- Increase in moto vehicle inhabitant, government initiatives, and upgradation from halogen to energy efficient LED lights to drive the market
- Energy renovation and energy efficient projects to drive the growth of LED market
- Low cost of LED lights, modernization of streetlights, and replacement of halogen bulbs with energy-efficient lights to drive the LED market
- Investment in vertical farming to contribute to the growth of the LED market
- Rising commercial real estate investments and EV leasing scheme to drive the sales of LED lights
- The LED market is driven by government subsidies and incentives to promote the sales of EV
- Government to push energy saving initiatives, increasing EV registration and subsidies to drive the LED market
- Government investment in the development of roads and installation of public lighting to drive the growth of LED lights
- Investments in sports and related infrastructure to drive the growth of LED lighting
