What we do
Our attractive markets
We operate in attractive markets, with healthy and stable historic growth that is poised to benefit from future de-carbonisation efforts.
Total addressable market
EV market opportunity
The decision by the UK Government to ban the sale of new petrol and diesel vehicles from 2030 is accelerating adoption of electric vehicles. We expect EV charging will occur at home or the workplace, creating a £500m market for private realm charging equipment in the UK by 2025. We expect most to be installed by qualified electricians, who already use our wider product range and frequent our sales channels.
We launched our range of lower-power “Mode 2” chargers in 2021, followed by higher-power “Mode 3” chargers in 2022. We are focused on establishing our share of the private realm EV charger OEM market.
We are excited by the potential of this market, both in the UK and abroad. Growth in this category will enable us to achieve £100m of revenue from low carbon products by 2025.
Growing faster than GDP
There are a number of factors explaining why our markets are growing faster than GDP. In addition to our fast‑growing markets, Luceco itself is outperforming, exhibiting stronger growth than the sector and its peers.
House prices and transactions
A limited stock of new homes, particularly in the UK, drives house price appreciation and existing home renovation, both of which sustain demand for our products within repair and remodel projects.
Significant shift towards hybrid working post‑COVID is driving increased residential renovation, as well as the reconfiguration of the commercial estate.
Increasing customer demands
Rising living standards and design requirements are resulting in demand for electrical products with greater form and function, adding to category value.
Labour and skills shortage in the trade shifts value to the product
There is often a shortage of qualified electrical installers within the markets we operate in. This places an increasing premium on high quality, reliable and easy-to-install products, which we are well positioned to command.
The electrical industry undergoes frequent regulatory changes. These are often designed to improve safety or product efficiency and result in both the renewal of installations and increases in value of the electrical products used within the installation.
Smart home technology has increased rapidly with a growth in automation of monitoring and controlling of lighting, climate and appliances.
Consumers are increasingly demanding greater control over their wiring devices and lighting, increasing the value of both categories.
The electrification of household energy and transport is a key driver of future growth within the electrical products industry, supported by specific regulatory changes such as phasing out the sale of new gas boilers and internal combustion vehicles over the coming decade.