Differential K-band luminosity functions (LFs) are presented for a complete sample of 1613 nearby bright galaxies segregated by visible morphology. The LF for late-type spirals follows a power law that rises towards low luminosities whereas the LFs for ellipticals, lenticulars and bulge-dominated spirals are peaked and decline toward both higher and lower luminosities. Each morphological type (E, S0, S0/a-Sab, Sb-Sbc, Sc-Scd) contributes approximately equally to the overall K-band luminosity density of galaxies in the local universe. Type averaged bulge/disk ratios are used to subtract the disk component leading to the prediction that the K-band LF for bulges is bimodal with ellipticals dominating the high luminosity peak, comprising 60% of the bulge luminosity density in the local universe with the remaining 40% contributed by lenticulars and the bulges of spirals. Overall, bulges contribute 30% of the galaxy luminosity density at K in the local universe with spiral disks making up the remainder. If bulge luminosities indicate central black hole masses, then our results predict that the black hole mass function is also bimodal.
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