The global LED Table Lamps Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global LED table lamps market size is projected to touch USD 13.37 billion by the end of 2025, as per the report released by Million Insights. It is projected to ascend with a CAGR of 15.2% from 2019 to 2025. The market growth is attributed to the growing demand for energy-saving lighting systems due to rising awareness about climate change and global warming. Further, the shifting preference for smart homes, particularly in emerging nations such as India and China, is driving the demand for the product over the forecast years.
Key Players:
- Koninklijke Philips N.V.
- OSRAM GmbH
- Ningbo Liangliang
- General Electric
- Syska LED
- Panasonic Corporation
- GUANYA
- OPPLE Lighting
- Donghia
- Yingke Lighting Electric Co., Ltd.
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Growth Drivers:
The increasing popularity of smart homes, particularly in emerging nations such as India and China are anticipated to proliferate the demand for the product in the coming years. From the past many years, climate change has become a key environmental issue across the globe. This has resulted in growing awareness for energy conservation, which, in turn, is predicted to promote the use of LED lamps. LED table lamps consume 80% less electricity over incandescent lamps.
These products are highly durable and can be used for longer durations over incandescent lamps. Several undertakings such as grants for LED equipment, standardizing the energy appliances, and several media campaigns initiated by governments worldwide are expected to fuel the LED table lamp market growth over the forecast years.
Application Outlook:
- Household
- Commercial
Product Outlook:
- Reading
- Decorative
Distribution Channel Outlook:
- Offline
- Online
Online channel is predicted to exhibit a CAGR of 15.9% over the forecast period. These platforms offer quick and unique services and home delivery, which, in turn, is anticipated to bode well for the segment growth from 2019 to 2025. Further, leading players such as Xiaomi and SYSKA LED are introducing products on their company-owned portals where customers can place order for genuine products. This is also projected to augment the visibility of the segment in the upcoming years. Offline channel occupied the major share in 2018 and is projected to maintain its lead from 2019 to 2025.
Regional Outlook:
Asia Pacific occupied the largest LED table lamp market share in 2018 and is predicted to ascend with a CAGR of 16.1% over the forecast duration. The market growth is attributed to the increasing preference of the product in the residential application. India is one of the leading market in the region. Introduction of new product in major markets such as India and China are projected to fuel the product demand in the upcoming years.
For example, Xiaomi in 2019, introduced LED lamps using the brand name “Mi Table Lamp 1S”, especially for residential application. North America is expected to emerge as the second fastest regional market over the estimated years owing to increasing awareness related to energy conservation.
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