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LED Table Lamps Market Size Is Expected To Reach USD 13.37 Billion By 2025

Posted by neha24 on June 22nd, 2020

LED Table Lamps Market

The global LED table lamps market size is expected to reach USD 13.37 billion by 2025 registering a CAGR of 15.2%, according to a new report by Grand View Research, Inc. Rising demand for the energy-efficient lighting system owing to increasing awareness about global warming is the key factor driving the product sales. In addition, growing popularity of smart homes, especially in developing economies including China and India, is propelling the product demand.

Major manufacturers are introducing advanced products to gain maximum market share. For instance, in December 2016, General Electric Company launched a table lamp that features Amazon’s ‘Alexa’. The company has collaborated with Amazon to fix lamp over the top of Echo Dot device. The new product can be operated through a voice command. Thus, such product innovations in the market are also expected to fuel the industry growth over the forecast period.

Decorative products was the largest segment in 2018 with a market share of more than 60%. Asia Pacific is expected to be the fastest-growing regional market at a CAGR of 16.1% from 2019 to 2025. Key companies in the region are focusing on product optimization along with technological and product innovation to cater to the increasing demand, which is likely to boost the APAC market. For instance, in June 2019, Xiaomi launched its latest LED table lamp for housing segment under the brand name ‘Mi Table Lamp 1S’ in China.

The new product has four different modes and has its own voice-controlled smart assistant. Some of the prominent companies in the global market are Koninklijke Philips N.V.; OSRAM GmbH; Ningbo Liangliang; General Electric Company; SYSKA LED; Panasonic Corp.; GUANYA; OPPLE Lighting; Donghia, Inc.; and Yingke Lighting Electric Co., Ltd.

Access Research Report of LED Table Lamps Market https://www.grandviewresearch.com/industry-analysis/led-table-lamps-market

Further key findings from the study suggest:

  • Commercial application segment led the global LED table lamps market in 2018 and will retain its dominant position throughout the forecast years due to wide product usage in offices, restaurants, etc.
  • Decorative lamps is expected to be the fastest-growing as well as the largest product segment during the forecast years
  • Offline distribution channel is the largest segment; however, online segment will expand at the maximum growth rate from 2019 to 2025
  • APAC will be the largest and fastest-growing market from 2019 to 2025 due to the presence of emerging economies along with a number of initiatives and policies encouraging the usage of energy-efficient lighting system

 

Also See: Table Lamps, Led Table, Lamps Market, Table Lamp, Product, Market, Table

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