Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
Global LED Table Lamps Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 14.7 Bn by 2028, Likely to Grow with the CAGR of 11.4% During the Forecast Period.
The global LED Table Lamps market has shown tremendous growth and is anticipated to witness grow rapidly in coming years. Some of the factors fuelling the growth if global market includes popularity of advanced lighting system, inclination towards home décor, and rising demand for sustainable and energy-efficient lighting systems.
Rising Popularity of Advanced Lighting System And Adoption of Smart Home Are Fuelling Demand For LED Table Lamps Across The Globe
The rising smart home market in emerging economies including India and China promotes the adoption of LED table lamps. The consumers are inclining towards energy efficient lighting sources owing to significant fluctuation in climate since last few years. LED lamps consume almost 80% lesser power as compared to incandescent lamps. Also, these products are gaining popularity owing to durability and operational efficiency. The shelf life of LED lamps is more than 40 time greater than other lamps. These factors are anticipated to propel the growth of global LED table lamps market over the forecast period. Moreover, several initiatives taken by government to regularize the energy consumption, subsidies for LED lighting is expected to poise a positive impact on the growth of global market.
Based on Product Type, Decorative Table Lamps Accounted for Significant Share in Global Market
On the basis of product type, the decorative segment accounted for significant market share in 2019. This can be credited to the advantages associated with it including lightweight, energy efficiency, and durability of the products. These products are majorly used in commercial as well as residential sector for indoor lighting. Moreover, with the introduction of technological advanced products such as voice control and AI implementation, the segment is anticipated to witness rapid growth in coming years.
Offline Distribution Channel Dominated the Global Market Whereas the Online Segment is anticipated to Show Prominent Growth
Based on distribution channel, the offline segment led the global market, accounting for larger market share. The major retailers such as IKEA, and Walmart Stores Inc. is engaged in expansion of their offline stores and distribution channels to attract more customers which will help them to increase their market share throughout the forecast period. For instance, in June 2019, the major retail chain Reliance announced that they are planning to open 100 new stores across India under the brand name Reliance Digital. Similarly, in August 2019, Ikea announced the inauguration of their first store in India. These all factors are anticipated to drive the segment growth during the forecast period.
The online segment is projected to grow rapidly during the forecast period. The online stores offer quick and easy home delivery and easy returns which is expected to fuel the growth of global market. Moreover, the major players are launching their exclusive website with offering genuine products which is expected to create new growth opportunities for online channels.
Based on Application, the Commercial Segment held for Significant Share in Global LED Table Lamp Market in 2019
By application, the commercial segment led the global market by occupying maximum share in 2019. The LED lamps have wide adoption from commercial spaces including restaurants and offices. The rising number of commercial spaces in developing continents coupled with supportive government initiatives and rapid urbanization is expected to create new growth opportunities for the segment.
Furthermore, the household segment is estimated to show lucrative growth in coming years. The growth of the segment can be credited to continuous investment in R&D activities intended to launch new products and increasing purchasing power.
Asia Pacific is anticipated to be the Largest Share Holder in Global Market
By geography, Asia Pacific is anticipated to be the key revenue generator for global LED table lamps market. The region is projected to witness fastest growth during the forecast period. India is the largest contributor for LED table Lamps market in Asia Pacific. The manufacturers are focused on launching new products in emerging economies including China and India which is estimated to spur the regional growth.
Key players operating in global LED Table Lamps market are SYSKA LED, Koninklijke Philips N.V., General Electric Company, Ningbo Liangliang, and OSRAM GmbH.
Global LED Table Lamps Market by product Type
Global LED Table Lamps Market by Distribution Channel
Global LED Table Lamps Market by Application
Global LED Table Lamps Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America