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 are launching enhanced products to acquire more market share. For example, General Electronic Company, in 2016, introduced a table lamp equipped with Amazon Alexa. The company has partnered with Amazon to equip lamps with the Echo dot device. The new product can be controlled via voice command. Thus, such innovative products in the market are predicted to bode well for the industry growth in the upcoming years.
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Decorative products occupied the largest market share of over 60% in 2018. Asia Pacific is projected to ascend with a healthy CAGR of 16.1% over the forecast duration. Leading companies operating in the region are emphasizing on the product optimization along with product and technological enhancement to satisfy the rising demand, which is predicted to fuel the APAC market over the estimated years. For example, Xiaomi in 2019, introduced its brand new LED table lamp for the residential segment under the brand name of ‘Mi Table Lamp’ in China. North America held the second position in the global market owing to increasing customer awareness for energy saving in the region.
The new product has four distinct modes and it can be operated through voice. The key players of the LED table lamp market are GUANYA; Donghia, Inc.; Koninklijke Philips N.V.; Yingke Lighting Electric Co., Ltd.; OSRAM GmbH; Panasonic Corp.; Ningbo Liangliang; General Electric Company; OPPLE Lighting; and SYSKA LED. The market players are emphasizing on adopting various strategies such as M&A, technological advancement, constant product innovation and optimization, and expansion of distribution channel to expand their presence over the forecast duration.
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Further key findings from the report suggest:
• Commercial segment dominated the global market in 2018 and is projected to maintain its lead over the forecast duration owing to the growing preference of the product in restaurants, offices, etc.
• Decorative lamps are predicted to foresee rapid growth over the forecast duration.
• Offline channel is the leading segment; however, the online channel will grow rapidly over the forecast years.
• APAC is projected to witness steady growth over the estimated period owing to the presence of developing countries along with numerous initiatives promoting the usage of energy-saving lighting systems.
Million Insights has segmented the global LED table lamps market on the basis of product, application, distribution channel, and region:
LED Table Lamps Product Outlook (Revenue, USD Million, 2015 – 2025)
LED Table Lamps Application Outlook (Revenue, USD Million, 2015 – 2025)
LED Table Lamps Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
LED Table Lamps Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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