The global LED table lamps market is anticipated to expand at a CAGR of 14.5% during the forecast period, 2021 – 2028. The growth of the market is attributed to the rising demand for energy-efficient and significant lighting systems for both household and commercial purposes. Climate change has become one of the main global issues and rising awareness of energy conservation are likely to push the demand for the products significantly.
The LED table lamps are energy-efficient lighting system widely used for household applications and commercial usage. Compared to the conventional lamps, these LED table lamps normally consume 80% less power and have higher durability that it is widely considered to have 40 times longer life. These factors are also expected to increase product demand during the analysis period. Addition of innovative technologies, such as AI assistance providing direct control through voice commands, are expected to further increase the product demand. Therefore, constant product revolution, in terms of technology, various color shades, designs, and shadow patterns, are helping to drive the growth of the market. Additionally, numerous government initiatives such as subsidies for LED lighting, media campaigns, and regularizing the energy appliances across the globe are key driving factors for the market growth. For example, the Egyptian Electricity Ministry recently started an awareness campaign to spread and encourage the citizens about their energy consumption and conservation. This campaign was also broadcasted on various social media and radio advertisements using key tagline, “Don’t be too lazy to turn off an appliance”. Currently, Egypt is the largest consumer of the electric power energy in the Middle East and Africa region and it has the third-largest economy of Africa.
Global LED Table Lamps Market Segment Insights
Decorative segment held a major market share
Based on products, the market is divided into reading and decorative. The decorative segment held a major market share accounting for more than 40% in 2020 and is anticipated to witness robust growth in the coming years. Rising preference for smart home and wide adoption of the decorative interior lighting system as part of home decoration in residential and commercial spaces are key factors boosting the segment. Meanwhile, the reading segment is expected to hold a substantial market share during the forecast period owing to the increasing demand of the products especially from college students across the globe. Rising development of reading as a hobby and reading interest from the aging population especially in developed countries of North America and Europe are acting as major factors to fuel the segment growth.
Commercial segment constituted the large market share
On the basis of applications, the global LED table lamps market is classified into household and commercial. The commercial segment held a major market share in 2020 and is projected to register a robust growth rate in the coming years. Increasing use of the LED table lamps in restaurants, business offices, and several other commercial spaces as an energy-efficient lighting solution are key aspects for the segment growth. Growing number of commercial set-ups in emerging economies including China, India, and Bangladesh, on account of supportive government policies and fast urbanization are also likely to offer several growth opportunities. On the other hand, the household segment is anticipated to be the fastest-growing segment, expanding at a CAGR of 16.2% from 2021 to 2028 owing to wide adoption of the lamps for household purposes. Extensive production of home décor light systems by prominent manufacturers are driving the segment growth.
Online segment is growing at a fast pace
By distribution channels, the market is segmented into online and offline. The offline segment held a major market share in 2020 and is expected to witness a substantial growth rate over the analysis years. The segment growth is attributed to the rising production of advanced features LED lamps and its wide availability across offline stores. Meanwhile, the online segment is projected to be the fastest-growing segment, increasing at a CAGR of 16.2% from 2021 to 2028 owing to growing preference of consumers for online shopping and rising several manufacturers’ collaboration with e-commerce websites for selling their products. Wide availability of a varied range of products with special pricing and great discounts are the key driving factors for the segment growth. Factors such as shopping convenience and door-step delivery service offered by online platforms are the key aspects that help grow the segment.
Asia Pacific is projected to constitute a large share
In terms of regions, the global LED table lamps market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific accounted for a major share of the market in 2020 and is expected to expand at an impressive growth rate of 16.5% from 2021 to 2028 due to growing demand for products from residential space and rapid increase of construction of residential building in the region, impacted by industrialization and urbanization. New product launches are constantly promoted by prominent market players in emerging economies such as China and India, thereby, propelling the product demand.
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