According to a new market research report published by Credence Research “Global LED Desk Lamp Market (Product (Decorative Lamp, Reading Lamp); Application (Residential, Commercial); Distribution Channel (Online, Offline)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the LED desk lamp market is set to grow with a CAGR of 14.5% during the forecast period, starting from US$ 4.55 Bn in 2018.
The global LED desk lamp market is driven by the increasing R&D activities among the lamp manufacturers and constant advancement in the product design and features. The lamp manufacturers are investing heavily in the R&D activities to develop compact, light weight and energy efficient lighting lamps to provide the better lighting experience to their customer and gain edge over competitors. The market players are also leveraging on the advance technologies such as AI and human centric lighting to enhance their product proposition and accelerate sales.
Moreover, the growing popularity of the home automation and smart home solution is further presenting huge opportunity for the growth of the LED lamp desk market. The integration of the IoT devices into the lighting solution is also resulting into the myriad growth opportunities for the market. In addition, the increasing focus on the climate change and constant efforts by the manufacturers to reduce the heat emission from lamp is also accelerating the market growth.
The LED desk lamp market is bifurcated on the basis of the distribution channel into online and offline sales channel. Offline sales channel accounts for more than 60% share in the LED desk lamp market in 2018. However, the online sales channel is estimated to gain traction during the forecast period. The growing trend of online shopping and changing customer perspective towards online shopping is the primary factor driving the market growth. Furthermore, the attractive offers and discounts offered by the e-commerce companies is also boosting the growth of the online sales channel market.
Europe is one of the prominent regions in the LED desk lamp market with the market share of more than 30% in 2018. The market is driven by the large scale adoption of the LED lamps and luminaries across the region. Furthermore, the stringent government regulation across the region to restrict the use of inefficient lamps is acting as a major driver for the growth of LED desk lamp in the region.
Key vendors in LED Desk Lamp market are Donghia Inc., General Electric Company, GUANYA, Koninklijke Philips N.V., Ningbo Liangliang, OPPLE Lighting, OSRAM GmbH, Panasonic Corporation, SYSKA LED, and Yingke Lighting Electric Co Ltd.
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