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.
Market Insights
The global market for LED desk lamps is driven by increasing R&D activities among lamp manufacturers and constant advances in product design and features. Lamp manufacturers are investing heavily in R&D activities to develop compact, lightweight and energy-efficient lighting lamps to provide their customers with better lighting experience and edge over competitors. Market players are also leveraging advanced technologies such as AI and human-centric lighting to enhance their product offering and accelerate sales.
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In addition, the growing popularity of home automation and smart home solutions presents an enormous opportunity for the growth of the market for LED lamps. The integration of IoT devices into the lighting solution has also resulted in a myriad of market growth opportunities. In addition, the increasing focus on climate change and the constant efforts of manufacturers to reduce heat emissions from lamps are also accelerating 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 leading regions in the market for LED desk lamps with a market share of more than 30% in 2018. The market is driven by the large-scale adoption of LED lamps and luminaires throughout the region. In addition, strict government regulations across the region to restrict the use of inefficient lamps act as a key driver for the growth of LED desk lamps in the region.
Decorative Desk Lamp Is Estimated To Account For Majority Share in the Market
The market for LED desk lamps is categorised into decorative desk lamps and reading lamps on the basis of the product type. Decorative desk lamps accounted for more than 55% of the market share of LED desk lamps in 2018. The growth of the market is driven by the integration of advanced technologies, such as AI assistance and voice control, which increase market demand. Moreover the development of mood-based lighting along with smart home solutions is further driving the growth of the market.
Asia Pacific Is Leading The LED Desk Lamp Market
Asia Pacific dominated the LED desk lamp market with 35% share in the revenue in 2018. The growth of the market is driven by the increasing adoption of the LED lamps in the residential sector across India and China. The supportive government regulations in the region for restricting the use of the less energy efficient lamps along with the promotion of the LED lamps are accelerating the market growth. Furthermore, the presence of the major market players in the region is also supporting the growth of the market.
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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