Global Lamps Market Overview, 2024-29

Market Dynamic

Market Drivers • Technological Advancements: The global lamps market is being significantly driven by rapid technological advancements. Innovations in LED technology have led to energy-efficient and longer-lasting lighting solutions. These advancements not only enhance the quality of illumination but also reduce energy consumption, attracting consumers and businesses to adopt modern lighting systems. Smart lighting solutions, integrated with IoT and automation, are becoming increasingly popular, further boosting market growth as they offer improved control, customization, and convenience for users. • Growing Environmental Awareness: The increasing emphasis on sustainability and eco-friendliness is a major driver for the lamps market. Consumers are becoming more conscious of their carbon footprints and the environmental impacts of traditional lighting solutions. As a result, there is a growing demand for energy-efficient lamps, such as LEDs, which consume less energy and have a longer lifespan than incandescent bulbs. This shift is supported by government initiatives and regulations promoting the use of energy-efficient lighting, driving manufacturers to innovate and provide sustainable options. Market Challenges • High Initial Costs: One of the significant challenges facing the global lamps market is the high initial cost associated with advanced lighting technologies, particularly LEDs. While these lamps offer long-term savings through reduced energy consumption and longevity, the upfront investment can deter consumers, especially in developing regions. This initial expense can make it challenging for manufacturers to penetrate price-sensitive markets, limiting the growth potential for newer technologies. • Market Fragmentation: The lamps market is characterized by significant fragmentation, with numerous players ranging from small manufacturers to large multinationals. This fragmentation leads to intense competition, making it difficult for individual companies to establish a strong brand identity and maintain profit margins. The presence of low-cost products can undermine the perceived value of high-quality lighting solutions, creating further challenges for manufacturers aiming to differentiate themselves in the marketplace. Market Trends • Smart Lighting Solutions: The trend toward smart lighting is reshaping the global lamps market. With the integration of IoT technologies, smart lamps offer features like remote control, scheduling, and adaptive lighting that enhance user experience and energy efficiency. This trend is driven by the increasing popularity of smart homes and the demand for connected devices. Consumers are looking for lighting solutions that can be easily integrated into their home automation systems, driving innovation and growth in this segment of the market. • Focus on Aesthetic and Functional Design: There is a growing trend toward lamps that blend aesthetic appeal with functionality. Consumers are increasingly seeking lighting solutions that not only serve a practical purpose but also enhance the ambiance and décor of their spaces. This trend is driving manufacturers to innovate in design, incorporating artistic elements and customizable features into their products. The rise of designer lamps and unique lighting fixtures reflects this shift, as consumers prioritize style alongside performance, leading to an expansion of product offerings in the market.

Key Development

• In April 2023, Signify introduced the newer version of the Philips Ultra Efficient LED bulbs that consume 40% less energy and deliver 3x the lifetime usage compared to standard bulbs. • In April 2023, Xiaomi launched the MIJIA multifunctional and rechargeable desk lamp equipped with a 2000mAh lithium battery and a 360-degree adjustability feature. The vertical desk lamp can also be used as a clamp lamp or flashlight with its magnetic suction design. The lamp provides at least 4 hours of maximum brightness and has four different lighting modes. • In March 2023, IKEA announced a partnership with nonprofit organization Little Sun to release the SAMMANLÄNKAD collection comprising 2 solar-powered LED lamps: a table lamp and a smaller portable lamp. The former can be used as a table or pendant lamp and the light source comes apart from the stand to be used as a flashlight. The latter comes with a yellow strap that can be handheld or hung from a backpack or window for use or for charging. Considered in this report • Historic year: 2018 • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • Lamps market Outlook with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product Type • Desk Lamp • Floor Lamp By Type • Reading Lamp • Decorative Lamp By Application • Residential • Commercial The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Lamps industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.