Market Research Report
LED Flashlight Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type, Product, and Application
|LED Flashlight Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type, Product, and Application|
Published: October 29, 2020
The Insight Partners
Content info: 158 Pages
Delivery time: 1-2 business days
The LED Flashlight market is expected to grow from US$ 2,054.0 in 2019 to US$ 2,884.0 million by 2027; it is estimated to grow at a CAGR of 4.48% from 2020 to 2027.
The popularity and penetration of LED lighting has grown at an unprecedented rate during past the few years. This can be primarily attributed to falling prices of LED and increasing technological advancements in this technology. The phasing down of incandescent and fluorescent lighting across countries owing to escalating need for energy saving through efficient lighting is further fuelling the demand for LED lighting globally. According to International Energy Agency statistics, the global uptake of LED lighting in global residential sector rose from 5% of the total uptake of lighting devices in 2013 to 40% in 2018. The LED lighting solutions are highly durable and have lower environmental footprint; moreover, they are cost efficient owing to the longer lifespan. Further, they provide high quality lighting, with greater energy efficiency, compared to incandescent and halogen-based light. Moreover, they are gaining traction due to low maintenance costs and greater safety provisions. LEDs are being produced on massive scale in China and several other countries, which is contributing to the drastic reduction in their prices. North America and Europe are also witnessing the decrease in LED prices. Government initiatives to phase out inefficient halogen lamps and fluorescent lights and to introduce minimum quality standards for LED lighting are driving the growth of the LED market worldwide.
Based on product, the everyday carry flashlight segment led the LED flashlight market in 2019. Everyday carry flashlights feature low to medium lumen range and are available in compact, and pen- and medium-size variants with low to medium battery capacity. A majority of these LED flashlights is offered with standard housing, while a few are offered in rugged housing with waterproof capabilities. The demand for everyday carry flashlights is mounting with the increasing adoption and retrofitting of electronics and other appliances in the industrial, commercial, and residential sectors. Additionally, the surging frequency of blackout and power cuts at remote locations, especially in Asia Pacific, the Middle East & Africa, and South America, is bolstering the adoption of these LED flashlights. Further, there has been high integration of these LED flashlights in toys. Companies, such as Energizer Holding Inc., Bayco Products Inc., and Dorcy International Inc., offer a wide range of everyday carry LED flashlights.
The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global electronics industry is one of the major industries that is suffering serious disruptions-such as supply chain breaks, technology events cancellations, and office shutdowns-as a result of this outbreak. For instance, China is the global hub of manufacturing and the largest raw material supplier for various industries. It is also one of the worst-affected countries. The lockdown of various plants and factories in leading regions, such as North America, Europe, Asia Pacific, South America and Middle East & Africa, is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various goods. All these factors has affected the electronics industry in a negative manner and they would act as restraining factors for the growth of various market s related to this industry in the coming months.
The overall LED flashlight market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market . The process also serves the purpose of obtaining overview and forecast for the LED flashlight market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the LED flashlight market . Bayco Products Inc.; Browning International S.A; Dorcy International; Duracell Inc.; Coast Products Inc Ledlenser GmbH & Co. KG.; Mag Instrument Inc.; Energizer Holdings Inc.; Pelican Products, Inc.; and Streamlight Inc. are among a few players operating in the LED flashlight market .
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global LED Flashlight market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the global LED Flashlight market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution