LEDs consume less than 80% of the electricity of traditional incandescent bulbs. LED lights are extremely cost-effective, durable as well as energy efficient. Thus, LED work lights are gaining high prominence across the globe presently. There are several sorts of products that are commercially available can be used as work light. This includes headlamps, spotlights, flashlights, clamp lights and more.
The rise in demand for energy efficient work lights that are more efficient and durable in all the conditions is significantly stimulating the market demand in the coming times. Also LED work lights have low maintenance cost. This also propelling its awareness and demand in several regions. Other factors like the rapid urbanization along with the rising demand for explosion-proof work lights are considerably impacting the sales for LED work lights. Although, populace in several regions are not much responsive regarding the use of LED work lights as some buyers still consider that LED work lights are expensive. This may act as the restraining factor for the market growth.
Battery-Operated Lights to Play an Imperative Role in Expansion of LED Work Lights Industry
The global market for LED work lights is expected to cross US$ 10,700 million by the end of the forecast period. Its values were estimated at US$ 8,000 in 2015. It is expanding at the considerable CAGR of 3.3% over the assessment period.
On the basis of operation, the market for LED work lights is sliced into battery operated and plug-in. Battery operated is expected to gain prominence in terms of values and volumes in the coming times. It is expanding at the lucrative CAGR during the forecast period (2016-2024). Battery powered LED’s are portable and are much easy to handle as compared to the plug-in one. This is driving the market demand for the former segment and is likely to witness significant growth in the coming times. The plug-in segment may lose 50 BPS and will observe a relatively low demand during the projected period. This owes to its use only in specific applications including residential, commercial, and industrial.
Role of Manufacturers in the LED Work Lights Market
Manufacturers across the globe are constantly focusing on building more operative sales and distribution infrastructure in order to expand their business. In addition to this, several top most manufacturers are also using online sales networks to build more awareness and reach among the existing and the possible customers. In order to gain recognition, they are offering price incentives for the buyers who visit online. Further, change in lifestyles among the consumers, mainly middle-class has played a fundamental role for manufacturers in recognizing potential buyers for LED work lights.
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Based on geography, Europe is the biggest market for LED work lights. With the maximum demand, it is further likely to lead the market for LED work lights in the world. Europe’s LED work lights market will consume over one-third share of total revenues and will exceed at 3.1% CAGR during the forecast period. On the other hand, Asia-Pacific’s market revenues for LED work lights will develop at the fastest pace and will further record a lucrative CAGR of around 3.8%. Further, sales of LED work lights in North America region are expected to cross 210,000 units by the end of 2024.