The global LED tube market is estimated to expand at a CAGR of over 10.4% between 2022 and 2032, and it is estimated to be valued at US$ 18062.8 Mn by the end of 2032.
Many factors are driving the adoption of LED tubes in the U.S., including the growing demand for energy-efficient lighting systems, the decline in LED prices, and strict government regulations. As a relatively recent source of illumination, LEDs have seen rapid technological and economic development in the country, attracting investments.
Several manufacturers are forming strategic agreements with Amazon, Flipkart, Alibaba, and other e-commerce platforms to expand their reach. Moreover, online commerce provides the freedom and convenience of picking the required goods from many choices. Furthermore, these websites provide a wide range of items and prices, allowing shoppers to take advantage of the best discounts and deals available.
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Key Takeaways from the LED Tube Market Study
- Residential users are anticipated to boost the growth of the LED tubes market house owners are ready to spend a high amount on better interiors of their homes due to a rise in their income.
- Based on product type, LED T8 is expected to gain traction over the upcoming decade.
- In the case of sales, sales from hypermarkets and supermarkets are anticipated to grow at an increasing pace during the forecast period.
- Online retails are anticipated to rise at a rapid rate and will result in revolutionizing the LED tube market.
“LED Tube manufacturers are developing strategies to expand their product line to meet the needs of residential and commercial sectors. Key companies are working on product segment innovation to increase product durability and product external features.” Says an FMI analyst.
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Who is winning?
Leading manufacturers of LED tube are focused on aggressive promotional strategies, advertisements, and new product launches that have driven sales growth of LED tube market globally.
Major players present in the LED tube market are Koninklijke Philips N.V., Acuity Brands, Inc.., IDEAL INDUSTRIES, Inc., Eaton Corporation, SAVANT TECHNOLOGIES LLC., OSRAM Gmbh, Seoul Semiconductor, Bajaj Electricals, Wipro Ltd, NEPTUN lights Inc., Havells, Syska, Foshan Electrical and Lighting Co. Ltd., LED Tube Lighting Pty. Ltd., Panasonic Corporation, Opple Lighting Co. Ltd., Crompton Greaves Consumer Electricals Limited., HPL Electric & Power Ltd, and Toshiba Ltd. among others.
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Future Market Insights, in its new offering, provides an unbiased analysis of the global LED tube market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the LED tube market based on product type (LED T5, LED T8, LED T10, AND LED T12), end use (residential, commercial, industrial, architectural, hospital, education institutes, safety and security, and other end use application), sales channel (wholesaler/distributer, hypermarket/supermarket, specialty store, exclusive stores, department store, independent electronics stores, online retail stores, and other sales channel) across seven major regions.
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