The LED tube market is expected to reach a valuation of US$ 6,712.1 Million in 2022, with a CAGR of 10.4% from 2022 to 2032. The LED tube market accounts for 21% to 26% of the tube light market. Furthermore, the LED tube market is expected to reach US$ 18,062.8 million by 2032.
Today most consumers spend more time to look over the products on online portals and thus this has increased popularity of the LED tube market. Present-day, individuals consider different brands that provide improved features; comparison of prices and availability. Such online platforms retain the potential to meet timely needs of the consumer.
Therefore, the number of industries adopting measures related to digital marketing continues increasing in terms of trends observed on the LED tube market. Participants from the supply side of the market build strong connections and forge strategic alliances with online retailers in order to make LED tubes as well as solutions more easily accessible by large masses so that they can enhance their products’ visibility on e-commerce platforms.
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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.
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.
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“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.
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.
Global LED Tube Market by Category
By Product Type:
- LED T5
- LED T8
- LED T10
- LED T12
By End Use:
- Residential
- Commercial
- Industrial
- Architectural
- Hospital
- Education Institutes
- Safety & Security
- Other End-Use Application
By Sales Channel:
- Wholesalers/Distributors
- Hypermarkets/Supermarkets
- Specialist Stores
- Exclusive Stores
- Department Stores
- Independent Electronic Stores
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa(MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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