Increasing Adoption of Energy Efficient Lighting is Driving LED Desk Lamp Market

Globally, the LED desk lamp market is expected to grow with a CAGR of 14.5% during the forecast period from 2023 to 2030, starting from US$ 5.20 Bn in 2021. The growth of the market is driven by the increasing adoption of the energy-efficient lamps across the globe. Over the past decade, a rapid surge in the demand of the energy efficient lamps has been witnessed. This is mainly attributed to stringent government regulations to restrict the use of the less energy efficient lamps and high efficiency of the LED lamps. Furthermore, the high durability, efficiency, and cost effective nature of the LED lamps is triggering the demand for the LED desk lamps across the globe.

The supportive government initiatives across the globe to promote the use of LED lamps are also acting as a major driver for the growth of the market. The governments across the countries are offering subsidies and tax benefits to the manufacturers and users to promote the use of energy efficiency lighting lamps. Moreover, the governments are also formulating programs and initiatives to spread the awareness among the citizens to optimize the use of energy resources. This is further augmenting the demand for the LED desk lamps. However, the high cost of the LED lamps as compared to the other variants is holding back the growth of the market.

Decorative Desk Lamp Is Estimated To Account For Majority Share in the Market

The LED desk lamp market is categorized based on the product type into decorative desk lamps and reading lamps. The decorative desk lamps accounted for more than 55% share in the LED desk lamp market in 2020. The growth of the market is driven by the integration of the advance technologies such as AI assistance and voice control is augmenting the demand for the market. Moreover, the development of mood based lighting along with smart home solution is further driving the growth of the market.

Asia Pacific Is Leading The LED Desk Lamp Market                                       

Asia Pacific dominated the LED desk lamp market with 35% share in the revenue in 2020. The growth of the market is driven by the increasing adoption of the LED lamps in the residential sector across India and China. The supportive government regulations in the region for restricting the use of the less energy efficient lamps along with the promotion of the LED lamps are accelerating the market growth. Furthermore, the presence of the major market players in the region is also supporting the growth of the market.

The prominent players in the LED desk lamp market are Donghia Inc., General Electric Company, GUANYA, Koninklijke Philips N.V., Ningbo Liangliang, OPPLE Lighting, OSRAM GmbH, Panasonic Corporation, SYSKA LED, and Yingke Lighting Electric Co Ltd.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of LED Desk Lamp market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the LED Desk Lamp market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of LED Desk Lamp market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the LED Desk Lamp market?
• Which is the largest regional market for LED Desk Lamp market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving LED Desk Lamp market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the LED Desk Lamp market worldwide?