The ring lights market is forecast to witness high growth with the mounting popularity of smart technologies, innovations and multi-functional product offerings. Future Market Insights in its latest study has forecast the market to rise at a CAGR of ~14.3% between 2021 and 2031.
The ring lights market is greatly influenced by the growing concerns associated with environment conservation. Across the globe, conservation of energy is considered as a critical issue, and smart and efficient ring lighting makes important contributions to energy savings.
Manufacturers are focusing not only on developing innovative product features, but also on effectively developing sales and distribution systems. Manufacturers are coming into strategic alliances with Amazon, Flipkart, Alibaba and other e-commerce platforms to have a wider reach.
Most consumers are focusing on online product research prior to purchase. As a result, manufacturers are increasing their presence in online sales channels. Moreover, popular ring lights are coming out with unique features including dimming settings, flexible arms, portable shapes and sizes, brightness adjustments, extra-long power cords, low heat output, and connectivity with mobile phones.
These multifunctional product offerings are further anticipated to fuel growth of the ring lights market in the coming years.
Key Takeaways from the Ring Lights Market Study
- Ring lights with stand are expected to hold over 39% of the market in 2021 owing to their stability and ease of use.
- Smart/automatic technology is expected to contribute revenue share of more than 60% in 2021 driven by incorporation of advanced remotes or sensors.
- Japan will lead East Asia market with a share of 54.5% in 2021. Growth in Japan is propelled by large scale manufacturing and faster access to associated technology.
- Germany holds over 22% of the Europe market, supported by the presence of a matured manufacturing sector.
- Canada market is exhibiting high potential for growth in North America, rising at 18.9% CAGR through 2031ntry.
“The incorporation of timers, remotes, LED lights and other features by ring lights manufacturers are emphasized on improving the quality and performance of their products. Some of the market players are even investing in interesting designs and integrating newer technologies for multi-function applications, which will support sales prospects in the long term,” says an FMI analyst.
Impact of COVID-19 on the Market
The COVID-19 pandemic, has had a notable impact on the ring lights. The closing of retail outlets, restrictions on pricing and marketing, and curfews in many countries around the world have resulted in lower sales volumes. However, the end of lockdown period saw higher consumer traffic, mostly from the online sales channels.
Furthermore, the COVID-19 pandemic had influenced self-isolated individuals to spend time on social media. This involved various activities, some of which were clicking photographs and video making which has created opportunities for ring light manufacturers to regain and bolster sales through e-commerce platforms.
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Who is Winning?
Market leaders are largely focused on aggressive promotional strategies, advertisements, and new product launches, with multifunctional configurations that have driven sales growth of ring lights globally.
Major players present in the ring lights market are Hensel Frontprojection System, Spectrum Aurora, Zhejiang Seming Electronic Co., Ltd., Lylight Electric Co, Limited, Bron Elektronik AG, Shamax Emporium, Shenzhen Jueying Technology Co., Ltd., Smart Vision Lights, Koninklijke Philips N.V., VOLT Lighting, Panasonic Corporation, OSRAM Sylvania Inc., Unique Lighting Systems, and Samsung Electronics Co. Ltd. among others.