With the increasing popularity of smart technologies, innovations, and multi-functional product offerings, the ring lights market is expected to rise rapidly. According to Future Market Insights’ newest analysis, the market will grow at a CAGR of 14.3% between 2021 and 2031.
The growing worries about environmental conservation have a big impact on the ring light market. Energy conservation is a serious issue all around the world, and smart and effective ring lighting contributes significantly to energy savings.
Manufacturers are concentrating their efforts not only on producing unique product features, but also on developing effective sales and distribution networks. To expand their reach, manufacturers are forming strategic agreements with Amazon, Flipkart, Alibaba, and other e-commerce platforms.
Prior to making a purchase, the majority of shoppers conduct product research online. As a result, manufacturers are expanding their online distribution channels. Popular ring lights are also being released with unique characteristics such as dimming settings, flexible arms, portable shapes and sizes, brightness changes, extra-long power cords, low heat output, and mobile phone connectivity.
The market for ring lights is expected to grow even faster in the coming years as a result of these multipurpose product offerings.
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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 2031.
“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.
Get Valuable Insights into Ring Lights Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global ring lights market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the ring lights market based on the product type (with stand, hanging, and portable), product size (below 6 inches, 6 to 12 inches, 12 to 24 inches, and more than 24 inches ), price range (Below US$ 25, US$ 25 – US$ 50, US$ 50 – US$ 75, and US$ 75 and above), technology ( smart/automatic and conventional), distribution channel (wholesalers/distributors, hypermarkets/ supermarkets, specialty stores, home centres, department stores, independent electronic stores, online retailers, and others), application (commercial, studio, photography, video production, outside, households, macro photography, videography, and makeup application), power source (battery operated, solar power, and AC supply) buyer type (individual (DIY consumers), contractors, interior designers and others) across seven major regions.
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