The LED tube market is projected to achieve a valuation of USD 6,712.1 million in 2022, with an impressive compound annual growth rate (CAGR) of 10.4% from 2022 to 2032. LED tubes are expected to account for 21% to 26% of the overall tube light market. Furthermore, sales in the LED tube market are anticipated to reach USD 18,062.8 million by 2032.
Today, many consumers spend considerable time browsing products on online platforms, significantly boosting the LED tube market. Shoppers are increasingly comparing brands based on features, pricing, and availability, while online channels effectively meet their immediate needs.
As a result, the adoption of digital marketing practices is emerging as a key trend in the LED tube market. Supply-side participants are focusing on strengthening relationships and forming strategic partnerships with online retailers to enhance the availability of LED tubes and solutions, thereby increasing their products’ visibility in the digital space.
Many manufacturers are entering strategic agreements with e-commerce giants like Amazon, Flipkart, and Alibaba to broaden their reach. Online commerce offers the convenience of selecting products from a diverse array of options. Additionally, these platforms present a wide range of items at various price points, enabling shoppers to access 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.
Competitive Landscape
To increase their global presence and capture a larger share of revenue, market players are concentrating on new product launches as well as mergers and acquisitions. To address the rising demand for LED tubes worldwide, manufacturers are expanding their product lines and incorporating innovative solutions into their portfolios.
For instance:
- In the year 2020, Signify announced Philips Twin Glow LED the new up-down LED tube lights for homes. The product was combined with various features. The company brings innovation to the product by focusing on comfort in the eyes of users of the product.
Key Companies Profiled
Koninklijke Philips N.V.; Acuity Brands, Inc.; IDEAL INDUSTRIES, INC.; Eaton Corporation; SAVANT TECHNOLOGIES LLC.; OSRAM Gmbh; Seoul Semiconductor; Zumtobel Group; 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; Toshiba Ltd; Other
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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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