LED Table Lamps Market Analysis, Size, Growth, Share & Forecast to 2025 | Grand View Research Inc.
The global LED table lamps market size is expected to reach USD 13.37 billion by 2025 registering a CAGR of 15.2%, according to a new report by Grand View Research, Inc. Rising demand for the energy-efficient lighting system owing to increasing awareness about global warming is the key factor driving the product sales. In addition, growing popularity of smart homes, especially in developing economies including China and India, is propelling the product demand. Major manufacturers are introducing advanced products to gain maximum market share. For instance, in December 2016, General Electric Company launched a table lamp that features Amazon’s ‘Alexa’. The company has collaborated with Amazon to fix lamp over the top of Echo Dot device. The new product can be operated through a voice command. Thus, such product innovations in the market are also expected to fuel the industry growth over the forecast period. Decorative products was the largest segment in 2018 with a market share of more than 60%. Asia Pacific is expected to be the fastest-growing regional market at a CAGR of 16.1% from 2019 to 2025. Key companies in the region are focusing on product optimization along with technological and product innovation to cater to the increasing demand, which is likely to boost the APAC market. For instance, in June 2019, Xiaomi launched its latest LED table lamp for housing segment under the brand name ‘Mi Table Lamp 1S’ in China.