NEW YORK, February 22, 2017 /PRNewswire/ --
According to Persistence Market Research -
- Prominent yet erroneous perceptions regarding the "high" costs of LED work lights have been, in one way or another, impacting their global sales
- The fallacy that LED work lights are expensive has kept millions of potential customers away from seeking the benefits and power-savings of such products
Nevertheless, manufacturers of LED work lights are striving to curb the impact of such misconceptions by introducing advanced capabilities in existing product lines, and by extending the durability & power efficiency of new products. In a latest report published by Persistence Market Research, the global LED work lights market procured an estimated value of US$ 8,195 million in 2016. According to the report, the global market for LED work lights will expand moderately at 3.3% CAGR to reach US$ 10,661.3 million value by the end of 2024.
In terms of volume, more than 1 million units of LED work lights will be consumed globally by 2024-end. Despite the deterrents, factors such as growing online sales, surging demand for explosion-proof work lights, and rapid urbanization will continue bolster the global LED work lights sales in the years to come.
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Battery Packs Powering the World's LED Work Lights
Seven out of every ten LED work lights sold in the world are equipped with battery packs. This clearly indicates a higher preference to battery-operated LED work lights as opposed to plug-in products. In 2016, more than 660,000 units of battery-operated LED work lights were sold in the world, over 60% of which were rechargeable ones. On the other hand, global consumption of plug-in LED work lights is predicted to reach 315,000 units by the end of 2024.
Correspondingly, a majority of LED work lights being used for multiple operations are likely to be flashlights. The global market for LED work lights will keep witnessing lucrative growth for flashlight products, revenues from which will account for over 55% value share. Demand for lanterns is also expected to grow at a rampant pace of 4.3% CAGR, while spotlights, clamp lights and other LED work light products will lose out on their global market presence.
In the report, titled "Global Market Study on LED Work Lights: Battery Operated Segment Expected to Retain Its Dominance Through 2024 Both in Terms of Value and Volume," every other LED work light consumed across the globe is sold on an online platform. Such a key revelation has been effectively prompting manufacturers to explore their sales & marketing options beyond retail stores and direct sales centers. Likewise, almost every other LED work light is used for lighting residential spaces. In 2016, more than US$ 4,000 million worth of LED work lights were consumed for residential sectors across the globe, primarily for lighting up garages. Besides, the demand for LED work lights will be fairly higher for commercial & industrial end-use as well. By the end of 2024, around US$ 4,500 million in revenues will be amassed from global sales of LED work lights in industrial & commercial settings.
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Lifestyles and eco-friendly choices of consumers play a crucial role in identifying potential buyers for LED work lights. Correspondingly, Europe is expected to remain the largest market for LED work lights in the world. With more than one-third share of global revenues, Europe's LED work lights market value will soar modestly at 3.1% CAGR. Meanwhile, Asia-Pacific's LED work lights revenues will acquire a relatively faster growth, registering a 3.8% CAGR. For North America, the projected LED work lights sales are likely to hit close to 210,000 units by the end of 2024. Leading manufacturers of LED work lights profiled in this report include, ABL Lights Inc., Bayco Products Inc., Cooper Industries (EATON Corporation), Streamlight Inc., Ericson Manufacturing Co., Larson Electronics LLC, WF Harris Lighting, Luceco plc, and Lex Products Corp.
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