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Global Flashlight Market Analysis, Growth Drivers, Demand & Future Forecast to 2025
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According to this research report, the global flashlight market is anticipated to grow at a robust rate to reach a significant value by the end of the year of assessment. The flashlight market has been experiencing steady growth during the 2012-2016 timeline. It is projected to grow at a value CAGR of 6.6% throughout the period of assessment, to reach a market value of around US$ 8.2 Bn by end of 2025 from a market valuation of about US$ 4.9 Bn in 2017. The growth of the flashlight market can be attributed to the rising demand for explosion proof LED flashlights, growing demand for durable, efficient and low maintenance flashlight, increasing innovation in flashlight products for outdoor recreation activities, augmented penetration of LED technology, rising demand for flashlights in the oil and gas industry and rising demand for rechargeable LED flashlight. According to this research, the flashlight manufacturers can focus on expanding their businesses across countries in APAC and North America regions where there is an increase in demand for innovative flashlights such as tactical, professional and outdoor flashlights.
Construction and auto repairing to glue its dominance across the application category
Construction and auto repairing segment is expected to dominate the global flashlight market by application in the coming years. This scenario is likely to happen owing to its continued increase in market value since 2016. In 2017 this segment stood at about US$ 1.3 Bn and is estimated to rise to reach a valuation of about US$ 2.2 Bn in 2025. The 1.7x increase in revenue can be attributed to a high CAGR of 6.3% during the assessment period 2017-2025.
Close call to make between home inspection and homeland security segments
Home land security segment by application type is estimated to reach a value of about US$ 1.8 Bn by the end of 2025. It is projected to grow at a high CAGR of 6.9% during 2017-2025 assessment period. On the other hand, the home inspection application type segment is expected to be the fastest growing segment and poised to grow at a CAGR of 7.2% throughout the period of forecast. The valuation of this segment by 2025 end is slightly less than that of the homeland security segment, however, it is likely to show higher lucrativeness in the coming years.
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Doctor visit, outdoor recreation activities and games show slow growth
By application, the doctor visit, outdoor recreation activities and games segments are expected to grow at a steady rate throughout the period of assessment. These segments are considerably less in market value as compared to other segments. The games segment is the lowest reflecting a value of around US$ 323 Mn in 2017 growing at a CAGR of 5.3% during 2017-2025.
Regional Assessment
The global flashlight market has been assessed across important regions of North America, Europe, Latin America, Asia Pacific and Middle East and Africa. In North America, the homeland security segment is the fastest growing segment poised to register a CAGR of 7.5% followed by home inspection segment. On the contrary, the home inspection segment is expected to grow at a higher rate in other regions. In Asia Pacific, home inspection application segment is expected to reflect a high CAGR of 8.2% and it also leads the global Asia Pacific flashlight market. By 2025, this segment is estimated to reflect a value of US$ 876.2 Mn in the APAC region.
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