Flashlight Market : Sales, Consumption, Demand and Forecast to 2029
A new report of Persistence Market Research (PMR) indicates that the global flashlight market is set to witness robust growth at a CAGR of ~8% during 2019 - 2029. The report suggests that the market revenues reached US$ 5 Bn in 2018 and remarkable rise in flashlight sales for outdoor recreation activities will further propel market growth. Breakneck penetration of LED technology will be pivotal in shaping the flashlight market over the course of next decade.
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Demand for LED flashlight is increasing, owing to the requirement of energy efficient lighting systems in commercial buildings. While energy efficiency of lighting systems is critical to conform to the government regulations regarding commercial construction projects, it is further complemented by restrictions on adoption of incandescent lighting products. Increasing implementation of minimum standards for the efficiency of lighting products will remain a prominent factor driving the demand for LED flashlight in the near future.
Key Takeaways - Flashlight Market Study
Traditionally, incandescent bulbs have a shorter lifespan, and last for 6-7 hours before they get burned out and need replacement of batteries. LED flashlights, on the other hand, are shock-proof and water-resistant, and exhibit an enduring battery life of up to 100,000 hours.
High demand for Everyday Carry flashlights is expected to prevail in residential sector. These flashlights are multifunctional and can be charged by plugging them into an electrical outlet. They are lightweight, durable, and handy.
Lack of standardization in technology and components used in manufacturing of flashlights and other LED lighting devices continues to lead to high product and price differentiation. This is restricting the market growth to a certain extent.
Demand for flashlight is particularly projected to remain higher in home inspection applications.
Asia Pacific is creating substantial penetration opportunity for flashlight market players, as a sizeable portion of the Asian population is still untapped as is unaware of products such as LED flashlights, torches, and lanterns.
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Growing adoption of explosion-proof LED flashlights marks an important trend in market. As governments are limiting the use of mercury vapor lamps at chemical plants and other similar industrial environments, several leading players are already focusing development strategies on these explosion-proof LED flashlights. Earlier this year, Larson Electronics launched a UL-certified portable explosion-proof LED light. This flashlight is approved for class 1, division 1 and 2, and class lll locations.
Home Inspection and Homeland Security Key Growth Contributors
Currently, application of flashlight in home inspection and homeland security collectively accounts for over 48% share in the total market value. These are expected to remain the most lucrative application areas for flashlight manufacturers and other market stakeholders. However, the study also indicates a healthy rate of flashlight adoption for outdoor recreational activities which roughly represents 20% of overall sales as of 2018 end. During the projection period, this will be one of the key application areas of flashlights which are witnessing steadfast growth in sales.
Gain More Valuable Insights on Flashlight Market
This research report provides detailed analysis on the global flashlight and offers insight on various factors, owing to its increasing demand. To understand opportunities of flashlight, the market is segmented on the basis of product (LED flashlights, incandescent flashlights), end user (residential, industrial) and application (homeland security, home inspection, outdoor recreation activities, construction and auto repairing, hospital visits, gaming), across seven major regions.
Key Questions Answered in the Flashlight Market Report
How is the Flashlight Market expected to grow over the projected period?
What direction is the Flashlight Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Flashlight Market in future?
What are the key market drivers in the Flashlight Market?
What are significant opportunities and improvement areas for Flashlight Market manufacturers?
What are the key developments and trends taking over the Flashlight Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Flashlight Market?
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