Global LED Work Lights Market Anticipated to Reach a Value of US$ 10,700 Million by 2024

Market Research Reports Search Engine (MRRSE) has recently publicized a new study to its vast repository, which is titled as “LED Work Light Market: Global Industry Analysis and Forecast, 2016–2024”. This study provides data for 2015 along with a comprehensive forecast for the period 2016–2024. The main objective of the report is to identify dynamics in the market and provide recent updates and insights affecting various segments of the global LED work light market. To provide better understanding of the market, the report also includes an analysis of drivers, restraints, and trends impacting all five assessed regions that influence the current market scenario and future status of the global LED work light market over the forecast period.

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Portable lights that are specifically designed to temporarily illuminate the working area at a residential premise and/or a commercial and industrial workplace and uses LED technology as a source of illumination are defined as LED work lights. There are various type of products commercially available that can be used as a work light namely flashlights, clamplights, spotlights, headlamps and handheld lights. Each type of light serves specific purpose across various industries. For instance, LED head lamps and spotlights are primarily used in automotive garages whereas clamplights are used to perform critical repair operations in homes or electrical workshops.

The global LED work light market was valued at nearly US$ 8,000 Mn in 2015 and is anticipated to reach a market value of nearly US$ 10,700 Mn by 2024 end. In terms of value, the global LED work light market is expected to witness an annual growth rate of 3.3% between 2016 and 2024. This growth is primarily driven by the flashlight segment, which accounted for more than 55% market share in 2015. The global LED work light market is primarily driven by the swift penetration of LED technology in portable lighting solutions due to better illumination capabilities.

Global LED Work Light Market Analysis and Forecast, By Operation

Sales of battery operated LED work lights is projected to increase 1.3X in terms of value over the forecast period

The battery operated segment is expected to dominate the global LED work light market in terms of value and volume throughout the forecast period. The segment is projected to be a relatively attractive as well as lucrative segment in the global LED work light market, registering CAGRs of 4.5% (by volume) and 3.4% (by value) over the forecast period. Battery operated LED work lights are highly preferred for use on account of their property of portability. The plug-in segment is anticipated to lose 50 BPS over the forecast period, as the use of plug-in type of LED work lights is restricted for specific residential, commercial, and industrial applications. The plug-in segment is expected to witness a relatively low Y-o-Y growth rate between 2020 and 2024.

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Global LED Work Light Market Absolute Value Opportunity Assessment, By Operation

Factors such as increased portability and ergonomic design are expected to drive consumer demand thereby creating significant opportunity for manufacturers offering battery operated work lights

Battery Operated

The segment was estimated to be valued at nearly US$ 6,400 Mn by 2016 end and is projected to create incremental value opportunity of more than US$ 2,000 Mn between 2016 and 2024. The segment is slated to reach a market valuation of nearly US$ 8,500 Mn by 2024, registering a CAGR of 3.4% during 2016–2024. This segment is primarily driven by consumer expectations for portable and easy to use work light products. This factor is likely to create significant opportunities for manufacturers offering products with features such as long battery life, increased brightness and ergonomic design.

Plug-in

This segment was estimated to be valued at nearly US$ 1,800 Mn by 2016 end and is projected to create incremental value opportunity of nearly US$ 550 Mn between 2016 and 2024. The segment is anticipated to be valued at nearly US$ 2,300 Mn by 2024, registering a CAGR of 3.0% over the forecast period.

Building online sales channels is a growing trend amongst manufacturers

Manufacturers of LED work lights have been focusing on building a fast and more effective sales and distribution infrastructure for their products across geographies. As a part of meeting their objective, work light manufacturers are using online sales channels to help customers buy products. Furthermore, they are providing price incentives for online purchases, and have been stationing their direct business development representatives and agents in various cities to ensure quick product delivery. For instance, companies such as Denmark-based Scangrip are promoting and selling their LED work light products through their online sales and distribution partner, worklightpro.com.

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