Brand Story
16 Nov 2022, 18:45 GMT+10
The ring lights market is expected to surpass a valuation of US$ 6.9 Bn through 2021, likely to surge at a vigorous 14.3% CAGR during the assessment period
The ring lights market is forecast to witness high growth with the mounting popularity of smart technologies, innovations and multi-functional product offerings. Future Market Insights in its latest study has forecast the market to rise at a CAGR of ~14.3% between 2021 and 2031.
The ring lights market is greatly influenced by the growing concerns associated with environment conservation. Across the globe, conservation of energy is considered as a critical issue, and smart and efficient ring lighting makes important contributions to energy savings.
Manufacturers are focusing not only on developing innovative product features, but also on effectively developing sales and distribution systems. Manufacturers are coming into strategic alliances with Amazon, Flipkart, Alibaba and other e-commerce platforms to have a wider reach.
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Most consumers are focusing on online product research prior to purchase. As a result, manufacturers are increasing their presence in online sales channels. Moreover, popular ring lights are coming out with unique features including dimming settings, flexible arms, portable shapes and sizes, brightness adjustments, extra-long power cords, low heat output, and connectivity with mobile phones.
These multifunctional product offerings are further anticipated to fuel growth of the ring lights market in the coming years.
Key Takeaways from the Ring Lights Market Study
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Impact of COVID-19 on the Market
The COVID-19 pandemic, has had a notable impact on the ring lights. The closing of retail outlets, restrictions on pricing and marketing, and curfews in many countries around the world have resulted in lower sales volumes. However, the end of lockdown period saw higher consumer traffic, mostly from the online sales channels.
Furthermore, the COVID-19 pandemic had influenced self-isolated individuals to spend time on social media. This involved various activities, some of which were clicking photographs and video making which has created opportunities for ring light manufacturers to regain and bolster sales through e-commerce platforms.
Who is Winning?
Market leaders are largely focused on aggressive promotional strategies, advertisements, and new product launches, with multifunctional configurations that have driven sales growth of ring lights globally.
Major players present in the ring lights market are Hensel Frontprojection System, Spectrum Aurora, Zhejiang Seming Electronic Co., Ltd., Lylight Electric Co, Limited, Bron Elektronik AG, Shamax Emporium, Shenzhen Jueying Technology Co., Ltd., Smart Vision Lights, Koninklijke Philips N.V., VOLT Lighting, Panasonic Corporation, OSRAM Sylvania Inc., Unique Lighting Systems, and Samsung Electronics Co. Ltd. among others.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Ring Lights Market to Exhibit a Remarkable 14.3% CAGR by 2031, Says Future Market Insights appeared first on Future Market Insights.
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