Tue, 05 Dec 2023

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

  • Ring lights with stand are expected to hold over 39% of the market in 2021 owing to their stability and ease of use.
  • Smart/automatic technology is expected to contribute revenue share of more than 60% in 2021 driven by incorporation of advanced remotes or sensors.
  • Japan will lead East Asia market with a share of 54.5% in 2021. Growth in Japan is propelled by large scale manufacturing and faster access to associated technology.
  • Germany holds over 22% of the Europe market, supported by the presence of a matured manufacturing sector.
  • Canada market is exhibiting high potential for growth in North America, rising at 18.9% CAGR through 2031.

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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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Market by Category

By Product Type:

  • With Stand
  • Hanging
  • Portable

By Product Size:

  • Below 6 Inches
  • 6 to 12 Inches
  • 12 to 24 Inches
  • More than 24 Inches

By Price Range:

  • Below US$ 25
  • US$ 25- US$ 50
  • US$ 50- US$ 75
  • US$ 75 and Above

By Technology:

  • Smart/Automatic
  • Conventional

By Distribution Channel:

  • Wholesalers/Distributors
  • Hypermarket/Supermarkets
  • Specialty Stores
  • Home Centres
  • Department Stores
  • Independent Electronic Stores
  • Online Retailers
  • Others

By Application:

  • Commercial
  • Studio
  • Photography
  • Video Production
  • Outside
  • Households
  • Macro Photography
  • Videography
  • Makeup Application

By Power Source:

  • Battery Operated
  • Solar Power
  • AC Supply

By Buyer Type:

  • Individual (DIY Consumers)
  • Contractors
  • Interior Designers
  • 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.

Original Source of the original story >> Ring Lights Market to Exhibit a Remarkable 14.3% CAGR by 2031, Says Future Market Insights

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This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.

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