The Global LED Lanterns Market size has been projected to grow at a CAGR of 6.2% during the forecast period, 2021-2028. The global demand for LED lanterns was valued at USD 1,173 million in 2016 and is expected to reach USD 2,002 million by 2028. Major drivers of this market include the increasing need for light sources that are eco-friendly and low energy consumption as well as raising awareness about environmental issues such as climate change and pollution which have led people to switch from traditional light sources to more environment-friendly options like LEDs.
An LED lantern is a battery-operated portable light, often cylindrical in shape that emits illumination using LEDs. Lanterns are mostly available with rechargeable batteries or by the use of AA alkaline cells and can be powered either via AC/DC adaptors or USB cables.
LED lanterns use less power than other forms of lighting such as incandescent (traditional) or CFL lamps. LED lights are also generally more durable, lasting longer, and requiring little maintenance in contrast with the others. They are a popular choice for disaster relief operations because they can be used without being plugged into an external electricity supply.
On the basis of Type, the market is segmented into Metal Lanterns and Plastic Lanterns, and Others. Among these two types, metal lanterns are expected to grow at a faster rate during the forecast period due to their higher longevity in comparison with plastic ones.
Metal LED lanterns are popular for outdoor camping and emergency use. The metal is usually made from lightweight aluminum, which makes them easy to carry around in the backpack or store inside a piece of luggage. Steel can also be used as an alternative material - but it will not conduct heat very well.
Metal lanterns are popular for outdoor camping and emergency use. They can be easily carried around in the backpack or store inside a piece of luggage, which is not necessarily true about glass or plastic LED lanterns. The metal also conducts heat better than steel does.
Many companies use plastic lanterns for outdoor events and festivals because they are inexpensive, easy to transport, plus have a long shelf life. Plastic lanterns can be made from recycled materials such as milk bottles or water jugs which are good for the environment and many even come with their own power source so you don't need batteries. Some of these products claim that there's no flame involved in providing light.
Plastics are lightweight, durable, and affordable; hence this type of lantern has become popular among customers on account of its lower price range as compared to metal lamps which have higher prices due to their durability features. By product type, plastic-type accounted for more than half (55%) share globally in 2015 owing to cheaper pricing against other types like metal or others. Plastic also had a 41% share in terms of volume sales across all regions.
The primary drawback to a plastic LED lantern is its lack of durability compared with metal or glass varieties. Plus if it breaks during transit, then you'll have pieces all over your hands and clothes that will require cleaning up before the event even starts.
The other category includes various types of unique materials such as wood or concrete which are used in making these products for niche markets.
On the basis of Application, the market has been segmented into the Specialty Retail sector and General Retail sector. The specialty retail industry for this product type includes camping stores among others which offer specialty outdoor products as they cater to customers who spend more time outdoors than usual residents. The global general retail industry holds an important share in terms of revenue generation because it caters mostly to household needs such as lighting or decorating indoors when required. Hence various players across different regions have adopted different marketing strategies to comply with customer needs accordingly.
On the basis of Region, the market is segmented across North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The North American market region is anticipated to register the fastest growth rate during the forecast period owing to its relatively lower penetration of LED lanterns. Initially, this industry was idea-led and focused on developing markets but it has now shifted focus towards developed countries with higher per capita spending capacity. The major players in this market have been focusing their investments more on innovation than marketing. As a result, there are newer trends such as environment-friendliness and energy efficiency that can be witnessed across all regions globally.
Up Market Research published a new report titled “LED Lanterns Market research report which is segmented by Types (Plastic, Metal, Others), By Applications (Specialty Retail, General Retail), By Players/Companies Etekcity, Suaoki, Cree, UCO Gear, Internova, Streamlight, Nite Ize”.
|Report Attributes||Report Details|
|Report Title||LED Lanterns Market Research Report|
|By Type||Plastic, Metal, Others|
|By Application||Specialty Retail, General Retail|
|By Companies||Etekcity, Suaoki, Cree, UCO Gear, Internova, Streamlight, Nite Ize|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||225|
|Number of Tables & Figures||158|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Plastic, Metal, Others and By Application Specialty Retail, General Retail.
Some of the companies that are profiled in this report are:
LED Lanterns Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the LED Lanterns Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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