Global LED Tube Market Expected to Surpass US$ Revenue

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NEWARK, Del, Oct. 25, 2022 (GLOBE NEWSWIRE) — NEWARK, Del: According to Future Market Insights (IMF), the global LED tube market is expected to grow at a pace CAGR over 10.4% between 2022 and 2032, and it is estimated at $18062.8 min end of 2032.

Nowadays, most consumers often spend more time browsing the products on online portals, which has helped to elevate the LED tube market. Nowadays, people consider various brands that provide better features, comparison, price, and availability. Online platforms retain the ability to respond to the specific needs of the consumer.

Hence, the growing adoption of digital marketing practices across industries has become an emerging trend in the LED tube market. Participants on the supply side of the market are focused on strengthening their relationships and entering into strategic partnerships with online retailers so that LED tubes and solutions can be easily made available to a wide audience and expand online visibility of their products.

Several manufacturers are entering into strategic agreements with Amazon, Flipkart, Alibaba and other e-commerce platforms to expand their reach. Moreover, e-commerce provides the freedom and convenience to choose the required products from many choices. Moreover, these websites offer a wide range of items and prices, allowing shoppers to take advantage of the best discounts and offers available.

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Key Findings from the LED Tube Market Research

  • Residential users are expected to drive the growth of the LED tube market. Home owners are ready to spend a high amount for better interiors of their homes due to an increase in their income.
  • Depending on the type of product, the T8 LED is expected to gain traction over the next decade.
  • In the case of sales, the sales of hypermarkets and supermarkets are expected to grow at an accelerated rate during the forecast period.
  • Online retail sales are expected to increase at a rapid pace and will lead to a revolution in the LED tube market.

“LED tube manufacturers are developing strategies to expand their product line to meet the needs of the residential and commercial sectors. Key companies are working on product segment innovation to increase product durability and product external features. Says an IMF analyst.

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Who wins?

Leading LED tube manufacturers are focusing on aggressive promotional strategies, advertisements, and new product launches that have boosted the sales growth of the global LED tube market.

The major players present in the LED tubes market are Koninklijke Philips NV, Acuity Brands, Inc., IDEAL INDUSTRIES, Inc., Eaton Corporation, SAVANT TECHNOLOGIES LLC., OSRAM Gmbh, Seoul Semiconductor, Bajaj Electricals, Wipro Ltd, NEPTUN lights Inc. ., Havells, Syska, Foshan Electrical and Lighting Co. Ltd., LED Tube Lighting Pty. Ltd., Panasonic Corporation, Opple Lighting Co. Ltd., Crompton Greaves Consumer Electricals Limited., HPL Electric & Power Ltd. and Toshiba Ltd. amongst others.

Get more valuable insights

Future Market Insights, in its new offering, provides an unbiased analysis of the global LED Tube market, showcasing historical demand data (2017-2021) and forecast statistics for the period 2022-2032. The study discloses compelling insights into the LED Tube market based on product type (T5 LED, T8 LED, T10 LED and T12 LED), end use (residential, commercial, industrial, architectural, hospital, educational institutions, safety and security, and other end-use application), sales channel (wholesaler/distributor, hypermarket/supermarket, specialty store, exclusive stores, department store, independent electronics stores, stores online retail and other sales channel) in seven major regions.

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Contents

1. Summary

1.1. Global Market Outlook

1.2. Summary of key findings

1.3. Summary of key statistics

1.4. MFI analysis and recommendations

2. Market Overview

2.1. Market Taxonomy

2.2. Market definition

3. Key Market Trends

3.1. Key trends impacting the market

3.1.1. Strategic partnerships with e-commerce platform providers

3.1.2. Investments in R&D to develop and launch new and innovative products

3.1.3. Increased adoption of LEDs in commercial applications.

3.1.4. The government promotes environmentally friendly products

3.1.5. Increase in urbanization and development in industry

3.2. Product Innovation Trends

Analysis Insights @ https://www.futuremarketinsights.com/reports/led-tube-market

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