Global Smart LED Bulbs Market Trends And Strategies
15 Jul, 2020
The global smart LED bulbs market is expected to decline from $8.82 billion in 2019 to $7.5 billion in 2020 at a rate of -15%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain from production to international trade has been impacted negatively. The market is expected to recover and reach $14.09 billion in 2023 at a rate of 23.4%. The development of smart cities is expected to drive the smart LED bulbs market. However, the higher cost of installation of smart LED bulbs is a key factor hampering the growth of the market.
The smart LED bulbs market consists of sales of smart LED bulbs and related services that are used in indoor and outdoor lighting. The smart LED bulb establishments are primarily engaged in the manufacturing smart LED bulbs and required accessories. Smart bulbs are internet-enabled LED light bulbs that allow the lighting to be personalized, programmed, and regulated.
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The global smart LED bulbs market is further segmented based on type and geography.
By Technology: Wired Technology; Wireless Technology
By Application: Indoor Lighting; Outdoor Lighting
By Geography: The global smart LED bulbs market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the European smart LED bulbs market accounts for the largest share in the global smart LED bulbs market.
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Trends In The Smart LED Bulbs Market
Wi-Fi enabled LED bulbs are a key trend in the smart LED bulbs market. Wi-Fi-enabled LED bulbs connect to the home router and therefore do not need a separate network. This cuts down on clutter and problems. Wi-Fi capable lights can be operated easily through the brand-connected application. They can also be used with smart assistants, like Alexa and Google Home.
Smart LED Bulbs Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides smart LED bulbs market overviews, analyzes and forecasts smart LED bulbs market size and growth for the global smart LED bulbs market, smart LED bulbs market share, smart LED bulbs market players, smart LED bulbs market size, smart LED bulbs market segments and geographies, smart LED bulbs market trends, smart LED bulbs market drivers and smart LED bulbs market restraints, smart LED bulbs market’s leading competitors’ revenues, profiles and market shares. The smart LED bulbs market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.