According to the latest report by IMARC Group, titled “LED Tube Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global LED tube light market reached a value of US$ 3.8 Billion in 2022. A light-emitting diode (LED) tube light is a type of energy-efficient and affordable lighting system. As a result, it is rapidly replacing its traditional counterparts, such as fluorescent tube lights used in residential and commercial buildings. While fluorescent tube lights tend to burn out faster when integrated with occupancy sensors and other controls; LED tube lights work perfectly well with control systems. In recent years, LED tube lights have gained traction on account of their longer life span ranging from 50,000 to 100,000 hours, which helps in minimizing the need to re-lamp frequently.
Global LED Tube Light Market Trends:
The shifting consumer preferences from compact fluorescent lights (CFLs) toward LED tube lights due to the inflating electricity prices represent the primary factor driving the global market. Additionally, the launch of several government policies and awareness campaigns for energy conservation and environmental protection is promoting the adoption of LED tube lights. Besides this, several leading manufacturers are also introducing advanced product variants and heavily investing in marketing these products, thus contributing to the market growth. Besides this, since LED tube lights offer enhanced controls, better ambiance lighting and reduced maintenance costs, their demand is escalating from the corporate sector. Furthermore, these lights are widely utilized in general lighting, mobile devices, automobiles, street lighting, signal and signage and healthcare, thereby propelling the market growth. Looking forward, the market is expected to grow at a CAGR of 10.6% during the forecast period (2023-2028).
- Based on the tube type, the market has been segmented into T5, T8, T12 and others.
- On the basis of the application, the market has been classified into residential, office, industrial, hospitality, and others.
- Region-wise, the market has been divided into Asia Pacific (China, Japan, India, and others), Europe (Germany, the United Kingdom, France, Spain, and others), North America (the United States and Canada), Latin America (Mexico, Brazil and others), and the Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Acuity Brands Inc., Eaton Corporation PLC, Foshan Electrical and Lighting Co. Ltd., Iris Ohyama Inc., Koninklijke Philips N.V., LEDVANCE GmbH (MLS Co. Ltd.), Opple Lighting, Panasonic Life Solutions India Pvt. Ltd. (Panasonic Corporation), Savant Technologies LLC, Toggled (Altair Engineering Inc.), Yankon Lighting and Zumtobel Group.
|Base Year of the Analysis
||Tube Type, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, United Kingdom, France, Spain, China, Japan, India, Mexico, Brazil
||Acuity Brands Inc., Eaton Corporation PLC, Foshan Electrical and Lighting Co. Ltd., Iris Ohyama Inc., Koninklijke Philips N.V., LEDVANCE GmbH (MLS Co. Ltd.), Opple Lighting, Panasonic Life Solutions India Pvt. Ltd. (Panasonic Corporation), Savant Technologies LLC, Toggled (Altair Engineering Inc.), Yankon Lighting and Zumtobel Group
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