Smart Bulbs Market Segmented By Interiors and Exteriors Application having price range Premium, Mid-range and Economy range
Industry: Consumer Goods
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Report Type: Ongoing
Report ID: PMRREP32240
Technology has played a significant role in changing the human lifestyle. The lighting industry is one such industry that has come a long way by the introduction of smart bulbs which are now a fad.
These smart bulbs besides bringing home to light also help save approximately more than 50% electricity. Apart from this, as an individual are contemplating on going smart with lighting the smart bulbs market is expected to show a positive growth trend.
The use of smart bulbs facilitates hyper-convenience as these can be operated with smartphones, tablets, or/and web interfaces. This hyper-convenience in terms of use is further expected to boost product adoption. The penetration of smart light bulbs in the consumer electronics is growing as the image of bulbs is changing from just being a disposable product to being a residential fixture.
Drivers for Smart Bulbs Market
Smart home, the current real estate trend is expected to fuel growth in the smart bulbs market. With the rising smart home trend, the light products were the first to get internet connectivity. In the past few years, human beings have become increasingly used to connecting home devices to the internet to make the living space more comfortable, entertaining, and safe.
This trend is further expected to continue for the next decade. The rising prevalence of such a trend is one of the major drivers that is expected to boost product adoption in the market.
Trends for Smart Bulbs Market
The companies operating in the market are currently focused on enhancing their product portfolio to include smart bulbs with innovative technological features. Panasonic recently in the year 2020 introduced a smart LED bulb that incorporates automated scheduling functions and multi-color lighting options.
Besides being used via voice command features through Google Assistant and Amazon Alexa the bulbs have user data capabilities that can secure data on the cloud through the mobile application.
The smart bulbs market currently make up a very thin piece of the total lighting industry. The smart bulbs market is currently in the growth stage. The growing awareness of energy-efficient products is expected to open new opportunities for the players operating in the smart bulbs market. The players are currently capitalizing on these opportunities by certifying their smart bulbs with Energy Star, UL Certification, CE Mark, etc.
The outbreak of novel coronavirus has posed some major challenges for the players in the market from both supply as well as the demand side. As the developing economies are in the reviving phase the virus continues to take hold in the low and middle-income economies. The specular shift from discretionary spending to essential expenditures has impacted significantly the demand for smart bulbs in the market.
Apart from this, high prices of smart bulbs is another factor that is restraining the growth of smart bulbs market. Many of the small scale players are focused on providing smart bulbs at affordable prices in the market.
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Some of the key players operating in the global smart bulbs market are Panasonic Corporation, General Electric Company, Silicon Laboratories, Inc., Koninklijke Philips N.V., Osram Licht AG, LIFX Company, Sengled optoelectronics Company, iLumi Solutions, Wipro group, Gosund Group Company Ltd, Yeelight Company, Cree, Inc., etc.
The market is currently at the growth stage and is experiencing the entry of new small scale and regional players that are focused on targeting middle income groups by providing smart bulbs at affordable prices.
In terms of regional analysis North America and Europe together account for a significant share in the smart bulbs market. Increasing adoption of smart technologies in these regions has played a significant role in facilitating regional growth.
Regions like East Asia and South Asia are expected to register significant growth during the forecast period. Factors like changing and improving lifestyle and inclination towards adoption of smart gadgets are expected to play a significant role in regional growth of South Asia and East Asia.
The penetration of key players is high in the regions of Europe and North America however they have undertaken numerous initiatives to expand their business in the countries like, India, China and other Asia-Pacific regions.
The global smart bulbs market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
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