DUBLIN–(BUSINESS WIRE)–Jan 28, 2021–
The "Asia Pacific LED Flashlight Market Forecast to 2027 – COVID-19 Impact and Regional Analysis by Type, Product, and Application" report has been added to ResearchAndMarkets.com’s offering.
The APAC LED flashlight market is expected to grow from US$ 609.5 million in 2019 to US$ 895.0 million by 2027; it is estimated to grow at a CAGR of 5.1 % from 2020 to 2027.
Increasing use of light emitting diode (LED) flashlights in hazardous industrial environments drives the growth of the APAC LED flashlight market. Operations in various industries such as military and marine, law enforcement, oil & gas, and mining are performed in hazardous environments. The demand for highly efficient and durable gear is high in these industries. With the evolution of lighting technologies and improvements in materials, the adoption of LED-based flashlights is growing at an impressive pace in aforementioned industries across APAC. Manufacturers across the region offer a wide variety of tactical LED flashlights that can be deployed in hazardous environments.
Also, the companies operating in the APAC LED flashlight market are continuously improving their products, with a prime focus on weight and lifespan, to meet the specific requirements from diverse industries. Explosion-proof LED flashlights are technologically advanced and are used in industries that handle potentially explosive and volatile compounds. The explosion-proof lighting systems are deployed in various industries to prevent the ignition of spark from electrical equipment. Further, the use of LED technology in hazardous work environments – such as the oil & gas refineries – has aided in reinforcing safety measures for unpredictable situations. The introduction of durable, safe, and innovative LED flashlights, especially in hazardous work environments, is expected to drive the APAC LED flashlight market growth during the forecast period.
The COVID-19 outbreak crisis is adversely affecting the countries across APAC, especially China and India. APAC has a large number of developing countries, positive economic outlook, high industrial presence, huge population, and rising disposable income. All these factors make APAC a major growth driving region for various markets including the LED flashlight market. The shutdown of various plants and factories in China is disrupting the global supply chains, manufacturing activities, delivery schedules, and sales of various products and services. All these factors are hampering the demand for LED flashlights across the region.
Based on application, the commercial segment led the APAC LED flashlight market in 2019. Increasing urbanization and rising security and safety concerns drive the adoption of LED flashlights in numerous commercial buildings such as shopping complexes, office buildings, trade centers, exhibition halls, warehouses, hostels, and resorts. Various industries widely use standard, heavy-duty, and pocket and pen-sized LED flashlights for security and maintenance of machinery applications. Growing industrialization across APAC, especially in emerging countries such as China, India, Vietnam, and South Korea, propel the adoption of these flashlights. Moreover, a few advantages of LED flashlights such as ruggedness, explosion-proof and waterproof design, and long battery life are expected to increase their demand from the commercial sector, which would drive the APAC LED flashlight market during the forecast period.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the APAC LED flashlight market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the APAC LED flashlight market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the LED flashlight market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Market Dynamics
Drivers
- Escalating Demand of Tactical LED Flashlights due to Small Size and Rugged Material
- Soaring penetration of LED Lighting with Supportive Government Initiatives
Restraints
- Deficiency of standardization and alternative products availability
Opportunities
- Rising Preference for Energy-Efficient, Non-Conventional Lighting Solutions
Future Trends
- Increase in Use of LED Flashlights in Hazardous Industrial Environments
Companies Mentioned
- Bayco Products Inc.
- Coast Products
- Dorcy International, Inc.
- Duracell Inc.
- ENERGIZER HOLDINGS, INC.
- Ledlenser GmbH & Co. KG
- Mag Instrument Inc.
- Pelican Products, Inc.
- Streamlight Inc.
- Surefire LLC
For more information about this report visit https://www.researchandmarkets.com/r/ra532v
View source version on businesswire.com:https://www.businesswire.com/news/home/20210128005737/en/
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KEYWORD: ASIA PACIFIC
INDUSTRY KEYWORD: HOME GOODS RETAIL CONSUMER ELECTRONICS TECHNOLOGY SPECIALTY
SOURCE: Research and Markets
Copyright Business Wire 2021.
PUB: 01/28/2021 10:22 AM/DISC: 01/28/2021 10:22 AM
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