The growing worries about environmental conservation have a big impact on the ring light market. Energy conservation is a serious issue all around the world, and smart and effective ring lighting contributes significantly to energy savings.
The ring lights market is expected to rise rapidly. According to Future Market Insights’ newest analysis, the market will grow at a CAGR of 14.3% between 2021 and 2031.
The growing worries about environmental conservation have a big impact on the ring light market. Energy conservation is a serious issue all around the world, and smart and effective ring lighting contributes significantly to energy savings.
Manufacturers are concentrating their efforts not only on producing unique product features, but also on developing effective sales and distribution networks. To expand their reach, manufacturers are forming strategic agreements with Amazon, Flipkart, Alibaba, and other e-commerce platforms.
Prior to making a purchase, the majority of shoppers conduct product research online. As a result, manufacturers are expanding their online distribution channels. Popular ring lights are also being released with unique characteristics such as dimming settings, flexible arms, portable shapes and sizes, brightness changes, extra-long power cords, low heat output, and mobile phone connectivity.
The market for ring lights is expected to grow even faster in the coming years as a result of these multipurpose product offerings.
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Key Takeaways from the Ring Lights Market Study
Impact of COVID-19 on the Market
The COVID-19 pandemic, has had a notable impact on the ring lights. The closing of retail outlets, restrictions on pricing and marketing, and curfews in many countries around the world have resulted in lower sales volumes. However, the end of lockdown period saw higher consumer traffic, mostly from the online sales channels.
Furthermore, the COVID-19 pandemic had influenced self-isolated individuals to spend time on social media. This involved various activities, some of which were clicking photographs and video making which has created opportunities for ring light manufacturers to regain and bolster sales through e-commerce platforms.
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Who is Winning?
Market leaders are largely focused on aggressive promotional strategies, advertisements, and new product launches, with multifunctional configurations that have driven sales growth of ring lights globally.
Major players present in the ring lights market are Hensel Frontprojection System, Spectrum Aurora, Zhejiang Seming Electronic Co., Ltd., Lylight Electric Co, Limited, Bron Elektronik AG, Shamax Emporium, Shenzhen Jueying Technology Co., Ltd., Smart Vision Lights, Koninklijke Philips N.V., VOLT Lighting, Panasonic Corporation, OSRAM Sylvania Inc., Unique Lighting Systems, and Samsung Electronics Co. Ltd. among others.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 31, 2022
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