New York, NY -- (SBWIRE) -- 10/17/2017 -- According to this research report, the global flashlight market is anticipated to grow at a robust rate to reach a significant value by the end of the year of assessment. The flashlight market has been experiencing steady growth during the 2012-2016 timeline. It is projected to grow at a value CAGR of 6.6% throughout the period of assessment, to reach a market value of around US$ 8.2 Bn by end of 2025 from a market valuation of about US$ 4.9 Bn in 2017. The growth of the flashlight market can be attributed to the rising demand for explosion proof LED flashlights, growing demand for durable, efficient and low maintenance flashlight, increasing innovation in flashlight products for outdoor recreation activities, augmented penetration of LED technology, rising demand for flashlights in the oil and gas industry and rising demand for rechargeable LED flashlight. According to this research, the flashlight manufacturers can focus on expanding their businesses across countries in APAC and North America regions where there is an increase in demand for innovative flashlights such as tactical, professional and outdoor flashlights.
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Global Flashlight Market: Dynamics
Growing demand for durable, low maintenance and efficient flashlights, increasing preference for new features and advanced flashlights, advancements in illumination technologies, innovation in flashlight products for outdoor activities, rising demand for explosion-proof LED flashlights, emergence of regulated and multi-level LED lights, rising LED technology penetration, higher traction gained by EDC (Everyday Carry) flashlights in the household sector, increasing rural population in developing countries coupled with growing popularity of LED flashlights, low-cost LED flashlights, increasing demand of flashlights in oil and gas industry and sift from incandescent bulbs to LED flashlights are driving the growth of the global flashlight market. However, factors such as failure of LEDs, less awareness of modern flashlights, threat of piracy, lack of standardization and high cost of tactical flashlights are restraining the growth of the global flashlight market.
Global Flashlight Market: Segmental Analysis
The global flashlight market has been segmented by light source, by end-user, by application and by region.
The LED segment by light source is the most lucrative segment and poised to grow at a robust CAGR of 7.1% throughout the period of assessment 2017-2025. This segment is also estimated to reflect a high market share and expected to reach a market evaluation of more than US$ 6.5 Bn by the end of 2025, thus dominating the global flashlight market by light source
By end user, residential segment is the largest segment, and is more likely to lead the global market. This segment is expected to grow at a high 6.8% CAGR and is estimated to reach a market valuation of about US$ 4.7 Bn by the end of 2025. The industrial segment is also picking up steam, but portrays less market valuation as compared to residential segment
By region, Asia Pacific shows high lucrativeness and is expected to reach a high market valuation, a little over US$ 3 Bn by 2025 end thus dominating the global market by region. The Asia Pacific flashlight market is projected to grow at the highest CAGR of 7.5% throughout the period of forecast 2017-2025. North America stands second in terms of growth rate and market value in the coming years
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Global Flashlight Market: Forecast Highlights
The global flashlight market has been witnessing stellar growth since past few years. According to Persistence Market Research, the global market for flashlights is anticipated to grow at a high CAGR of 6.6% throughout the period of assessment 2017-2025. The global flashlight market was valued at US$ 4.9 Bn in 2017 and is estimated to reflect a market valuation a little more than US$ 8.2 Bn by the end of 2025.