In a latest report published by Persistence Market Research, the global LED work lights market procured an estimated value of US$ 8,195 million in 2016. According to the report,
New York, NY -- (SBWIRE) -- 11/07/2017 -- Nevertheless, manufacturers of LED work lights are striving to curb the impact of such misconceptions by introducing advanced capabilities in existing product lines, and by extending the durability & power efficiency of new products. In a latest report published by Persistence Market Research, the global LED work lights market procured an estimated value of US$ 8,195 million in 2016. According to the report, the global market for LED work lights will expand moderately at 3.3% CAGR to reach US$ 10,661.3 million value by the end of 2024.
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In the report, titled "LED Work Light Market: Global Industry Analysis and Forecast, 2016-2024," every other LED work light consumed across the globe is sold on an online platform. Such a key revelation has been effectively prompting manufacturers to explore their sales & marketing options beyond retail stores and direct sales centers. Likewise, almost every other LED work light is used for lighting residential spaces. In 2016, more than US$ 4,000 million worth of LED work lights were consumed for residential sectors across the globe, primarily for lighting up garages. Besides, the demand for LED work lights will be fairly higher for commercial & industrial end-use as well. By the end of 2024, around US$ 4,500 million in revenues will be amassed from global sales of LED work lights in industrial & commercial settings
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Lifestyles and eco-friendly choices of consumers play a crucial role in identifying potential buyers for LED work lights. Correspondingly, Europe is expected to remain the largest market for LED work lights in the world. With more than one-third share of global revenues, Europe's LED work lights market value will soar modestly at 3.1% CAGR. Meanwhile, Asia-Pacific's LED work lights revenues will acquire a relatively faster growth, registering a 3.8% CAGR. For North America, the projected LED work lights sales are likely to hit close to 210,000 units by the end of 2024. Leading manufacturers of LED work lights profiled in this report include, ABL Lights Inc., Bayco Products Inc., Cooper Industries (EATON Corporation), Streamlight Inc., Ericson Manufacturing Co., Larson Electronics LLC, WF Harris Lighting, Luceco plc, and Lex Products Corp.
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