LED Table Lamps Market Size, Share, Growth Analysis, By Product(Reading and Decorative), By Application(Household and Commercial) - Industry Forecast 2024-2031

LED Table Lamps Market size was valued at USD 82.21 billion in 2019 and is poised to grow from USD 93.97 billion in 2023 to USD 272.67 billion by 2031, growing at a CAGR of 14.25% in the forecast period (2024-2031).

The key growth driving factors for the market are Increasing demand for energy-efficiency and sustainable lighting systems. The growing popularity for smart homes, especially in developing economies including China and India, is propelling the demand of products. Over the past few years’ climate change has become a major issue in the World. Due to this issue people are becoming aware about energy conservation, which will have a positive impact on the product demand.

LED table lamps are energy efficient as they consume about 80% less power than incandescent lamps. An estimated savings of USD 18 billion in electricity costs can be achieved by transitioning to energy-efficiency LEDs. More than 160 million metric tons of carbon dioxide emission can be avoided every year. As lighting accounts for nearly 10% of electricity usage in households and 18-40% of commercial premises.

There is a growing need for energy saving across the world, which is creating scope for the market. It is expected that the transition to energy-efficient lighting would reduce the global electricity demand for lighting by 30-40% in 2019.

US LED Table Lamps Market is poised to grow at a sustainable CAGR for the next forecast year.