The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreSep 2014
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The global light sources market has recovered strongly since 2009, largely driven by the Asia Pacific region, particularly China. However, value growth slowed in the latter part of the review period, as competition between categories got tougher and prices of LEDs declined. With governments worldwide phasing out incandescent lamps and LED lamps becoming the centrepiece of the connected home, sales growth in this market is set to strengthen over the coming years.
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Minimum energy performance standards become the new norm as electricity costs have risen significantly in most regions. Consumers now expect lighting products to help save money on their bills.
As incandescent bulbs are replaced by low energy alternatives such as halogen, CFL, LFL and LED, consumer preferences will be determined by the lighting characteristics of these products, such as colour, temperature, light shape and intensity, rather than just low energy consumption.
The extended life of energy efficient bulbs, also reduces purchase frequency, making innovation vital to boost sales.
A wide variety of applications using internet connectivity and halogen bulbs and LED lamps, means more lighting products becoming part of the “internet of things”.
Manufacturers must be able to understand and adapt swiftly to rapidly changing consumers’ tastes and preferences. Sales trends are also diversifying regionally, with more pronounced category-shaping variations, occurring more quickly.
New products challenge LEDs
While LED is only starting to establish itself as the new bulb standard, other technologies are queuing up to offer more differentiation. OLED is getting a lot of the attention but it is one of a number of innovative developments that threaten the standard of LEDs.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.