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Asia Pacific Filament LED Bulb Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product and Application

Asia Pacific Filament LED Bulb Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product and Application

  • August 2021
  • 83 pages
  • ID: 6134232
  • Format: PDF
  • The Insight Partners


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The filament LED bulb market in APAC is expected to grow from US$ 586.46 million in 2021 to US$ 2,848.52 million by 2028; it is estimated to register a CAGR of 25.3% from 2021 to 2028.

Many countries are seeing an increase in home renovation and remodeling activities, which can be linked to increased government support, particularly in industrialized countries.Regular government initiatives to promote building own houses, especially in developing countries, are also fueling the demand for filament LED bulbs for residential use.

For instance, Housing for All, the government’s flagship scheme PMAY, launched in June 2015, aims to build 20 million urban homes and 30 million rural houses by 2022.Smart Cities and other initiatives by the ruling government are fueling the growth of urban infrastructure and construction development in India.

In March 2018, the construction of an additional 321,567 affordable dwellings was approved as a part of PMAY. The Indian government has given the infrastructure industry a huge boost by providing US$ 61.92 billion in its Union Budget 2017–2018. Later, in its 2018–2019 budget, the government increased its infrastructure development spending by 20.9%, from INR 4.9 trillion (US$ 75.9 billion) in 2017–2018 to INR 6 trillion (US$ 89.2 billion) in 2018–2019. Thus, the above-mentioned government initiatives are contributing to the rise in commercial and residential construction projects, thereby creating the demand for filament LED bulbs and contributing to its market growth.

APAC is characterized by many developing countries, positive economic outlook, high residential and industrial presence, huge population, and rising disposable income.All these factors make APAC a major growth driving region for various markets, including the market for filament LED bulbs.

The shutdown of various factories in China due to the COVID-19 outbreak has affected the global supply chains and negatively impacted the development and delivery schedules of various products and services.Although several factories in China have resumed operations, many businesses have reduced or withdrawn their activities.

China being a manufacturing hub, faced difficulties in production processes due to labor shortage amid the COVID-19 outbreak.Migrant workers who had returned to their hometowns for the Lunar New Year holiday were unable to return to work.

Infrastructural changes, home renovation activities, and maintenance programs were also suspended during the lockdown phase. Thus, the outbreak of COVID-19, apart from hampering the construction industry had disrupted several manufacturing and supply chains of various products, including filament LED bulbs across the region, thereby negatively impacting the market growth.

The residential segment led the filament LED bulb market, based on application, in 2020.The Department of Energy (DoE) of the US has assessed the lighting applications such as FTL, CFL and LED amongst others, where LED technology save the most energy.

This study by the government body led to the widespread adoption of LED lamps in homes.Across the residential sector, filament LED bulbs are used in various decorative items such as integrated chandeliers, single head pendants, wall sconce, lantern, and cove luminaire products, as well as bullet, candle, flare, globe, and any other decorative lamp shapes.

The rising government initiatives to promote the development of the residential sector, coupled with increasing spending capacity of individuals, are contributing to the growth of the residential segment in the filament LED bulb market.

The overall filament LED bulb market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining overview and forecast for the filament LED bulb market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the filament LED bulb market. Havells India Ltd; MEGAMAN; Feilo Sylvania Europe Limited; UKLED; Verbatim Americas LLC; OSRAM GmbH; Signify Holding (Philips); Seoul Semiconductor Co., Ltd.; are among a few players operating in the filament LED bulb market

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