The global home LED strip market is anticipated to grow at a CAGR of 5.8% during the forecast period (2022-2028). The major factor attributing to the growth of the global home LED strip market include the increasing use of LED strips for house decoration due to the increasing number of houses built across the globe. According to an article published by Architectural Design in November 2021, an estimated number of around 2.8 billion houses are built across the globe. Thus, increasing the demand for LED strips for decoration.
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The installation of LED strips is also increasing in newly constructed houses & buildings due to the increasing investment in construction & infrastructure across the globe. According to the Institute of Civil Engineers (ICE), the global construction market is anticipated to reach around $8 trillion by 2030 due to the development activities of countries including the US, China, and India. Furthermore, the use of LED light strips is also increasing for decoration in the house due to the benefits provided by interior lighting decorations. The benefits include color management of different rooms as per mood, directional lighting according to the movement in the house, LED lighting can complement various items in the house as it offers different colors, enhancement in ambiance, and many others. Thus, propelling the growth of the global home LED strip market.
Some major players in the market include Guangdong OML Technology Co. Ltd., Jiangsu Jian sheng Light Co. Ltd., OSRAM GmbH, Phillips, and Optek Technology Inc., among others. The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instances
- In August 2021, Guangdong OML Technology Co. Ltd. launched a new series of LED strips for home & commercial use. The new series of LED strips include low-voltage LED strips, high-voltage LED strips, flex LED strips, and commercial lighting series.
- In September 2020, Phillips Inc. launched a new hue LED light strip called “Phillips Hue Play gradient light strip. The new light strip can be mounted at the back f TV that will flash and glow along with the TV screen. It can display several colors with different patterns.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Guangdong OML Technology Co. Ltd., Jiangsu Jian sheng Light Co. Ltd., OSRAM GmbH, Phillips, Optek Technology Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Home LED Strip Market Report by Segment
By Type
- 3528
- 5050
- Others
By Application
- Garden
- Room
- Backyard
- Others
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Global Home LED Strip Market
