Report : Europe Filament LED Bulb Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (0–25-Watt Type, 25–40-Watt Type, 40–60-Watt Type, and Above 60-Watt Type) and Application (Residential, Restaurants and Bars, Hotels, Café, and Others)
Residential Segment to Dominate Europe Filament LED Bulb Market during 2020–2028
According to a new market research study on “Europe Filament LED Bulb Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product and Application,” is expected to reach US$ 1,375.83 million by 2028 from US$ 309.98 million in 2021. The market is estimated to grow at a CAGR of 23.7% from 2021 to 2028. The report provides trends prevailing in the Europe filament LED bulb market along with the drivers and restraints pertaining to the market growth. Increasing awareness about advantages of filament LED bulbs is the major factor driving the growth of the Europe filament LED bulb market. However, common issues faced in filament LED bulbs hinder the growth of Europe filament LED bulb market.
Due to the COVID-19 outbreak, Russia, UK, France, Italy, Spain, and Germany are some of the worst affected member states in the European region. Businesses in the region face severe economic difficulties as they had to suspend their operations or substantially reduce their activities. Due to business lockdowns, travel bans, and supply chain disruptions, the region experienced an economic slowdown in 2020 and, most likely, in 2021. European countries represent a major market for filament LED bulb adoption due to low energy consumption of the bulbs. Since several European countries are in the phase of lockdowns, the adoption of the filament LED bulbs got hampered. Covid-19 first manifested itself in Europe as a “supply-side” shock, as Chinese producers cut their exports dramatically. This impact is expected to continue in the coming weeks. However, following an extraordinary downturn in March and April (-25.5 percent in the EU), construction output rose dynamically in May 2020 (21.8 percent) and continued to rise, though at a slower pace; by January 2021, construction output had recovered 97.9 percent of its pre-crisis level of February 2020. Russia, Italy, Germany, UK, and France filament LED bulb markets are anticipated to decrease until mid-2021
The market for filament LED bulb market is segmented into product, application and country. Based on product, market is segmented as 0-25-Watt type, 25-40-Watt type. 40-60-Watt type and Above 60-Watt type. In 2020, the 0-25-Watt type segment held the largest share Europe filament LED bulb market. Based on application the market is divided into residential, restaurants, bars, hotels, cafes and homes, others. In 2020, the residential segment held the largest share Europe filament LED bulb market. Based on country, market is segmented as Germany, France, Italy, UK, Russia, Rest of Europe
Havells India Ltd; MEGAMAN; Feilo Sylvania Europe Limited; UKLED; Verbatim Americas LLC; OSRAM GmbH; Signify Holding (Philips); Seoul Semiconductor Co., Ltd.; Crompton Lamps Ltd are among the leading companies in the Europe filament LED bulb market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2018, Manufactured as energy efficient and cost-effective replacements for traditional incandescent lamps, Verbatim LED S14 Lamps are ideal for use in signage applications. Wet rated and enclosed rated, these LED lamps are ideal for outdoor use as well.
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