Global Bi Color Light Emitting Diode LED Ring Light Market Trends 2024, Forecast To 2033
10 Oct, 2024
The bi-color light emitting diode (LED) ring light market has experienced strong growth, increasing from $19.53 billion in 2023 to $20.79 billion in 2024, with a compound annual growth rate (CAGR) of 6.4%. This market growth can be attributed to the rising popularity of social media platforms, a growing consumer demand for online video creation, and the increasing trend of remote work and virtual meetings. The popularity of live streaming and online tutorials has also played a significant role in market expansion. Looking ahead, the market is expected to continue its upward trajectory, reaching $26.91 billion in 2028 at a CAGR of 6.7%. Key growth drivers during the forecast period include the demand for high-quality photography and videography, the expansion of the e-commerce industry, the adoption of smart lighting solutions, and a growing interest in content creation. Major trends shaping the market are anticipated to include technological advancements in LED lighting, such as app-controlled and programmable ring lights, collaborations with influencers and content creators, innovative product developments and customization, and the integration of Artificial Intelligence (AI).
Major Driver In The Bi Color Light Emitting Diode LED Ring Light Market
The rising demand for photography and videography is projected to bolster the growth of the bi-color light-emitting diode (LED) ring light market in the near future. Photography and videography involve capturing and recording images and videos for various purposes, including artistic expression, documentation, and communication. This surge in demand is largely due to the need for effective brand identity and credibility, showcasing products, enhancing online presence, and improving search engine optimization. Bi-color LED ring lights provide adjustable color temperature and uniform lighting, reducing shadows and enhancing skin tones for superior photographic results. A report from Camera Prism in March 2024 indicated that approximately 1.72 trillion photos were taken globally in 2022, averaging about 54,500 pictures per second or 4.7 billion per day. Consequently, the growing demand for high-quality photography and videography is driving the bi-color LED ring light market, projected to reach $1.3 billion in 2023, $1.5 billion in 2024, and anticipated to grow to $2.1 billion by 2028.
Request A Free Sample Of The Bi Color Light Emitting Diode LED Ring Light Market ReportBi Color Light Emitting Diode LED Ring Light Market Competitive Landscape
Major companies operating in the bi-color light emitting diode (LED) ring light market are Ikan Corporation, Elgato Inc., Powerpak, Savage Universal Corporation, Draco Broadcast Inc., K&F Concept, Westcott Co., Falcon Eyes, CAME-TV, Lume Cube Inc., Nanlite SA, GODOX Photo Equipment Co.Ltd., Fovitec (USA) International Inc., Ring Light Pro Pyt Ltd., GVM (Great Video Maker), Yongnuo, Rotolight, ProMaster, LimoStudio, FotodioX Inc.
Key Bi Color Light Emitting Diode LED Ring Light Market Trend
Major companies in the bi-color light-emitting diode (LED) ring light market are dedicated to developing innovative products like bi-color LED spotlights, which enhance lighting quality, offer adjustable color temperatures, and improve versatility for professional photography, videography, and content creation applications. A bi-color LED spotlight serves as a flexible lighting solution with adjustable color temperatures, making it ideal for professional use. For instance, in July 2022, Nanlite, a China-based lighting solutions company, introduced the Forza 150B, a bi-color LED spotlight. The Forza 150B provides enhanced correlated color temperature (CCT) flexibility in a compact design, featuring optimal fan control and a powerful output of 23,130 lux at 5600K from one meter away. Its CCT range spans from 2700K to 6500K, making it suitable for on-the-move lighting, live streaming, interviews, and small spaces. Key features include a weight of 1.56 kg, a CRI average of 96, a TLCI average of 98, and versatile control options like Bluetooth and DMX/RDM.
Purchase The Global Bi Color Light Emitting Diode LED Ring Light Market Report Directly And Get A Swift DeliveryGlobal Bi Color Light Emitting Diode LED Ring Light Market Segmentation
The bi-color light emitting diode (LED) ring light market covered in this report is segmented –
1) By Type: Less Than 10 Inches, 10 To 18 Inches, Greater Than 18 Inches
2) By Distribution Channel: Wholesalers Or Distributors, Hypermarket Or Supermarkets, Specialty Stores, Home Centres, Department Stores, Independent Electronic Stores, Online Retailers, Other Distribution Channels
3) By Application: Photography, Video Production, Other Applications
By Geography:The regions covered in the bi-color light emitting diode (LED) ring light market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the bi-color light emitting diode (LED) ring light market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Bi Color Light Emitting Diode LED Ring Light Global Market Report 2024 furnishes information about the global bi color light emitting diode led ring light market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.