Smart Lamp Market to Reach $25.1 Billion Globally by 2032
The increasing adoption of smart home technology worldwide, coupled with rising consumer awareness of energy-efficient solutions, is boosting the demand for smart lamps. Additionally, the growing trend of integrating smart lamps into commercial settings, driven by the desire for ambiance control and cost-saving benefits, is further propelling market growth. However, the increasing initial cost of smart lamps acts as a deterrent for price-sensitive consumers. This factor is expected to hamper market growth during the forecast period. On the other hand, the increasing affordability of smart lamps, driven by technological advancements and heightened competition, is expected to unlock growth opportunities in the smart lamp market.
The COVID-19 pandemic has exerted a profound impact on the growth of the global smart lamp market. While supply chain disruptions have presented challenges, the pandemic has simultaneously acted as a catalyst, driving increased consumer demand for smart home solutions.
With more individuals working and studying from home, there has been a notable surge in the adoption of smart lamps, especially those offering features like adjustable lighting and remote-control capabilities.
The closure of physical stores has further accelerated the shift towards e-commerce, prompting smart lamp manufacturers and retailers to enhance their online presence. This changing consumer behavior, along with increased focus on home improvement propelled the market growth during the pandemic period.
The LEDs sub-segment dominated the global smart lamp market share in 2022, holding a major share of 56.4%. The sub-segment is expected to observe significant growth, with a CAGR of 20.5% during the forecast period. This is mainly because of the increasing integration ease of LEDs into smart lamp systems, allowing remote control via smartphones and voice assistants like Amazon Alexa and Google Assistant.
The commercial sub-segment observed significant growth in 2022 and is expected to grab a dominant position in the global market by 2032, growing with a CAGR of 21.4%. This growth is mainly due to the increasing adoption of contactless payments in commercial sectors for streamlining transactions, thus offering faster and more efficient checkouts.
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