Research by GIR (Global Info Research) projects global LED soft light strip revenue will reach one million US dollars by 2029 and has an expected compound annual growth rate (CAGR) from 2023-2029 of approximately 15%. As part of their global sales projections for LED soft light strips, sales are projected to hit approximately $820 Million by 2029. China held an estimated market size of approximately one million US dollars by 2022, accounting for roughly 10% of global consumption while North American and European markets comprised 11% and 13%, respectively during that same timeframe. China’s compound annual growth rate will reach% over the coming years, while those for Europe and North America are forecasted at% and%, respectively. Asia Pacific region will become more influential; Japan, South Korea, India and Southeast Asia will remain important markets that cannot be overlooked.
In terms of revenue, the top four LED soft light strip manufacturers in 2022 will comprise of GE Lighting, Klus Design, Automated Assembly Corporation Shinesky and Unitop. In terms of market share they will account for approximately 20%.
Product types aside, 5V holds an important place. According to revenue, its market share in 2022 was approximately% and is projected to reach% by 2029. Residential property accounts will account for roughly% in 2028 with an approximate compound annual growth rate of roughly% over time.