REPORT OVERVIEW
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The global RGB selfie ring light market size was 5 million in 2020. As per our research, the RGB selfie ring light market is expected to reach USD 28 million by 2027, exhibiting a CAGR of 21.8% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, RGB selfie ring light experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
A simple lighting tool that is frequently employed for macro levels, photograph, and beauty photography is the RGB selfie ring light. It has a single circle fluorescent light or an array of small bulbs arranged in a circle. It is either equipped with a single round fluorescent bulb or an annular one made up of numerous small lamps. It produces an appealing catch light that illuminates a subject's eyes when utilized in photography. With the camera in the center of the circle, one may place the light source in the direction of the subject.
Continuous price reductions in ring lights as well as the accessibility of environmentally friendly lighting solutions, when combined with modernized energy policies worldwide, are anticipated to fuel market expansion throughout the course of the projected period.
COVID-19 Impact: Interruption in Services to Deplete Market Growth
The COVID-19 outbreak had a significant negative impact on nearly every area of the global economy, particularly the hospitality industry. Since China, which at first is also the origin of the pandemic, is an important supplier of both finished electronic goods and raw materials, it has had a significant impact on the market for electronic gadgets.
Presently, pricing changes, supply disruptions, and output losses are affecting the whole industrial sector. The shortage of critical essentials is a significant barrier, notwithstanding the possibility that these difficulties will motivate local enterprises to enhance their operations. The revenue streams of electronic goods would be severely hampered in the upcoming years, according to a number of associations and specialists in the field.
LATEST TRENDS
"Research and Developmental Efforts to Stimulate Market Development"
The focus on R&D efforts is expanding among several businesses in the worldwide RGB selfie ring light market growth. Major industrial executives' primary goal in using this method is to improve the quality of their output. Numerous merchants also sell other items like tripod stands, camera or phone mounts, mirrors, carry bags, and Goosenecks in addition to ring lights. This marketing tactic aids companies selling ring lights in attracting and retaining customers.
A number of market participants are placing more emphasis on introducing novel products activities. In addition to this, many businesses are concentrating on growing their regional presence. All of these initiatives point to the market for RGB selfie ring light worldwide experiencing significant growth prospects between 2020 and 2030.
SEGMENTATION
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- By Type
Based on type; the market is divided into below 10 inch, 10-18 inch, above 18 inch
Below 10 inch is the leading part of the type segment.
- By Application
Based on the application; the market is divided into live broadcast, video recording, others
Live broadcast is the leading part of the application segment.
DRIVING FACTORS
"Rise in Social Media to Aid Market Expansion "
Globally, the millennial generation has recently been more interested in makeup, macro photography, and video creation. In addition, there has been a noticeable rise in social media-focused video production operations. In the upcoming years, all of these elements are anticipated to have a good effect on the RGB selfie ring light market share.
"Utilization of the Lights to Foster Industry Progress"
A rising portion of the global population is gravitating toward using ring lights for various video and photographic tasks. The potential for such RGB selfie ring tools to give ease and efficiency is one of the main drivers of this customer shift. Due to these benefits, ring light usage has increased significantly. This element is promoting the growth of the worldwide RGB selfie ring market growth.
RESTRAINING FACTORS
"High Maintenance to Limit the Market Evolution "
RGB selfie ring lights are frequently big and immobile. Some require an additional set of wheels solely to accommodate the light because they are as large as the whole kit pack. Since the majority of ring lights are made of plastic, an unavoidable trip over the stand's legs could cause it to collapse and easily shatter the bulb inside.
REGIONAL INSIGHTS
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"Initiatives taken by the Government in North America to Support Market Advancement "
Throughout the projected period, North America is expected to continue to be a desirable market. Through 2023, the U.S. is anticipated to hold a substantial rate of the RGB selfie ring light market within North America, according to the study.
Initiatives taken by governments to adopt light emitting diodes and the existence of several local market participants are important factors supporting regional market growth.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.
The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.
List of Market Players Profiled
- Digpower Solutions (U.S.)
- DörrGmbH (Germany)
- Emart (South Korea)
- Fotodiox (U.S.)
- GODOX Photo Equipment (China)
- Savage (U.S.)
- Efind (India)
- Neewer (China)
- Shenzhen Sheginel Technology (China)
- AIXPI (China)
- Cyezcor (U.S.)
- Ubeesize (U.S.)
- Impressions Vanity (U.S.)
- QIAYA (China)
- GVM (U.S.)
- Rtako (Israel)
- Alltop Electronics (China)
- Changzhou Lvjijia (China)
REPORT COVERAGE
This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.
In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 5 Million in 2020 |
Market Size Value By |
US$ 28 Million by 2027 |
Growth Rate |
CAGR of 21.8% from 2020 to 2027 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the RGB selfie ring light market expected to touch by 2027?
The global RGB selfie ring light market size is expected to reach USD 28 million by 2027.
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What CAGR is the RGB selfie ring light market expected to exhibit by 2027?
The RGB selfie ring light market is expected to exhibit a CAGR of 21.8% by 2027.
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Which are the driving factors of the RGB selfie ring light market?
The driving factors of the RGB selfie ring light market are rise in social media and utilization of the lights.
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Which are the key players or most dominating companies functioning in the RGB selfie ring light market?
Digpower Solutions, DörrGmbH, Emart, Fotodiox, GODOX Photo Equipment are the key players or most dominating companies functioning in the RGB selfie ring light market.