North America 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)

0-25-Watt Type Segment to Dominate North America Filament LED Bulb Market during 2020-2028

According to a new market research study on “North America Filament LED Bulb Market to 2028 - COVID-19 Impact and Regional Analysis and Forecast by Product and Application,” is expected to reach US$ 1,473.26 million by 2028 from US$ 341.96 million in 2021. The market is estimated to grow at a CAGR of 23.2% from 2021 to 2028. The report provides trends prevailing in the North America filament LED bulb market along with the drivers and restraints pertaining to the market growth. Rising number of commercial and residential construction projects is the major factor driving the growth of the North America filament LED bulb market. However, common difficulties faced in filament LED bulbs hinder the growth of North America filament LED bulb market.

Because of favorable government policies to encourage innovation, the presence of a large industrial base, and high purchasing power, North America is one of the most important regions for adopting and developing new technologies, particularly in developed countries such as the United States and Canada. As a result, any influence on industry growth is projected to have a negative influence on the region's economic growth. Businesses in the region have been significantly impacted by COVID-19 in four key areas: supply chain/operations, personnel, 2020 investments, and product offering. According to World meter, there were 30,774,033 cases documented in the United States alone as of March 24th, 2021. Due to the extreme measures adopted during the pandemic, overhead expenditures, including expenditure for sales, research and development (R&D), and administration of various providers, declined unfavorably in the first nine months. Despite the impact of the global outbreak, profitability increased, owing to continual cost structure improvement. The adoption of good interiors is more across the region but due to COVID-19 the development of lighting systems got hampered. Furthermore, the maintenance and renovation of indoor infrastructure also got hindered, owing to less presence of labor in this pandemic period. Several small café and restaurants got out of business owing to bankruptcy. The outbreak of the pandemic has also led this business to concentrate more on online deliveries rather than dine in services. Thus, the above-mentioned factors have negatively impacted the filament LED bulb market during the pandemic.

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 North America 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 North America filament LED bulb market. Based on country, the filament LED bulb market is segmented into US, Canada , Mexico.

Havells India Ltd; MEGAMAN; Feilo Sylvania Europe Limited; UKLED; Verbatim Americas LLC; OSRAM GmbH; Signify Holding (Philips); Seoul Semiconductor Co. Ltd.; are among the leading companies in the North America 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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