Electric tealight is made out of plastic and LED, which emits a warm white color. Electric tealight can be remote or non-remote controls. The product gives a genuine and natural brilliant appearance. The battery life is usually lengthy and easy to use, even safe for youngsters. The environment is flameless, non-smoking and non-hazardous. In households, businesses and other venues, electric tealight are utilized as decorations. The rising demand for electric tealight in the residential and commercial sectors is fueling the growth of the electronic tealight market. Manufacturing companies are coming into partnership with e-commerce giants to affiliate their sales. The advent of the pandemic marginally reduces demand and sales due to constraints on operations in the business sector. The increasing population of the consumers, the increase in high disposable revenue, the changing consumer preferences and their shifting tastes and lifestyles are crucial drivers of growth in the electronic tealight market.
COVID-19 Impact Analysis
- There was a negative effect on the electric tealight market from the overall sector due to the COVID-19 pandemic. The demands for electronic tealight decreased as consumers have shifted their interest toward essential products.
- As the COVID-19 pandemic has forced countries to enforce lockdown, the supply and distribution chain had disrupted. The shifting of activities in operations and vendor operations impacted the production. Hypermarkets/supermarkets and convenience stores were closed, creating a gap in demand and supply.
- The production process for electronic tealight has become a challenge for companies due to the limited availability of labor, disrupted raw material supply and logistic issue.
Top Impacting Factors
- The demand for electric tealight has risen with the advance of technology and creative goods. Increased disposable income, rapid urbanization, trends and fashion changes, the home decorating lighting system and appealing light designs, the product's safety and the convenience of use lead to the expansion of the tealight electronics market. However, the extensive usage, the lack of sensitivity among rural people, the significant risk of damage, and the use of traditional oil lamps or candles, hinders market expansion.
- Consumers are attracted to these LED tealight as they are a perfect alternative for traditional oil lamps. Festivals and other occasions help to boost the sales of electric tealight as they are best for decoration. With the rise in demand for electric tealight, the manufacturing companies have to increase their production to meet the demand of the market.
Market Trends
Introduction of new products with an enhanced feature
The manufacturing companies have to invest in R&D to innovate a new product that will retain the existing customer. A new lighting technology or a change of pattern in the flickering light feature is expected to impress the consumers. Different companies are offering the same products due to the intense competition in the tealight market. The introduction of new color combinations or dual lighting output will cause an impact on the consumer mind.
Poor quality is hindering the growth of the market
The companies are supplying inferior quality products to the consumers due to the intense competition. To keep up with the competitors, the companies are using defective raw materials for processing the final products to low the market price. The low quality dissuades users from buying tealight electronically and moving on to conventional candles.
High price electronic tealight is a restraint to the growth of the electronic tealight market.
Some of the manufacturing companies are offering high priced electronic tealight as they targeting high-class consumers for a business. The lower or middle-class consumers do not have an option to purchase the product due to the high price of the product. The inability of the companies to provide a mid-range product is creating a gap in demand and supply. The companies have to look for an alternative for the consumers who are unable to pay a high amount.
Key Benefits of the Report
- This study presents the analytical depiction of the electronic tealight industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the electronic tealight market share.
- The current market is quantitatively analyzed to highlight the electronic tealight market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed electronic tealight market analysis on the basis of competitive intensity and how the competition will take shape in coming years
Questions Answered in the Report
- Who are the leading market players active in the electronic tealight market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Key Market Segments
- By Product Type
- Remote Control
- Non-Remote Control
- Others
- By Application
- Households
- Commercial
- Church
- Industrial
- Others
- By Distribution Channel
- Hypermarkets/supermarkets
- Specialty Stores
- Online Retail
- Others
- By Region
- North America
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Argentina
- Rest of LAMEA
Key Market Players
- Novelty Place Inc
- Mr Light Electronics Co.
- Shenzhen Jinhe Trade Co., Ltd
- iamen Global Selection Imp & Exp Co., Ltd
- Frux Home and Yard S.A.
- AGPTEK Plc
- Instapark S.A.
- Jinggoal International Limited
- Pchero Lights Co.
- Celebration Light Co., Inc.