Hydralight Lanterns Market Forecast and CAGR
Lighting products such as hydralight lanterns, are expected to gain traction in the coming years as consumers are expecting more eco-friendly products. As a result, consumers are able to pay a higher price for energy-efficient products.
The hydralight lanterns are made for several uses, including comfortable and short overnight trips. Camping, hiking, and traveling are the most prominent outdoor sporting activities that hydralight lanterns are used for. According to latest research by Fact.MR Report, hydralight lanterns market is set to witness a CAGR of 4.1% during 2021-2031.
What is Driving Demand for Hydralight Lanterns?
The Hydra-Light is a high-tech personal lantern that runs on fuel cells instead of traditional portable energy sources. People are becoming more interested in social activities such as hiking, boating, and camping, which has increased the popularity of outdoor recreation. One example of what is driving growth in hydralight lanterns is the increasing creation and establishment of campsites and other adventure spaces.
The hydralight lanterns are available in diverse range which vary in size and design, etc. The duration of trips and types of outdoor activities are also important considerations when selecting a hydralight lanterns.
Furthermore, in the coming years, millennials and older generations seeking thrilling outdoor experiences are expected to drive the popularity of outdoor accessories such as hydralight lanterns for camping and hiking activities. Apart from that, the vulnerability to natural disasters such as typhoons and earthquakes in certain areas where people do not have access to electricity is expected to boost demand for hydralight lanterns.
Manufacturers faced numerous challenges as a result of the pandemic outbreak. The outbreak of novel corona virus resulted in various operational challenges for players. The effect of covid-19 was felt not only on the supply side, but also on the demand side. To stop the virus from spreading, several regional governments placed restrictions, thereby impacting the overall supply dynamics of the category.
Authority actions prevented people from participating in outdoor leisure activities. As a result, a drop in outdoor recreation participation had a direct impact on hydralight lantern sales development, presenting numerous challenges to established suppliers.
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Sustainability Factor Likely to Augment Hydralight Lanterns Sales
The Hydra-Light is a modern lantern that seeks to eliminate the need for single-use batteries. The Hydra-Light is a power source that uses salt and water to charge phones and USB devices while also lighting the environment.
Hydralight lantern is made up of a carbon-based battery that resembles a water pitcher's filter and a PowerRod, which is an inexpensive metal cylinder. The user takes the PowerRod out of the battery compartment and fills it with saltwater. When you replace the PowerRod inside, an electric current forms and generates power.
Users can use the device for up to 250 hours at a time. In the middle of their adventure journeys, campers can charge their iPhones using a USB port. With its illumination and charging features, the hydralight lantern is a true hybrid, combining renewable solar energy with three Hydra Cell energy cells to provide over 300 hours of light and electricity, all without the use of disposable batteries.
Opportunities that can be Capitalized by Players Operating in Hydralight Lanterns Market
The players have opportunities to generate sales and improve their position in the hydralight lanterns by making product developments and providing sustainable products. For instance, Hitachi Maxell Ltd has developed an LED-based hydralight lantern that generates electricity by using water and salt.
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US and Canada Hydralight Lanterns Market Outlook
US is considered as one of the lucrative market for hydralight lanterns globally.
Demand for hydralight lanterns in US and Canada will be led by outdoor & recreational sector.
One of the most influential current trends that has reshaped retail offerings is premiumization. The demand for decent and premium quality and eco-friendly hydralight lanterns in the United States is expected to grow as consumer spending increases.
In light of the current trend, regional manufacturers are eager to sell hydralight lanterns that are eco-friendly, and are advanced with technological features and are convenient to use. For example, E-Dina, a Colombian renewable energy start-up, has created a wireless light that converts salt water to electricity as a more efficient alternative to solar lamps in off-grid communities.
Europe Demand Outlook for Hydralight Lanterns
Many countries in EU have been severely impacted by the COVID-19 crisis, which has led to a decline in economic activities. However, as is the case in US and Canada, outdoor and leisure activities spending in EU continues to drive demand for hydralight lanterns.
Presently, the consumers like to be more aware of the benefits they receive from the products, as companies are mostly focusing themselves to develop sustainable and innovative lanterns for outdoor activities.
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Who are the Key Manufacturers and Suppliers of Hydralight Lanterns?
Some of the leading manufacturers and suppliers of hydralight lanterns include
- Hitachi Maxell
- Wunderman Thompson Colombia
By offering such sustainable product, the players are attempting to gain a strategic edge over their industry rivals. Future developments, such as developing more sustainable solutions by using waste materials in the hydralight lanterns would possibly increase the supply and encourage a smooth delivery of hydralight lanterns in large quantities.
Hydralight Lanterns Market Report Highlights:
- Detailed overview of lantern market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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By Power Source
- Solar Energy
- Others (camping)
By Sales Channel
- Mono- Brand Stores
- Specialty Stores
- Online Retailers
- Other Sales Channel
- Hypermarkets/ Supermarkets
- Convenient Stores
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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