The global LED light market is poised for substantial growth, with forecasts indicating a surge from USD 89,913.3 million in 2024 to USD 412,912.7 million by 2034. This projection reflects an impressive compound annual growth rate (CAGR) of 16.5% during the forecast period, driven by the superior energy efficiency and environmental benefits offered by LED technology.
LED lights have revolutionized the lighting industry with their energy-saving capabilities, longer lifespan, and reduced maintenance costs compared to traditional lighting solutions. These advantages not only contribute to significant energy savings and lower electricity bills but also support sustainability goals by reducing carbon emissions.
Presently, in the business world, office management team is concerned about overall well-being of the employees. They are increasingly shifting to LED lights to make offices a brighter place for employees, thereby reducing eye-fatigue and better vision in the workplace. Overall, presence of bright light increases general comfort of employees.
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The primary investment to manufacture LED lights is high owing to the raw material it utilizes. Production of LED lights necessitates the use of superior quality semiconductor materials like gallium nitride, gallium arsenide, and indium phosphide. These materials are costly. In addition to this, LED lights utilize other materials like phosphors and electronic components, that are also fairly costly.
Top Highlights of LED Lights Industry:
- The North America LED lights industry acquired a market share of 29.8% in 2022.
- The United States is projected to stand out on a global as well as regional scale over the forecast period. In 2022, the market share of the United States was 16.4%.
- The Europe LED lights industry procured a market share of 23.2% in 2022.
- The German LED lights industry is expected to obtain a market share of 9.8%.
- The United Kingdom is expected to perceive a CAGR of 12.4% in the latest time-frame.
- Within Asia Pacific, India and China are anticipated to observe noticeable growth over the estimated time-frame. India is expected to expand at 17.3% CAGR and China at 14.2% CAGR.
- Under the product type category, lamps are projected to grab a market share of more than 57.8% in 2023.
- Based on sales channel, convenience stores segment is estimated to have the maximum share surpassing 27.5% in 2023.
Stay Updated with Recent Developments:
- Nichia, in January 2023, declared the inclusion of NVSW219C-V2 and NVSW719AC to its robust-power 3535-size profile of The NVSW719AC is a completely new LED that escalates the possibility of lighting design. NVSW219C-V2, in comparison, has an unparalleled color consistency through a dome-less structure.
- Infineon Technologies AG and Nichia Corporation, in January 2023, declared the debut of first-ever completely integrated micro-LED light engine for HD adaptive driving beam applications.
- GE Lighting unveiled its first collection of new pendants and ornamental light fixtures with an integrated LED lighting in December 2022. The new fixtures integrated with LED lighting have the capacity to be customized.
Market Segmentation:
By Product Type:
- Lamps
- Luminaries
By Sales Channel:
- Modern Trade
- Departmental Stores
- Convenience Store
- E-Commerce
- Other Retail Format
By Application:
- Residential
- Office
- Industrial
- Shop/ Stores
- Hospitality
- Outdoor
- Architectural
By Key Regions covered:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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