The global LED Lights market is forecast to expand at 16.2% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 87,242.8 million in 2023. LED lights market to reach US$ 392,675.9 million by 2033.
The LED lights can be effectively integrated in living environments, thereby supporting the market demand for LED lights. Additionally, producers of LED lighting systems are focusing on reducing the price sans any change in the product quality.
Since homeowners are persistently striving to adopt eco-friendly practices, LEDs are becoming the choice of product. LEDs are recyclable and don’t possess mercury. Besides houses, offices too are becoming a ubiquitous LED lighting application.
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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.
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 from the FMI’s Analysis 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.
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Stay Updated with Recent Developments in the LED Lights Market
- 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.
LED Lights Market Segmentation
Product Type:
- Lamps
- Luminaries
Sales Channel:
- Modern Trade
- Departmental Stores
- Convenience Store
- E-Commerce
- Other Retail Format
Application:
- Residential
- Office
- Industrial
- Shop/ Stores
- Hospitality
- Outdoor
- Architectural
Key Regions covered:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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