LED Lighting Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global LED Lighting Market is segmented By Type (Traditional Inorganic LED Lighting, Organic LED Lighting, High Brightness LED Lighting, Others), By Application (Large Display Back Lighting, Automotive, Mobile Appliances, General Illumination, Signage, Others), By Product Type (Spot Lights, Street Lights, Tube Lights, Wall Washer Lights, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Report Overview

Global LED Lighting Market is expected to reach a CAGR of 10.55% during the forecast period (2024-2031). 

A light-emitting diode (LED) is a semiconductor device that emits incoherent narrow-spectrum light when a p-n junction is forward electrically biased. LEDs are a very efficient form of energy production and have already come down in cost far enough. LEDs are an extremely efficient form of lighting and have an extremely long life span.

LED Lighting Market Summary

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Market Dynamics

• The market for LED lighting is on a clear transition path from conventional lighting technologies to LED.
• Some of the advantages of LED lights over traditional light sources are long life, energy-efficient, ecologically friendliness, durability, zero UV emission, design flexibility, low voltage, and so on.
• The accelerated rate of LED light usage in households and businesses.
• Increasing demand for outdoor applications along with powerful energy efficiency.
• The increasing application of LED in the entire residential house.
• Implementation of the EU Green Paper can lead to new opportunities for the European LED market in the near future.

Market Industry Drivers

• The Global LED lighting market is majorly influenced by three factors such as macroeconomic situations, energy efficiency regulations across the world, and government actions limiting specific energy sources.
• Macroeconomic circumstances, which include new constructions and consequently the number of new lighting installations.
• Regulations across the globe have become more stringent, fueling the penetration of more energy-efficient light sources.
• The world is in ongoing financial trouble, and Europe’s debt crisis hurt global and regional economic growth- both actual and projected. This has also adversely affected the lighting market.
• Energy-efficient regulations and greater energy awareness are the primary driving factors for the growth of the LED lighting market.
• Recently, China has banned incandescent bulbs. This is expected to boost the surge of low-energy light sources such as LEDs.
• LED prices are decreasing aggressively in recent years will boost the market for LED lighting.

Market Price Trends

• LED prices have eroded at a faster pace, pulling forward the payback time of LED lighting. According to industry experts, LED share in general lighting is expected to reach 70% in 2020 from 45% in 2016.

Market Geographical Share

• Asia-Pacific holds a major market share of the total market and growing at a higher CAGR during the forecast period 2019 to 2026 owing to the increasing consumption of efficient energy lights in countries such as China, India, Japan, South Korea, and Vietnam.
• Asia-Pacific also holds a larger market share in the total market in 2017 followed by Europe and North America and is expected to reach approximately 45% of the global general lighting market by 2020. At present, Asia leads the market transition to LED in general lighting, driven especially by countries such as China, India, and Japan.
• Taiwan, Japan, and China are key contributors to regional growth owing to initiatives undertaken by the respective governments for embracing light-emitting diodes and the existence of many market players.

Market Segmentation Analysis

• LED Lighting Market is segmented on the application into large display backlighting, general illumination, automotive, signage, mobile appliances, and others.
• The market is further classified based on the type of LED such as traditional inorganic LEDs, organic LEDs, high-brightness LEDs, and others.
• Besides, the market is sorted by product type, which includes spotlight, tube light, washer lights, and, others
• Sales share of the leading light bulb vendors in the United States in 2016.

LED Lighting Manufacturers and Competitive

• In the United States General Electric Co., Private Label, Osram Sylvania, JascoProducts Co., and Feit Electric Co. are the primary light bulb vendors.
• These top 5 players combinedly hold approximately 93% of the total United States light bulbs market. The United States LED lighting market is a highly consolidated and significant market share held by General Electric Co. and Private label companies.
• The report profiles the following companies, which includes Philips, General Electric, Sam-sung Electronics, Osram GMBH, Panasonic, Toshiba, Hubbel, Cooper Industries plc (Eaton), Cree Inc., Sharp Corporation, Havells, Mitsubishi, Nichia, and Yankton.