Asia Pacific LED Lighting Market Report and Forecast 2025-2034

Asia Pacific LED Lighting Market Outlook

The Asia Pacific LED lighting market size reached USD 20.12 billion in 2023. The market is expected to grow at a CAGR of 7.5% between 2024 and 2032, reaching almost USD 38.66 billion by 2032.

Key Takeaways:

• In January 2020, the Indian Ministry announced the installation of over 361.3 million LED bulbs and 10.3 million smart LED streetlights nationwide through programs like UJALA and the LED Street Lighting National Program. This initiative is expected to save an estimated 6.97 billion kWh/year in energy.

• As per industry reports, China boasts a high rate of homeownership, with over 90% of households owning homes and more than 20% owning multiple properties, surpassing rates seen in many developed nations. This significant homeownership may drive demand for LED lighting in the country.

• China's automotive industry plays a crucial role in the economy, contributing over CNY 10 trillion (USD 1.4 trillion) in gross output in 2021, equivalent to almost 10% of China's GDP. The industry's robust growth is attributed to policy incentives, capital support, and increasing consumer demand. In May 2022, China introduced a policy aimed at boosting new energy vehicle (NEV) sales in rural areas.

Asia-Pacific, with 60% of the global population, is experiencing significant growth in the adoption of LED technology driven by various factors. China, a key player in the region, sees a high rate of homeownership, particularly in lower socioeconomic strata where over 60% of residents own homes. The construction industry in countries like Indonesia is thriving due to rapid population growth, with a notable increase in residential buildings. This trend fuels the demand for LEDs in the building sector across the region while driving the Asia Pacific LED lighting market growth.

The automotive industry also contributes to LED demand, with China leading in passenger car sales, surpassing 23.6 million units in 2022. This rise in automotive sales boosts the need for LED lighting in vehicles.

Smart lighting is gaining traction as consumers seek efficient and user-friendly lighting systems. LEDs are favoured for their longevity and energy efficiency, driving demand for smart lighting products across homes and cities. Major players like Philips Lighting and GE Lighting Solutions are innovating to meet market demands, while startups capitalise on this trend.

In the era of AI and IoT, smart lighting plays a pivotal role in developing smart cities. Governments across Asia-Pacific, including India, China, and Japan, are integrating smart lighting into their smart city initiatives. This technology not only enhances energy efficiency but also facilitates data collection for city management.

The smart lighting market is propelled by automation technologies that enable centralised control of lighting systems in homes, offices, and streets. LED technology offers longevity and quality lighting, making it ideal for indoor and outdoor applications. As businesses and consumers recognise the benefits of intelligent and connected lighting, the trend towards smart LED lighting with IoT integration is poised for rapid growth, transforming the lighting landscape across, and playing a crucial role in the Asia Pacific LED lighting market development.

Market Segmentation

Asia Pacific LED Lighting Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Lamps
  • A-Type
  • T-Type
  • Others

• Luminaire
  • Streetlight
  • Downlight
  • Troffers
  • High Bay
  • Track Lights
  • Suspended Pendants
  • Others

Market Breakup by Application

• Indoor

• Outdoor

Market Breakup by End Use

• Residential

• Commercial

• Industrial

• Government

• Highway and Roadway

• Architectural

Market Breakup by Country

• China

• Japan

• India

• ASEAN

• Australia 

• Others

Competitive Landscape

Key players in the LED lighting market in Asia Pacific offer products and services through acquisitions and implementation of technological advancements in the products to support the end users.

• Signify NV

• Panasonic Corp. 

• Eaton Corporation Plc  

• OSRAM Licht AG  

• Nichia Corporation 

• SMART Global Holdings, Inc. 

• Samsung Electronics Co Ltd. 

• Acuity Brands, Inc.

• Seoul Semiconductor Co., Ltd. 

• EVERLIGHT Electronics Co., Ltd. 

• EPISTAR Corporation

• Others

Key Highlights of the Report