Indian LED Lighting Market Report and Forecast 2024-2032

Indian LED Lighting Market Outlook

The Indian LED lighting market is expected to grow at a CAGR of 23.4% in the forecast period of 2024-2032.

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Owing to various supporting factors, conventional light bulbs in India are easily being replaced by LED lights. Furthermore, as LEDs are progressively used in automotive headlamps, aviation, general lighting, advertising, lighted wallpapers, medical devices, camera flashes as well as traffic signals, the LED lighting market is expanding throughout the country. In addition, the entry of Chinese LED light producers in India has enabled Indian manufacturers to offer innovative products. The Northern Region has the highest proportion of sales in India's overall market, followed by the Southern Region. Supported by various upcoming infrastructural projects throughout residential, industrial, and commercial areas across the country, the market for LED lighting is likely to see strong growth in the forecast years.

The Indian LED lighting market has seen an increase due to population growth and subsequent urbanisation in the historical period. With a growing rate of electricity use, demand for an environmentally sustainable and cost-effective lighting solution is also gaining momentum. Thus, LED lighting has begun to dominate the general lighting market of India tremendously in recent years. Several government schemes, like Unnat Jyoti by Affordable LEDs for All (UJALA) as well as Street Lighting National Program (SLNP), has remained India's largest demand generator for LED lighting. The goal of these initiatives is to raise consumer awareness of the adoption of LED bulbs over traditional lighting sources like incandescent bulbs, CFL, and halogen lights. For example, under the SLNP, the Government plans to replace more than 1.34 crore traditional street lights in India, of which approximately 1.04 crore street lights have already been replaced as of November 2020.

Market Segmentation

Light-emitting diode (LED) refers to a semiconductor that emits light as the electrical current passes through it. Often known as solid-state lighting, LED lights have potential advantages over halogen, fluorescent, and incandescent lights like energy efficiency, longer lifetime, and exceptionally low power consumption.

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The market on the basis of product is segmented into:

• Panel Lights

• Down Lights 

• Street lights  

• Tube Lights

• Bulbs

• Others

It finds applications in the following sectors:

• Commercial

• Residential

• Institutional

• Industrial

On the basis of region, the market is divided into:

• North Region

• East and Central Region

• West Region

• South Region

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Market Analysis

Various advantages offered by LED lights, such as improved physical strength, smaller size, faster switching, high durability, and lower heat production, contribute significantly to the development of the LED lighting industry in India. In addition, increasing customer perception of cost-effectiveness, improved life, improved performance, and the inherent eco-friendly value of LED lighting will continue to drive the sales in the retail, residential, and commercial sectors. Moreover, the Indian Government is supporting LED street lighting initiatives and providing LED lights at discounted rates. For example, over 2.1 million traditional street lights have been replaced by LED street lights throughout the region under the Street Lighting National Program (SLNP). In addition, the 'Make in India' initiative introduced by the Government has established electronics as a key sector and emphasises on attracting capital and technical investment in India.

Competitive Landscape 

The report gives a detailed analysis of the following key players in the Indian LED lighting market, covering their competitive landscape, capacity, and latest developments like mergers and acquisitions, investments, expansions of capacity, and plant turnarounds:

• Bajaj Electricals Limited

• Havells India Ltd

• Wipro Limited

• Goldmedal Electricals Pvt. Ltd

• Syska LED Lights Pvt Ltd

• Signify Holding

• Crompton Lamps Ltd

• Finolex Cables Ltd

• Corvi LED Pvt Ltd

• Halonix Technologies Private Limited

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report