Latin America LED Lighting Market Report and Forecast 2024-2032

Latin America LED Lighting Market Outlook

The Latin America LED lighting market size was valued at USD 5.60 billion in 2023. The market is further projected to grow at a CAGR of 5.2% between 2024 and 2032, reaching a value of USD 8.88 billion by 2032.

Key Takeaways

• According to the International Energy Agency (IEA), residential LED sales have increased significantly in recent years, rising from around 5% of the market in 2013 to about 50% in 2022. 

• As per industry reports, the market is driven by the lower costs of LED lighting, which have made it more accessible to a wider range of consumers. 

• The region has made significant progress in access to electricity in recent decades, reaching 97.6% of the population in 2021, which drives the Latin America LED lighting market growth.

• Countries such as China, Brazil, Colombia, Mexico, France, Spain, and Germany have imposed a complete ban on the sale of incandescent lamps to encourage the adoption of LED lights due to their cost-effectiveness and a longer lifespan.

One of the major trends in the market is retrofitting existing lighting systems with LED lighting due to its cost-effectiveness. The most popular types of LED lighting in Latin America are LED lamps and LED luminaires, which are used for both indoor and outdoor lighting purposes.

Moreover, government investments in infrastructure, such as Mexico's investment in improving school infrastructure, contribute to the growth of the LED lighting market. The Chilean government's initiatives to connect Santiago's underground metro system to the airport and construct a 12 km light rail link are also expected to drive the demand for LED lighting in the region. Thus, the commercial sector holds a significant market share due to the growing demand for energy-efficient lighting solutions in commercial applications, such as offices, retail stores, hotels, and restaurants.

Another significant trend in the LED lighting market in Latin America is the integration of lighting and music, as seen in the Philips Hue app's pioneering integration with Spotify. This enhances the overall smart lighting experience. Additionally, the increasing awareness about the benefits of LED lighting, such as long lifespan, low energy consumption, and low maintenance costs, is also contributing to the growth of this segment.

The growing demand for energy-efficient lighting solutions in industrial applications, such as factories, warehouses, and manufacturing units, is driving the growth of industrial segment. The growing demand for energy-efficient lighting solutions in government applications, such as public buildings, street lighting, and traffic signals, is driving the growth of this segment. The highway and roadway sector segment is also witnessing growth due to high demand for LED lighting solutions in street lighting, highways, and bridges.

Market Segmentation

Latin America 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

• Brazil

• Mexico

• Argentina

• Others

Competitive Landscape

Market players are strategically investing in R&D activities to expand their product lines, improve efficiency, and cater to the evolving needs of consumers seeking cost-effective LED lighting solutions.

• Signify NV 

• OSRAM Licht AG  

• SMART Global Holdings, Inc.  

• Acuity Brands, Inc. 

• Eaton Corporation Plc  

• EVERLIGHT Electronics Co., Ltd. 

• Dialight Plc 

• OPPLE Lighting Co., Ltd.  

• Green Ray 

• SX Group 

• Others

Key Highlights of the Report