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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global LED Bulb Market Analysis
LED bulbs are widely used in various verticals such as automotive, healthcare, general lighting, mobile devices, forensic, signal and signage, street lighting, and academics. Owing to the rapid urbanisation and industrialisation in the emerging economies, the demand for LED bulbs is expected to increase across various end-use industries. Furthermore, escalating global population and increasing sales of consumer electronics is likely to create a surge in electricity consumption. Increasing consumption of electricity, however, has not been supplemented by adequate electricity production, which in turn led to the growing demand for energy-efficient products like LED bulbs.
Further, increasing installations primarily drive the LED bulb market. It includes lights used in streetlights, downlights, high bays, track lights, and suspended pendants for various applications. Also, manufacturers are using unique marketing initiatives through different advertising mediums such as newspapers and television to increase consumer awareness about the advantages of these bulbs and expand their consumer base. Additionally, various awareness campaigns and policies in various countries for environmental protection and energy conservation are expected to augment the demand for LED bulbs over the forecast period. Also, constant encouragement by government and other regulatory bodies, along with rising product awareness amongst the population, is expected to impel the market growth. As a result, LED bulbs have emerged as one of the significant energy-efficient lighting solutions, which are envisaged to drive the LED bulb market forward in the coming years.
LED Bulb Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global LED bulb market reached a value of USD 7.80 billion in 2023.
The market is projected to grow at a CAGR of nearly 9.70% in the forecast period of 2024-2032.
The market is estimated to reach a value of about USD 17.99 billion by 2032.
The major market drivers include rapid industrialisation, rising disposable incomes, increasing investments in infrastructural development, and surging sales of consumer electronics.
The introduction of favourable government initiatives to promote the use of LED lighting, the surging installations of LED bulbs in downlights and streetlights, and the growing demand for energy-efficient lighting solutions are the key trends guiding the market development.
North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the leading regions in the market.
Retrofit, retail and hospitality, outdoor, offices, architectural, residential, and industrial, among others, are the significant applications of LED bulb.
The leading players in the market are General Electric Company, Cree Lighting, Osram, and Signify Holding, among others.
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