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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global LED Bulb Market Size
The global LED bulb market was valued at USD 7.80 billion in 2023. The market is further estimated to grow at a steady CAGR of 9.7% during the forecast period of 2024-2032 to reach USD 17.99 billion by 2032.
Based on the application, the retrofit segment dominated the market in 2020, followed by retail and hospitality, as LED bulbs are swiftly replacing the conventional lighting systems. Regionally, India accounted for a significant share of the LED bulb market on account of the increase in the local manufacturing of LED products and several government initiatives.
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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