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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global LED Market Size
The global LED market is growing with the expansion of the LED lighting sector. The global LED lighting market is expected to grow at a CAGR of 11.8% in the forecast period of 2024-2032.
LEDs represent electronic components that can convert electric energy into light. LEDs stay much cooler than incandescent lights, reducing the risk of combustion or burns. As they are made with epoxy lenses, they are highly resistant to breakage. Besides this, they are energy-efficient, long-lasting, and easy to install.
LEDs emit visible light when electrons within the semiconductor material recombine with electron holes, releasing energy in the form of photons. Since they emit light in a controlled and directional manner, they are suitable for a wide range of applications, from lighting to displays.
LEDs are highly energy-efficient compared to traditional lighting technologies like incandescent and fluorescent bulbs. They consume significantly less electricity, resulting in substantial energy cost savings and reduced greenhouse gas emissions. In present time, LED lighting has become the preferred choice for energy-efficient and long-lasting illumination in homes, offices, streetlights, and other applications.
LED 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
In 2023, the global LED market attained a value of nearly USD 74.06 billion.
The market is projected to grow at a CAGR of 11.8% between 2024 and 2032.
The major industry drivers include the growing demand for electronics devices, adoption of signals and signages from various companies, institutions, or government, increasing focus by the government on energy saving solutions, expanding display and large screen backlighting market, and rising number of consumers preferring LEDs over conventional CFL and CCFL.
The key market trends guiding the growth of the industry include the easy visibility and attraction of the LED lights outside shops which enables the consumers to spot the new shop easily and various applications of LED lights in activities, such as photography, interior designing.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with Asia Pacific accounting for significant share in the market.
Pinned LED, surface mount LED (SMD LED), and chip on board LED, among others are the types of LEDs in the market.
Basic LED, micro-LED, high brightness LED, OLED, ultra violet LED, and polymer LED, among others, are the technologies in which the industry can be segmented into.
Lighting, automotive, electronic devices, signal and signage, among others are the different applications of the product.
The major players in the industry are OSRAM Licht AG, Nichia Corporation, Signify N.V, Lumileds Holding B.V., Seoul Semiconductor Co Ltd., LG Electronics Inc., Samsung Electronics Co. Ltd., PlayNitride Inc., and Cambridge Display Technology Limited., among others.
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