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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
LED Market Regional Analysis
The Asia Pacific market to significantly contribute to the overall market growth, led by favourable government policies
The APAC market for LED is being driven by the rising number of consumers preferring LEDs over conventional CFL and CCFL due to the advanced features offered by the LEDs. In addition, LED is a cost-effective solution for any lighting and other applications purposes like backlighting in automotive lighting and large screen displays, among others. Such vast applications of LED are providing a boost to the market growth in the region, which is fuelled by a robustly increasing population.
The overall LED sector is positively influenced by the rise in utility rebates, increasing focus by the government on energy-saving solutions, along with the expanding display and large screen backlighting market.
North America is anticipated to witness a spur in the market, aided by energy-efficiency regulations
LED adoption in the U.S. is driven by energy efficiency regulations and rebates. LEDs are widely used for residential, commercial, and industrial lighting. The U.S. is also a hub for LED research and development. Similar to the U.S., Canada promotes energy-efficient lighting through regulations and incentives. LEDs are commonly used in both residential and commercial 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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