LED Market by Application, Product, and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR41086
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The LED market size will grow by $25.78 billion during 2020-2024. The market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.

This report provides a detailed analysis of the market by application (general lighting, backlighting, automotive lighting, and others), product (luminaires and lamps), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Acuity Brands Inc., Bridgelux Inc., Cree Inc., Eaton Corp. plc, GENERAL ELECTRIC, LG INNOTEK, Lumileds Holding BV, NICHIA Corp., OSRAM GmbH, and Signify Holding.

Market Overview

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Market Competitive Analysis

The global LED market is highly fragmented and is defined by the presence of well-diversified international and regional vendors. The international players are increasing their footprint globally as LED becomes the go-to lighting technology. This creates significant challenges for regional vendors who cannot compete based on quality, technology, and price. Moreover, the international players are engaging in the acquisition of the regional or local players to grow and expand their product lines and gain a competitive advantage over their competitors. A majority of the vendors in the market are manufacturers of lighting solutions that are extensively focusing on the LED lighting segment. LG INNOTEK, Lumileds Holding BV, NICHIA Corp., OSRAM GmbH, and Signify Holding are some of the major market participants. Although the declining manufacturing cost of LEDs will offer immense growth opportunities, the high average cost per fixture will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this LED market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this LED market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Acuity Brands Inc.
  • Bridgelux Inc.
  • Cree Inc.
  • Eaton Corp. plc
  • GENERAL ELECTRIC
  • LG INNOTEK
  • Lumileds Holding BV
  • NICHIA Corp.
  • OSRAM GmbH
  • Signify Holding

LED Market: Segmentation by Region

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APAC was the largest LED market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The growing construction market, increasing government investments in infrastructure projects, and the presence of a large number of LED chip and packaging factories will significantly influence LED market growth in this region.

50% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for LEDs in APAC. Market growth in this region will be slower than the growth of the market in North America.

LED Market: Segmentation by Application

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The general lighting segment is witnessing unprecedented demand for LEDs, largely due to the favorable government regulatory framework across the globe for LED lighting. Market growth in this segment will be slower/faster than the growth of the market in the other application segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the LED market size.

LED Market: Key Drivers and Trends

One of the key factors contributing to the growth of the global LED market is the declining manufacturing cost of LEDs. The manufacturing cost of LEDs has declined since 2012 and will continue to decrease during the forecast period primarily because of the declining ASP of chips and components used in the manufacturing process. The decrease in the installation costs drives the installation of the LED lamps and fixtures across all application segments. Megacities concentrate on investing in infrastructure development to meet the needs of the growing population. Governments of these countries are planning to install energy-efficient lighting sources to reduce electricity consumption. This will lead to the growth of the LED market.

The growing number of households and increasing urbanization is one of the significant LED market trends. The increase in urbanization is driving the installation of new lamps and LED luminaires, which in turn, will lead to a rise in unit shipments and revenue from LED products. Also, rapid urbanization is driving governments of various countries to invest in large-scale urban infrastructure projects. Such factors will drive LED market growth at a CAGR of almost 13% during the forecast period.

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LED Market: Key Highlights of the Report for the Forecast Period 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive led market growth during the next five years
  • Precise estimation of the led market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the led market industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of led market vendors

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product placement
  • Luminaires - Market size and forecast 2019-2024
  • Lamps - Market size and forecast 2019-2024
  • Market opportunity by Product

Market Segmentation by Application

  • Market segments
  • Comparison by Application placement
  • General lighting - Market size and forecast 2019-2024
  • Automotive lighting - Market size and forecast 2019-2024
  • Backlight - Market size and forecast 2019-2024
  • Others - Market size and forecast 2019-2024
  • Market opportunity by Application

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Acuity Brands Inc.
  • Bridgelux Inc.
  • Cree Inc.
  • Eaton Corp. plc
  • GENERAL ELECTRIC
  • LG INNOTEK
  • Lumileds Holding BV
  • NICHIA Corp.
  • OSRAM GmbH
  • Signify Holding

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The led market growth will increase by $25.78 billion during 2019-2024.
The led market is expected to grow at a CAGR of 12.78% during 2019-2024.
Technavio has segmented the led market by product (Luminaires, Lamps, Luminaires, and Lamps) and application (General lighting, Automotive lighting, Backlight, and Others).
Acuity Brands Inc., Bridgelux Inc., Cree Inc., Eaton Corp. plc, GENERAL ELECTRIC, LG INNOTEK, Lumileds Holding BV, NICHIA Corp., OSRAM GmbH, Signify Holding are a few of the key vendors in the led market.
APAC will register the highest growth rate of 49.57% among the other regions. Therefore, the led market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
  • China
  • US
  • Japan
  • Germany
  • UK
The key factors driving the led market growth are:
  • Declining manufacturing cost of LEDs
The led market vendors should focus on grabbing business opportunities from the luminaires segment as it accounted for the largest market share in the base year.
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