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LED Market by Application, Product, and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR41086
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The LED market share is expected to increase by USD 96.82 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 13.10%.

This LED market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers LED market segmentation by application (general lighting, backlighting, automotive lighting, and others), geography (APAC, Europe, North America, South America, and MEA), and product (luminaires and lamps). The LED market report also offers information on several market vendors, including Acuity Brands Inc., ams AG, Bridgelux Inc., Eaton Corp. Plc, General Electric Co., LumiLEDs Holding BV, Nichia Corp., Signify NV, SMART Global Holdings Inc., and WOOREE E and L Co. Ltd. among others.

What will the LED Market Size be During the Forecast Period?

LED Market Size

Download the Free Report Sample to Unlock the LED Market Size for the Forecast Period and Other Important Statistics

 

LED Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The declining manufacturing cost of LEDs is notably driving the LED market growth, although factors such as high average cost per fixture may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the LED industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key LED Market Driver

One of the key factors driving growth in the LED market is the growing adoption of energy-efficient lighting technologies. The increase in demand for lighting has resulted in a rising demand for electricity. As lighting consumes about 20% of the global electricity production, governments of many countries are focusing on promoting energy-efficient lighting technologies. In some countries, governments have banned the use of incandescent bulbs. This, in turn, is expected to result in the high adoption of other energy-efficient lighting technologies, including halogen, CFL, LFL, and LED. Manufacturers of lighting products have started focusing on energy-efficient and environment-friendly lighting solutions because of increasing awareness of green technology and decreasing the price of LEDs. This is expected to have a positive impact on the growth of the global LED market during the forecast period.

Key LED Market Trend

The growing number of households and urbanization is a LED market trend that is expected to have a positive impact in the coming years. The increase in urbanization is driving the installation of new lamps and LED luminaires, which, in turn, will lead to an increase in unit shipments and, thereby, revenue from LED products. More than half of the global population lives in urban areas, which is expected to increase further. APAC is the major contributor to the increase in urbanization across the world. Over the next three decades, more than half of the increase in the global urban population will occur in Asia, particularly in China and India. The LED market in China will observe high growth because of the increasing demand for luxury homes and high-end residential areas, which is expected to accelerate the demand for LED lamps and luminaires. Brazil is becoming a popular destination among commercial business entities. This is leading to the rapid urbanization of many areas of Brazil, including Rio de Janeiro and Sao Paulo. Rapid urbanization drives the governments of various countries to invest in large-scale urban infrastructure projects. Megacities concentrate on investing in infrastructure development to meet the needs of the growing population. All these factors are expected to lead to the growth of the global LED market during the forecast period.

Key LED Market Challenge

The high average cost per fixture will be a major challenge for the LED market during the forecast period. Despite the declining ASPs of LED lighting products worldwide, adoption is a challenge because of the high average cost per fixture. The initial costs incurred by customers for the installation of LED lighting fixtures are comparatively much higher than that of traditional incandescent or halogen bulbs. This initial cost includes the cost of LED fixtures such as wires as well as labor costs. There are a few challenges related to the use of LEDs. For instance, in newly built homes, wiring is not a concern while installing LED bulbs. However, older homes might require renovation of the electrical system for the safe installation of LED bulbs, which increases the installation cost of LED bulbs. Moreover, if consumers are opting for smart lighting solutions, they incur additional costs on procurement and installation of the required IoT infrastructure.

This LED market analysis report also provides detaiLED information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global LED market as a part of the global semiconductors market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the LED market during the forecast period.

Who are the Major LED Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Acuity Brands Inc.
  • ams AG
  • Bridgelux Inc.
  • Eaton Corp. Plc
  • General Electric Co.
  • LumiLEDs Holding BV
  • Nichia Corp.
  • Signify NV
  • SMART Global Holdings Inc.
  • WOOREE E and L Co. Ltd.

 

This statistical study of the LED market encompasses successful business strategies deployed by the key vendors. The LED market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Bridgelux Inc. - The company offers wide range of LED lighting such as V Series HD, EB Series, and others.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The LED market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

LED Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the LED market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the semiconductors market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for LED Market?

LED Market Market segmentation by region

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50% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for LEDs in APAC. Market growth in this region will be faster than the growth of the market in the North American and MEA regions.

The increased demand for LED solutions from the residential and commercial segments will facilitate the LED market growth in APAC over the forecast period. This market research report entails detaiLED information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the COVID-19 pandemic led to the imposition of lockdowns in many countries. The lockdowns led to the temporary closure of the production units of LEDs, which negatively impacted the sales for LEDs in the region in 2020. However, the market is expected to recover during the forecast period as vaccination drives are increasing in the region, resulting in the resumption of industrial activities. Hence, the regional LED market is expected to witness growth during the forecast period.

What are the Revenue-generating Application Segments in the LED Market?

LED Market Segmentation

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The LED market share growth by the general lighting segment will be significant during the forecast period. The general lighting segment is witnessing unprecedented demand for LEDs, largely due to the favorable government regulatory framework across the globe for LED lighting. For instance, the Indian government launched a campaign called the Domestic Efficient Lighting Program. Under this program, LED lights were distributed at a subsidized rate throughout the country, and many promotional activities were encouraged to spread general awareness about the use of LED lighting and energy-savings. Similarly, governments across the globe are extensively focusing on the implementation of energy-efficient lighting solutions, which is driving the penetration of LEDs in the general lighting segment.

This report provides an accurate prediction of the contribution of all the segments to the growth of the LED market size and actionable market insights on post COVID-19 impact on each segment.

 

LED Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 13.10%

Market growth 2021-2025

$ 96.82 billion

Market structure

Fragmented

YoY growth (%)

4.22

Regional analysis

APAC, Europe, North America, South America, and MEA

Performing market contribution

APAC at 50%

Key consumer countries

China, US, Japan, India, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiLED

Acuity Brands Inc., ams AG, Bridgelux Inc., Eaton Corp. Plc, General Electric Co., LumiLEDs Holding BV, Nichia Corp., Signify NV, SMART Global Holdings Inc., and WOOREE E and L Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this LED Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • 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 industry across APAC, Europe, North America, South America, and MEA
  • 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 Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • 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
    • Luminaires - Market size and forecast 2020-2025
    • Lamps - Market size and forecast 2020-2025
    • Market opportunity by Product

    Market Segmentation by Application

    • Market segments
    • Comparison by Application
    • General lighting - Market size and forecast 2020-2025
    • Automotive lighting - Market size and forecast 2020-2025
    • Backlight - Market size and forecast 2020-2025
    • Others - Market size and forecast 2020-2025
    • Market opportunity by Application

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • APAC - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • North America - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Acuity Brands Inc.
      • ams AG
      • Bridgelux Inc.
      • Eaton Corp. Plc
      • General Electric Co.
      • Lumileds Holding BV
      • Nichia Corp.
      • Signify NV
      • SMART Global Holdings Inc.
      • WOOREE E and L Co. Ltd.

      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
      Technavio

      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
      Technavio

      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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      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.
      • What are the key global market and the regional market share?
      • What are the revenue-generating key market segments?
      • What are the key factors driving and challenging this market’s growth?
      • Who are the key market vendors and their growth strategies?
      • What are the latest trends influencing the growth of this market?
      • What are the variables influencing the market growth in the primary regions?
      • What are the factors influencing the growth of the parent market?
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      • Details on the market shares of various regions
      • Five-force market analysis

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