Global LED Bulb Market to Grow at 10.7% During 2024-2032, Bolstered by Introduction of Smart Lighting Solutions

The latest report by IMARC Group, titled “LED Bulb Market Report by Application (Retrofit, Retail and Hospitality, Outdoor, Offices, Architectural, Residential, Industrial), and Region 2024-2032,” finds that the global LED bulb market reached a value of US$ 9.2 Billion in 2023. Light emitting diode (LED) bulbs refer to semiconductor devices that emit light when an electric current passes through them. They are highly efficient, reliable and cost-effective and offer a longer life span than incandescent lights. These bulbs are used in lighting fixtures as a cluster of LEDs are mounted on a single base, packed in diffuser lenses to spread light across defined spaces. They provide around 50,000 hours of illumination while consuming a minimal amount of energy. In recent years, LED bulbs have gained prominence over CFL and CCFL lightings due to the low cost of operation and reduced head losses. As a result, they find applications in restaurants, hotels, cafes, and automotive lightings.

Global LED Bulb Market Trends: 

The market is primarily driven by the increasing demand for energy-saving solutions across the globe. Besides this, governments of various countries are imposing stringent regulations to ban and limit the use of inefficient lighting technologies. Due to this, they are offering rebates and retrofit programs to promote LED lighting products, thereby propelling the market growth. In addition to this, the continuous decline in LED bulbs prices and their easy availability is also significantly escalating their demand. In recent years, the growing consciousness regarding the need to save energy has led to a shift from conventional to green lighting solutions. Owing to this, leading manufacturers are introducing smart lighting solutions, such as LED bulbs, thereby fueling the market growth. Factors, such as rapid urbanization and rising income levels are also boosting electricity consumption, which, in turn, is supporting the sales of LED bulbs for both commercial and residential applications. Looking forward, the market is expected to grow at a CAGR of 10.7% during 2024-2032.

Market Summary: 

• Based on the application, the market has been segmented into retrofit, retail and hospitality, outdoor, offices, architectural, residential, and industrial. Currently, retrofits dominate the market, representing the largest application segment.
• Region-wise, India holds the leading position in the market. Other major regions are China, Europe, the United States, Japan, Brazil, Russia, and others.
• The competitive landscape of the market has been examined, with some of the key players being Nichia Corporation, Osram GmbH, Samsung Electronics, and Everlight Electronics.

Report Coverage:

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