According to the latest report by IMARC Group, titled “LED Bulb Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global LED bulb market size reached US$ 5.4 Billion in 2018. Light emitting diodes (LEDs) are one of the recent technological advancements in the lighting industry. The bulbs comprise numerous clusters of LEDs which are mounted on a base. In comparison with conventional bulbs, LED bulbs have a compact size, long lifespan, reduced energy consumption, and generate lower heat output. Moreover, they are eco-friendly, offer a better color rendering index (CRI) and contain zero toxic elements. Currently, they are available in different wattages, shapes and colors while some models are also equipped with dimmable controls. As a result of these benefits, LED bulbs are widely used in general lighting, signal and signage, healthcare, forensics, and street lighting.
On account of rapid urbanization, rising global population, and the boosting sales of consumer electronics, the overall electricity consumption is witnessing an increase across the globe. Moreover, the increasing use of electricity is not being supplemented by adequate electricity production which, in turn, is influencing the demand for energy-efficient products like LED bulbs. In line with this, manufacturers are using different advertising media like newspapers and televisions to increase consumer awareness about the advantages of these bulbs and expand their consumer base. Further, their demand is being propelled by awareness campaigns and policies introduced by governments in various countries for energy conservation and environmental protection. Looking forward, the market is projected to reach a value of US$ 9.5 Billion by 2024, at a CAGR of around 9.4% during 2019-2024.
- Based on the application, the market has been segregated into retrofit, retail and hospitality, outdoor, offices, architectural, residential and industrial. At present, retrofit accounts for the majority of the global market share, followed by retail and hospitality.
- Region-wise, the market has been classified into India, China, Europe, the United States, Japan, Brazil, Russia and Others. Amongst these, India enjoys the leading position in the market on account of numerous initiatives undertaken by the Government. For instance, the Government of India is changing all the street lights in public spaces with LED bulbs and sending notifications to commercial buildings to alter the existing downlights exclusively with LED bulbs. Moreover, it is encouraging the adoption of LED bulbs by offering support in the form of incentives and subsidies.
- The industry is concentrated in nature owing to the presence of a handful of manufacturers who compete against one another in terms of prices and quality.
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