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The Indian LED Lighting market reached a value of US$ 3.58 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 28.3% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
LED lights have emerged as a powerful source for lighting over the past several years. Due to their numerous advantages over conventional lighting technology, they have swiftly gained prominence in the Indian lighting market. Although Indian LED lighting market is at a nascent stage, it offers innumerable opportunities for growth over the next few decades. As India represents one of the biggest lighting markets, it offers a lucrative option for LED manufacturers to set up their facilities in the region. Skilled labour, ease of doing business and demographic advantages provides a sustainable environment for the LED industry.
Currently, the demand for LED lighting systems is primarily concentrated in the North and South regions due to growing urbanization rates and increasing number of government initiatives that encourage the use of LED lights. The government’s support through various regulations that promote the investments in energy efficient lighting technologies have expanded the applications of LED lights across various industrial, commercial and residential sectors.
A rapidly growing automotive industry also provides productive opportunities for the use of LEDs in head lamps, rear lamps, turn signal and brake lights. Other important factors such as increasing infrastructural investments, rapid growth of street lighting systems, decline in average prices of LEDs and various government and upcoming smart building projects are expected to drive the demand of LED lights in India.
IMARC’s latest study “Indian LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026” provides a techno-commercial roadmap for setting up an LED manufacturing plant. The study, which has been done by one of the world’s leading research and advisory firms, covers all the requisite aspects of the India LED lighting market. This ranges from macro overview of the market to micro details of the industry performance, processing and manufacturing requirements, project cost, project funding, project economics including expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the LED industry in any manner.
Technical and Financial Analysis:
Indian LED lighting market is highly fragmented with the presence of several small and large manufacturers competing in terms of price and quality. Some of the major players in the market are:
Key Questions Answered in This Report:
The Indian LED lighting market was valued at US$ 3.58 Billion in 2020.
We expect the Indian LED lighting market to exhibit a CAGR of 28.3% during 2021-2026.
The elevating levels of urbanization, along with the launch of several government initiatives that encourage the use of LED lights are some of the factors driving the Indian LED lighting market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations in India resulting in temporary halt in numerous construction and remodeling activities, thereby limiting the demand for LED lights.
Based on the product type, the Indian LED lighting market has been bifurcated into bulbs and tube lights, panel lights, street lights, down lights, and others. Currently, bulbs and tube lights hold the majority of the total market share.
Based on the application, the Indian LED lighting market can be divided into commercial applications, residential applications, institutional applications, and industrial applications. Among these, commercial applications currently represent the largest segment.
On a regional level, the market has been classified into North India, West and Central India, East India, and South India, where North India dominates the Indian market.
Some of the major players in the Indian LED lighting market include Philips, Surya, Crompton, Bajaj, Halonix, HQ Lamps, Osram and Havells, etc.
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