According to the latest report by IMARC Group, titled “Indian LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the Indian LED lighting market was worth US$ 1.5 Billion in 2017. Light-emitting diode (LED) is a semiconductor which produces light when an electric current is passed through it. Also known as solid-state lighting, LED lights have potential benefits over halogen, fluorescent and incandescent lights such as energy-efficiency, longer lifespan and extremely low power consumption. Owing to these factors, they are readily replacing traditional light bulbs in India. Moreover, as LEDs are increasingly being used in automotive headlamps, aviation, general lighting, advertising, lighted wallpapers, medical devices, camera flashes and traffic signals, the LED lighting market is expanding in the country. Apart from this, the entry of Chinese LED light manufacturers in India has encouraged Indian manufacturers to offer innovative products.
Indian LED Lighting Market Trends:
Numerous advantages offered by LED lights including improved physical robustness, smaller size, faster switching, high durability, lower heat output, etc. are majorly contributing to the growth of the LED lighting industry across the region. Further, rising consumer awareness regarding the cost-effectiveness, enhanced life, better efficiency and inherent eco-friendly nature of LED lights will continue to drive their sales in the industrial, residential and commercial sectors. Additionally, the Indian government is promoting LED street lighting projects and providing LED lights at subsidized rates. For instance, under the Street Lighting National Program (SLNP), over 2.1 million conventional streetlights have been replaced with LED streetlights across the country. Furthermore, the ‘Make in India’ initiative launched by the Government has marked electronics as a core sector and focuses on attracting capital and technological investments in India. Due to these factors, the market is projected to reach a value of US$ 9.0 Billion by 2023, expanding at a CAGR of 34.3% during 2018-2023.
Indian LED Lighting Market Summary:
- On the basis of product type, bulb and tube lights represent the most popular type of LED lighting products, holding the largest market share. They are followed by panel lights, street lights, down lights, flood lights, and others.
- Based on application, commercial applications dominate the Indian LED lighting market, accounting for one-third of the overall market share. They are followed by residential, institutional and industrial applications.
- The LED lighting industry in India is dominated by a handful of players who have a significant control over the price of the final product. Some of the leading players operating in the market are Signify NV, Surya, Crompton, Bajaj, Halonix and Havells.
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