The global LED bulb market reached a value of US$ 5.3 Billion in 2018. The market is further projected to reach a value of US$ 9.5 Billion by 2024, expanding at a CAGR of 9.4% during the year 2019-2024. LED (light emitting diode) bulb refers to an electric lamp comprising of numerous clusters of LEDs which are mounted on a base. In contrast with the conventional lighting sources, such as incandescent and fluorescent lights, LED bulbs are associated with innumerable advantages which include a compact size, longer lifespan, lower energy consumption and production of less heat output. Additionally, these bulbs are available in different watts, colours, shapes and dimmable control. On account of this, LED bulbs are being commonly used in the industrial, commercial and residential sectors worldwide.
Global LED Bulbs Market Drivers:
- Currently, power consumption has been witnessing an increase across the world. The high rate of power consumption can be attributed to a rise in population worldwide, steep subsidies for electrical power by several countries and limited attempts to rationalise the consumption. Mounting consumption of electricity, however, has not been supplemented by adequate electricity production which is leading to a power crisis. Owing to this, there is a strong demand for energy-efficient products such as LED bulbs.
- Manufacturers are undertaking unique marketing initiatives through various advertising mediums such as newspaper, television, etc. so as to expand their consumer-base. In addition to this, constant encouragement by government and other regulatory bodies, coupled with rising product awareness amongst the population is anticipated to impel the market growth.
- Over the past few years, there has been a growing trend of promoting environmental protection and energy conservation. For instance, governments in some of the markets, such as China, India, etc., have been encouraging the use of LED lights in their respective countries. As a result, LED bulbs have emerged as one of the major energy-efficient lighting solutions which is envisaged to drive the market forward in the coming years.
- LED bulbs are widely used in automotive, general lighting, mobile devices, signal and signage, healthcare, forensic, street lighting and academics. On account of rapid urbanisation and industrialisation in the developing countries, we expect the demand for LED bulbs to increase across various end-use industries in the long run.
Breakup by Application:
Based on application, the market is segregated as retrofit, retail and hospitality, outdoor, offices, architectural, residential and industrial. Amongst these, retrofit represents the biggest application of LED bulbs as it has been swiftly replacing the conventional lighting system.
On a geographical front, India enjoys the leading position in the global LED bulbs market. This is due to an increase in the local manufacturing of LED products in the country. India is followed by China, Europe, United States, Japan, Brazil, Russia and Others.
The LED bulb market is concentrated in nature with the presence of a few manufacturers who account for the majority of the market share. There prevails a tough competition in the market as these manufacturers are dominating the market, in turn, keeping a tight control over the prices of LED bulbs. Some of the leading players operating in the market are:
- Samsung Electronics
- Everlight Electronics
This report provides a deep insight into the global LED bulb industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a LED bulb manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, 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 bulb industry in any manner.
Key Questions Answered in This Report:
- How has the global LED bulb market performed so far and how will it perform in the coming years?
- What are the key regional markets in the global LED bulb industry?
- What are the major application segments in the global LED bulb industry?
- What are the various stages in the value chain of the global LED bulb industry?
- What are the key driving factors and challenges in the global LED bulb industry?
- What is the structure of the global LED bulb industry and who are the key players?
- What is the degree of competition in the global LED bulb industry?
- What are the profit margins in the global LED bulb industry?
- What are the key requirements for setting up a LED bulb manufacturing plant?
- How are LED bulbs manufactured?
- What are the various unit operations involved in a LED bulb manufacturing plant?
- What is the total size of land required for setting up a LED bulb manufacturing plant?
- What are the machinery requirements for setting up a LED bulb manufacturing plant?
- What are the raw material requirements for setting up a LED bulb manufacturing plant?
- What are the packaging requirements for LED bulb?
- What are the transportation requirements for LED bulb?
- What are the utility requirements for setting up a LED bulb manufacturing plant?
- What are the manpower requirements for setting up a LED bulb manufacturing plant?
- What are the infrastructure costs for setting up a LED bulb manufacturing plant?
- What are the capital costs for setting up a LED bulb manufacturing plant?
- What are the operating costs for setting up a LED bulb manufacturing plant?
- What will be the income and expenditures for a LED bulb manufacturing plant?
- What is the time required to break-even?