LONDON—The global LED market is expected to post a CAGR of nearly 16% during the period 2018-2022, according to the latest market research report by Technavio.
With the decline in ASP of chips and components, the manufacturing cost of LEDs has declined significantly. This decline in manufacturing cost will be one of the major drivers in the global LED market. The installation of the LED lamps and fixtures across various application segments is also driven by the decrease in installation costs. Moreover, countries all around the world are concentrating on making investments in infrastructure development to meet the needs of the growing population. Governments of these countries are planning to install energy and cost-efficient lighting sources, which will boost the global LED market during the forecast period.
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As per Technavio, the rising number of households and rapid urbanization will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global LED Market: Rising Number of Households and Rapid Urbanization
The increasing demand for luxury homes and high-end residential societies is expected to accelerate the need for LED lamps and luminaires. Rapid urbanization is driving governments of various countries to invest in large-scale urban infrastructure projects. This will lead to increased investments in the installation of energy-efficient lighting sources such as LED lamps and luminaires to reduce electricity consumption and thus conserve resources. All these factors are expected to lead to the growth of the global LED market during the forecast period.
“The increasing traction of intelligent lighting systems and the new government policies for smart lighting are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Global LED Market: Segmentation Analysis
This market research report segments the global LED market by application (general lighting, backlighting, automotive lighting, and others) and geographical regions (Americas, APAC, and EMEA).
The APAC region led the market share in 2018, followed by Americas, and EMEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the increased adoption of LEDs in emerging economies including India and China coupled with the high concentration of consumer electronics manufacturers and the favorable regulatory environment in the region.
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Key topics covered in the report include:
Five Forces Analysis
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