LONDON--(BUSINESS WIRE)--The global LED market size is poised to grow by USD 25.78 billion during 2020-2024, progressing at a CAGR of almost 13% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The manufacturing cost of LEDs has declined steadily over the years. This is due to the reduction in the average selling price of chips and components used in the manufacturing process. In addition, governments are offering subsidies for the purchase of semiconductor equipment such as metal-organic chemical vapor deposition (MOCVD) used in the manufacture of LEDs. This has further reduced the cost of LEDs and increased their demand. Hence, LED manufacturers are focusing on increasing their production capacities to meet the growing demand. All these factors are contributing to the growth of the global LED market.
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- The major LED market growth came from the LED luminaires segment in 2019 and is expected to dominate the market throughout the forecast period. This is due to the increased adoption of LED luminaires, such as downlights in the residential, office, and retail sectors.
- APAC was the largest market for LEDs in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to the proliferation of multinational companies in the region.
- The global led market is highly fragmented. Acuity Brands Inc., Bridgelux Inc., Cree Inc., Eaton Corp. plc, GENERAL ELECTRIC, LG INNOTEK, Lumileds Holding BV, NICHIA Corp., OSRAM GmbH, and Signify Holding are some of the major market participants. To help clients improve their market position, this led market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global led market 2020-2024 is expected to have negative growth. As the pandemic spreads in some regions and plateaus in other regions, we continue to evaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/led-market-industry-analysis
The growing adoption of energy-efficient lighting technologies will be key market trend
Lighting consumes about 20% of global electricity production. With the increasing demand for lighting, governments across the world are encouraging the adoption of energy-efficient lighting technologies such as LED, CFL, LFL, and halogen lights. LEDs in particular are more energy-efficient. They consume 75% less energy than traditional bulbs and can last 25 times longer. These factors are increasing the adoption of LED, which is fueling the market growth.
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LED Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist led market growth during the next five years
- Estimation of the led market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the led market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of led market vendors
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- Market Overview
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five Forces Summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product placement
- Luminaires - Market size and forecast 2019-2024
- Lamps - Market size and forecast 2019-2024
- Market opportunity by Product
Market Segmentation by Application
- Market segments
- Comparison by Application placement
- General lighting - Market size and forecast 2019-2024
- Automotive lighting - Market size and forecast 2019-2024
- Backlight - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by Application
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher priced units
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Acuity Brands Inc.
- Bridgelux Inc.
- Cree Inc.
- Eaton Corp. plc
- GENERAL ELECTRIC
- LG INNOTEK
- Lumileds Holding BV
- NICHIA Corp.
- OSRAM GmbH
- Signify Holding
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.