LED Market | Declining Manufacturing Cost of LEDs to Boost the Market Growth | Technavio

Technavio has announced its latest market research report titled Global LED Market 2020-2024 (Graphic: Business Wire)

LONDON--()--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.

One of the key factors contributing to the growth of the global LED market is the declining manufacturing cost of LEDs. The manufacturing cost of LEDs has declined since 2012 and will continue to decrease during the forecast period primarily because of the declining ASP of chips and components used in the manufacturing process. The decrease in the installation costs drives the installation of the LED lamps and fixtures across all application segments. Megacities concentrate on investing in infrastructure development to meet the needs of the growing population. Governments of these countries are planning to install energy-efficient lighting sources to reduce electricity consumption. This will lead to the growth of the LED market.

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Report Highlights:

  • The major LED market growth came from general lighting segment. The general lighting segment is witnessing unprecedented demand for LEDs, largely due to the favorable government regulatory framework across the globe for LED lighting.
  • APAC was the largest LED market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The growing construction market, increasing government investments in infrastructure projects, and the presence of a large number of LED chip and packaging factories will significantly influence LED market growth in this 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 and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Growing Number of Households and Increasing Urbanization will be a Key Market Trend

The growing number of households and increasing urbanization is one of the significant LED market trends. The increase in urbanization is driving the installation of new lamps and LED luminaires, which in turn, will lead to a rise in unit shipments and revenue from LED products. Also, rapid urbanization is driving governments of various countries to invest in large-scale urban infrastructure projects. Such factors will drive LED market growth during the forecast period.

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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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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • 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

Customer landscape

  • Overview

Geographic Landscape

  • 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

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Acuity Brands Inc.
  • Bridgelux Inc.
  • Cree Inc.
  • Eaton Corp. plc
  • Lumileds Holding BV
  • NICHIA Corp.
  • OSRAM GmbH
  • Signify Holding


  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

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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.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Release Summary

The Global LED Market will grow by USD 25.78 bn during 2020-2024


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/