Global LED Market to Reach US$ 117 Billion by 2024

With technological advancements, manufacturing efficiency and decline in the prices, the global market for LEDs has witnessed a strong growth over a period of time. According to a new report by Expert Market Research, the global LED market reached a value of US$ 69 Billion in 2018 and is further expected to reach US$ 117 Billion by 2024. Owing to the growing environmental concerns and increasing expenses on electricity generation, governments’ regulations have become more stringent, encouraging the penetration of energy-efficient light sources like LED lights. Moreover, a rising demand for LEDs in high-tech products such as flat TVs, digital cameras, smart phones and automotives has also propelled the growth aspects of the LED market.

Key findings from the report:

• The two lighting products are LED lamps and modules, and LED fixtures.
• The major end-uses of LED lights are in retrofit, retail and hospitality, outdoor, office, architectural, homes, industry and others. In 2018, retrofit was the biggest end-use sector with a share of more than a third of the global market. It was followed by retail and hospitality, outdoor, offices, architectural, homes, industry and others.
• Region-wise, China dominated the market with a share of more than one-fifth of the global LED market. It was followed by Europe, North America, Asia-Pacific, Japan, Middle East & Africa and Latin America.
• Being fragmented in nature, the global LED market is surrounded by a number of small and big players. In 2018, Nichia was the biggest player in the market with a share of nearly a fifth of the total LED sales. It was followed by Osram, Samsung Electronics, Everlight Electronics, LG Innotek, Epistar, Seoul Semiconductor, Cree, Lumileds, Mulinsen and others.

Click here for the summary of report: https://www.expertmarketresearch.com/reports/led-market

Expert Market Research has analysed the global LED market according to lighting product, end-use, major regions and top players:

Market breakup by Lighting Product

• LED Lamps and Modules
• LED Fixtures

Market breakup by End-use

• Retrofit
• Retail and Hospitality
• Outdoor
• Office
• Architectural
• Homes
• Industry
• Others

Market breakup by Region

• China
• Europe
• North America
• Asia Pacific
• Japan
• Middle East and Africa
• Latin America

Top players

• Nichia
• Osram
• Samsung Electronics
• Everlight Electronics
• LG Innotek
• Epistar
• Seoul Semiconductor
• Cree
• Lumileds
• Mulinsen

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