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Indian LED Lighting Market Share, Size, Trends, Growth: By Product: Panel Lights; Down Lights, Street Lights, Tube Lights, Bulbs, Others; By Application: Commercial, Residential, Institutional, Industrial; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
Indian LED Lighting Market Outlook
The Indian LED lighting market is expected to grow at a CAGR of 23.4% in the forecast period of 2024-2032.
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Owing to various supporting factors, conventional light bulbs in India are easily being replaced by LED lights. Furthermore, as LEDs are progressively used in automotive headlamps, aviation, general lighting, advertising, lighted wallpapers, medical devices, camera flashes as well as traffic signals, the LED lighting market is expanding throughout the country. In addition, the entry of Chinese LED light producers in India has enabled Indian manufacturers to offer innovative products. The Northern Region has the highest proportion of sales in India's overall market, followed by the Southern Region. Supported by various upcoming infrastructural projects throughout residential, industrial, and commercial areas across the country, the market for LED lighting is likely to see strong growth in the forecast years.
The Indian LED lighting market has seen an increase due to population growth and subsequent urbanisation in the historical period. With a growing rate of electricity use, demand for an environmentally sustainable and cost-effective lighting solution is also gaining momentum. Thus, LED lighting has begun to dominate the general lighting market of India tremendously in recent years. Several government schemes, like Unnat Jyoti by Affordable LEDs for All (UJALA) as well as Street Lighting National Program (SLNP), has remained India's largest demand generator for LED lighting. The goal of these initiatives is to raise consumer awareness of the adoption of LED bulbs over traditional lighting sources like incandescent bulbs, CFL, and halogen lights. For example, under the SLNP, the Government plans to replace more than 1.34 crore traditional street lights in India, of which approximately 1.04 crore street lights have already been replaced as of November 2020.
Market Segmentation
Light-emitting diode (LED) refers to a semiconductor that emits light as the electrical current passes through it. Often known as solid-state lighting, LED lights have potential advantages over halogen, fluorescent, and incandescent lights like energy efficiency, longer lifetime, and exceptionally low power consumption.
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The market on the basis of product is segmented into:
- Panel Lights
- Down Lights
- Street lights
- Tube Lights
- Bulbs
- Others
It finds applications in the following sectors:
- Commercial
- Residential
- Institutional
- Industrial
On the basis of region, the market is divided into:
- North Region
- East and Central Region
- West Region
- South Region
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Market Analysis
Various advantages offered by LED lights, such as improved physical strength, smaller size, faster switching, high durability, and lower heat production, contribute significantly to the development of the LED lighting industry in India. In addition, increasing customer perception of cost-effectiveness, improved life, improved performance, and the inherent eco-friendly value of LED lighting will continue to drive the sales in the retail, residential, and commercial sectors. Moreover, the Indian Government is supporting LED street lighting initiatives and providing LED lights at discounted rates. For example, over 2.1 million traditional street lights have been replaced by LED street lights throughout the region under the Street Lighting National Program (SLNP). In addition, the 'Make in India' initiative introduced by the Government has established electronics as a key sector and emphasises on attracting capital and technical investment in India.
Competitive Landscape
The report gives a detailed analysis of the following key players in the Indian LED lighting market, covering their competitive landscape, capacity, and latest developments like mergers and acquisitions, investments, expansions of capacity, and plant turnarounds:
- Bajaj Electricals Limited
- Havells India Ltd
- Wipro Limited
- Goldmedal Electricals Pvt. Ltd
- Syska LED Lights Pvt Ltd
- Signify Holding
- Crompton Lamps Ltd
- Finolex Cables Ltd
- Corvi LED Pvt Ltd
- Halonix Technologies Private Limited
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global LED Lighting Market Overview
8.1 Key Industry Highlights
8.2 Global LED Lighting Historical Market (2018-2023)
8.3 Global LED Lighting Market Forecast (2024-2032)
8.4 Global LED Lighting Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 India LED Lighting Market Overview
9.1 Key Industry Highlights
9.2 India LED Lighting Historical Market (2018-2023)
9.3 India LED Lighting Market Forecast (2024-2032)
10 India LED Lighting Market by Product
10.1 Panel Lights
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Down Lights
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Street lights
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Tube Lights
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Bulbs
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Others
11 India LED Lighting Market by Application
11.1 Commercial
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Residential
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Institutional
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Industrial
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
12 India LED Lighting Market by Region
12.1 North Region
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 East and Central Region
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 West Region
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 South Region
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Manufacturing Process
14.1 Manufacturing Process and Process Flow
14.2 Raw Material Requirements
14.3 Suppliers of Raw Materials and Delivery Time
15 Project Requirements and Costs Involved
15.1 Land Requirements and Expenditures
15.2 Construction Requirements and Expenditures
15.3 Plant Machinery
15.4 Raw Material Requirements and Expenditures
15.5 Packaging Requirements and Expenditures
15.6 Transportation Requirements and Expenditures
15.7 Utility Requirements and Expenditures
15.8 Manpower Requirements and Expenditures
15.9 Other Capital Investments
16 Loans and Financial Assistance
17 Project Economics
17.1 Capital Cost of the Project
17.2 Techno-Economic Parameters
17.3 Product Pricing and Margins Across Various Levels of the Supply Chain
17.4 Taxation and Depreciation
17.5 Income Projections
17.6 Expenditure Projections
17.7 Financial Analysis
17.8 Profit Analysis
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Bajaj Electricals Limited
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 Havells India Ltd
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Wipro Limited
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Goldmedal Electricals Pvt. Ltd
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Syska LED Lights Pvt Ltd
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Signify Holding
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 Crompton Lamps Ltd
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 Finolex Cables Ltd
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 Corvi LED Pvt Ltd
18.2.9.1 Company Overview
18.2.9.2 Product Portfolio
18.2.9.3 Demographic Reach and Achievements
18.2.9.4 Certifications
18.2.10 Halonix Technologies Private Limited
18.2.10.1 Company Overview
18.2.10.2 Product Portfolio
18.2.10.3 Demographic Reach and Achievements
18.2.10.4 Certifications
18.2.11 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global LED Lighting Market: Key Industry Highlights, 2018 and 2032
2. India LED Lighting Market: Key Industry Highlights, 2018 and 2032
3. India LED Lighting Historical Market: Breakup by Product (USD Million), 2018-2023
4. India LED Lighting Market Forecast: Breakup by Product (USD Million), 2024-2032
5. India LED Lighting Historical Market: Breakup by Application (USD Million), 2018-2023
6. India LED Lighting Market Forecast: Breakup by Application (USD Million), 2024-2032
7. India LED Lighting Historical Market: Breakup by Region (USD Million), 2018-2023
8. India LED Lighting Market Forecast: Breakup by Region (USD Million), 2024-2032
9. India LED Lighting Market Structure
Key Questions Answered in the Report
The market is projected to grow at a CAGR of 23.4% in the forecast period of 2024-2032.
The major drivers of the industry, such as rapid urbanisation, growing awareness regarding the environment, increased adoption of energy efficient and devices, and increased government initiatives, are expected to aid the market growth.
The key trend guiding the growth of the market include the launch of a sustainable and cost-effective lighting solution with improved performance.
The major regional markets for LED lighting in India are North Region, East and Central Region, West Region, and South Region.
Panel lights, down lights, street lights, tube lights, and bulbs, among others, are the significant LED lighting products in the market.
The major applications of LED lighting include commercial applications, residential applications, institutional applications, and industrial applications.
The major players in the market are Bajaj Electricals Limited, Havells India Ltd, Wipro Limited, Goldmedal Electricals Pvt. Ltd, Syska LED Lights Pvt Ltd, Signify Holding, Crompton Lamps Ltd, Finolex Cables Ltd, Corvi LED Pvt Ltd, and Halonix Technologies Private Limited, among others.
Analyst Review
The Indian LED lighting market is further expected to grow at a CAGR of more than 23.4% in the forecast period of 2024-2032.
EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the market. Based on its products, the LED lighting market can be segmented into panel lights, down lights, street lights, tube lights, and bulbs, among others. On the basis of applications, the market is categorised into commercial applications, residential applications, institutional applications, and industrial applications. The major regional markets for LED lighting in India are North Region, East and Central Region, West Region, and South Region. The key players in the above market include Bajaj Electricals Limited, Havells India Ltd, Wipro Limited, Goldmedal Electricals Pvt. Ltd, Syska LED Lights Pvt Ltd, Signify Holding, Crompton Lamps Ltd, Finolex Cables Ltd, Corvi LED Pvt Ltd, and Halonix Technologies Private Limited, among others.
EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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