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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global LED Bulb Market Outlook

The global LED bulb market was valued at USD 7.80 billion in 2023. The market is further estimated to grow at a steady CAGR of 9.7% during the forecast period of 2024-2032 to reach USD 17.99 billion by 2032.

Global LED Bulb Market Report Summary Description Value
Base Year USD Billion 2023
Historical Period USD Billion 2018-2023
Forecast Period USD Billion 2024-2032
Market Size 2023 USD Billion 7.80
Market Size 2032 USD Billion 17.99
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 9.7%
CAGR 2024-2032 - Market by Region Asia Pacific 10.9%
CAGR 2024-2032 - Market by Country India 12.5%
CAGR 2024-2032 - Market by Country China 10.5%
CAGR 2024-2032 - Market by Application Architectural 11.2%
Market Share by Country 2023 Italy 3.4%

Based on the application, the retrofit segment dominated the market in 2020, followed by retail and hospitality, as LED bulbs are swiftly replacing the conventional lighting systems. Regionally, India accounted for a significant share of the LED bulb market on account of the increase in the local manufacturing of LED products and several government initiatives.

LED Bulb Market

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Market Segmentation

Light emitting diodes (LEDs) are one of the latest technological advancements in the lighting industry. LED bulb refers to an electric lamp comprising of numerous clusters of LEDs which are mounted on a base. In comparison to the conventional lighting sources, LED bulbs are associated with many advantages such as compact size, reduced energy consumption, long lifespan, and radiate lesser heat output. Also, LED bulbs are eco-friendly and offer a better colour rendering index (CRI) with zero toxic elements. Additionally, they are available in different shapes, colours, wattages, while some models are also equipped with dimmable controls. On account of this, LED bulbs are widely used in general lighting, healthcare, signal and signage, forensics, and street lighting.

LED Bulb Market by Application

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The LED bulb market can be broadly segregated on the basis of application segment into:

  • Retrofit
  • Retail and Hospitality
  • Outdoor
  • Offices
  • Architectural
  • Residential
  • Industrial
  • Others

The EMR report looks into the regional markets in the global LED bulb market like North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

LED Bulb Market by Region

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Market Analysis

LED bulbs are widely used in various verticals such as automotive, healthcare, general lighting, mobile devices, forensic, signal and signage, street lighting, and academics. Owing to the rapid urbanisation and industrialisation in the emerging economies, the demand for LED bulbs is expected to increase across various end-use industries. Furthermore, escalating global population and increasing sales of consumer electronics is likely to create a surge in electricity consumption. Increasing consumption of electricity, however, has not been supplemented by adequate electricity production, which in turn led to the growing demand for energy-efficient products like LED bulbs.

Further, increasing installations primarily drive the LED bulb market. It includes lights used in streetlights, downlights, high bays, track lights, and suspended pendants for various applications. Also, manufacturers are using unique marketing initiatives through different advertising mediums such as newspapers and television to increase consumer awareness about the advantages of these bulbs and expand their consumer base. Additionally, various awareness campaigns and policies in various countries for environmental protection and energy conservation are expected to augment the demand for LED bulbs over the forecast period. Also, constant encouragement by government and other regulatory bodies, along with rising product awareness amongst the population, is expected to impel the market growth. As a result, LED bulbs have emerged as one of the significant energy-efficient lighting solutions, which are envisaged to drive the LED bulb market forward in the coming years.

CAGR 2024-2032 - Market by Country
India 12.5%
China 10.5%
USA 10.3%
Germany 9.6%
Mexico 8.9%
Canada XX%
UK XX%
France XX%
Italy 8.8%
Japan XX%
Saudi Arabia XX%
Brazil XX%
Australia 7.4%

Competitive Landscape

The report gives a detailed analysis of the following key players in the global LED bulb market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • General Electric Company
  • Cree Lighting
  • Osram
  • Signify Holding
  • 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:

  • Application
  • Region
Breakup by Application
  • Retrofit
  • Retail & Hospitality
  • Outdoor
  • Offices
  • Architectural
  • Residential
  • Industrial
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • General Electric Company
  • Cree Lighting
  • Osram
  • Signify Holding
  • Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

LED Bulb Market Report Snapshots

LED Bulb Market Size

LED Bulb Market Analysis

LED Bulb Companies

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The global LED bulb market reached a value of USD 7.80 billion in 2023. 

The market is projected to grow at a CAGR of nearly 9.7% in the forecast period of 2024-2032.

The market is estimated to reach a value of about USD 17.99 billion by 2032.

The major market drivers include rapid industrialisation, rising disposable incomes, increasing investments in infrastructural development, and surging sales of consumer electronics.

The introduction of favourable government initiatives to promote the use of LED lighting, the surging installations of LED bulbs in downlights and streetlights, and the growing demand for energy-efficient lighting solutions are the key trends guiding the market development.

North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the leading regions in the market.

Retrofit, retail and hospitality, outdoor, offices, architectural, residential, and industrial, among others, are the significant applications of LED bulb.

The leading players in the market are General Electric Company, Cree Lighting, Osram, and Signify Holding, among others.
 

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63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124