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Global LED Bulb Market Analysis, Share, Trends, Forecast: By Application: Retrofit, Retail & Hospitality, Outdoor, Offices, Architectural, Residential, Industrial, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; 2024-2032
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.
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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.
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.
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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.
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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.
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:
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| 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. |
*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 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
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 by Region
8.4.1 Market Share
8.4.1.1 North America
8.4.1.2 Europe
8.4.1.3 Asia Pacific
8.4.1.4 Latin America
8.4.1.5 Middle East and Africa
9 Global LED Bulb Market Analysis
9.1 Key Industry Highlights
9.2 Global LED Bulb Historical Market (2018-2023)
9.3 Global LED Bulb Market Forecast (2024-2032)
9.4 Global LED Bulb Market by Application
9.4.1 Retrofit
9.4.1.1 Market Share
9.4.1.2 Historical Trend (2018-2023)
9.4.1.3 Forecast Trend (2024-2032)
9.4.2 Retail & Hospitality
9.4.2.1 Market Share
9.4.2.2 Historical Trend (2018-2023)
9.4.2.3 Forecast Trend (2024-2032)
9.4.3 Outdoor
9.4.3.1 Market Share
9.4.3.2 Historical Trend (2018-2023)
9.4.3.3 Forecast Trend (2024-2032)
9.4.4 Offices
9.4.4.1 Market Share
9.4.4.2 Historical Trend (2018-2023)
9.4.4.3 Forecast Trend (2024-2032)
9.4.5 Architectural
9.4.5.1 Market Share
9.4.5.2 Historical Trend (2018-2023)
9.4.5.3 Forecast Trend (2024-2032)
9.4.6 Residential
9.4.6.1 Market Share
9.4.6.2 Historical Trend (2018-2023)
9.4.6.3 Forecast Trend (2024-2032)
9.4.7 Industrial
9.4.7.1 Market Share
9.4.7.2 Historical Trend (2018-2023)
9.4.7.3 Forecast Trend (2024-2032)
9.4.8 Others
9.5 Global LED Bulb Market by Region
9.5.1 Market Share
9.5.1.1 North America
9.5.1.2 Europe
9.5.1.3 Asia Pacific
9.5.1.4 Latin America
9.5.1.5 Middle East and Africa
10 Regional Analysis
10.1 North America
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.1.3 Breakup by Country
10.1.3.1 United States of America
10.1.3.2 Canada
10.2 Europe
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.2.3 Breakup by Country
10.2.3.1 United Kingdom
10.2.3.2 Germany
10.2.3.3 France
10.2.3.4 Italy
10.2.3.5 Others
10.3 Asia Pacific
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.3.3 Breakup by Country
10.3.3.1 China
10.3.3.2 Japan
10.3.3.3 India
10.3.3.4 ASEAN
10.3.3.5 Australia
10.3.3.6 Others
10.4 Latin America
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.4.3 Breakup by Country
10.4.3.1 Brazil
10.4.3.2 Argentina
10.4.3.3 Mexico
10.4.3.4 Others
10.5 Middle East and Africa
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.5.3 Breakup by Country
10.5.3.1 Saudi Arabia
10.5.3.2 United Arab Emirates
10.5.3.3 Nigeria
10.5.3.4 South Africa
10.5.3.5 Others
11 Market Dynamics
11.1 SWOT Analysis
11.1.1 Strengths
11.1.2 Weaknesses
11.1.3 Opportunities
11.1.4 Threats
11.2 Porter’s Five Forces Analysis
11.2.1 Supplier’s Power
11.2.2 Buyers Power
11.2.3 Threat of New Entrants
11.2.4 Degree of Rivalry
11.2.5 Threat of Substitutes
11.3 Key Indicators for Demand
11.4 Key Indicators for Price
12 Value Chain Analysis
13 Manufacturing Process
13.1 Detailed Process Flow
13.2 Operations Involved
13.3 Mass Balance
14 Price Analysis
14.1 Price Structure
14.2 Price Trends
15 Project Details, Requirements and Costs Involved
15.1 Land Requirements and Expenditures
15.2 Construction Requirements and Expenditures
15.3 Plant Machinery
15.4 Machinery Pictures
15.5 Raw Material Requirements and Expenditures
15.6 Raw Material and Final Product Pictures
15.7 Packaging Requirements and Expenditures
15.8 Transportation Requirements and Expenditures
15.9 Utility Requirements and Expenditures
15.10 Manpower Requirements and Expenditures
15.11 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 Key Players’ Market Share
18.3 Company Profiles
18.3.1 General Electric Company
18.3.1.1 Company Overview
18.3.1.2 Product Portfolio
18.3.1.3 Demographic Reach and Achievements
18.3.1.4 Financial Summary
18.3.1.5 Certifications
18.3.2 Cree Lighting
18.3.2.1 Company Overview
18.3.2.2 Product Portfolio
18.3.2.3 Demographic Reach and Achievements
18.3.2.4 Financial Summary
18.3.2.5 Certifications
18.3.3 Osram
18.3.3.1 Company Overview
18.3.3.2 Product Portfolio
18.3.3.3 Demographic Reach and Achievements
18.3.3.4 Financial Summary
18.3.3.5 Certifications
18.3.4 Signify Holding
18.3.4.1 Company Overview
18.3.4.2 Product Portfolio
18.3.4.3 Demographic Reach and Achievements
18.3.4.4 Financial Summary
18.3.4.5 Certifications
18.3.5 Others
19 Industry Events and Developments
List of Key Figures and Tables
1. Global LED Lighting Market: Key Industry Highlights, 2018 and 2032
2. Global LED Lighting Historical Market: Breakup by Region (USD Billion), 2018-2023
3. Global LED Lighting Market Forecast: Breakup by Region (USD Billion), 2024-2032
4. Global LED Bulb Market: Key Industry Highlights, 2018 and 2032
5. Global LED Bulb Historical Market: Breakup by Application (USD Billion), 2018-2023
6. Global LED Bulb Market Forecast: Breakup by Application (USD Billion), 2024-2032
7. Global LED Bulb Historical Market: Breakup by Region (USD Billion), 2018-2023
8. Global LED Bulb Market Forecast: Breakup by Region (USD Billion), 2024-2032
9. North America LED Bulb Historical Market: Breakup by Country (USD Billion), 2018-2023
10. North America LED Bulb Market Forecast: Breakup by Country (USD Billion), 2024-2032
11. Europe LED Bulb Historical Market: Breakup by Country (USD Billion), 2018-2023
12. Europe LED Bulb Market Forecast: Breakup by Country (USD Billion), 2024-2032
13. Asia Pacific LED Bulb Historical Market: Breakup by Country (USD Billion), 2018-2023
14. Asia Pacific LED Bulb Market Forecast: Breakup by Country (USD Billion), 2024-2032
15. Latin America LED Bulb Historical Market: Breakup by Country (USD Billion), 2018-2023
16. Latin America LED Bulb Market Forecast: Breakup by Country (USD Billion), 2024-2032
17. Middle East and Africa LED Bulb Historical Market: Breakup by Country (USD Billion), 2018-2023
18. Middle East and Africa LED Bulb Market Forecast: Breakup by Country (USD Billion), 2024-2032
19. Global LED Bulb Market Structure
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 9.70% 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.
Analyst Review
The global LED bulb market attained a value of USD 7.80 billion in 2023 driven by the growth in the infrastructure industry. Aided by the various awareness campaigns and policies in various countries for environmental protection and energy conservation, the industry is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 9.70%. The industry is projected to reach USD 17.99 billion by 2032.
EMR’s meticulous research methodology delves deep into the industry, covering the macro and micro aspects of the industry. On the basis of application, the retrofit sector accounts for the largest share in the global industry. The major regional markets for LED bulb are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa, with the Asia Pacific accounting for the largest share of the market. The key players in the above industry include General Electric Company, Cree Lighting, Osram, and Signify Holding, 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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