Report Overview

The global LED market reached a value of nearly USD 82.80 Billion in 2024. The market is assessed to grow at a CAGR of 11.80% during the forecast period of 2025-2034 to attain a value of around USD 252.61 Billion by 2034. The market is being aided by favourable government initiatives, the rising focus on energy-efficiency, technological advancements and innovations, and diverse applications of LED lights.

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

  • While high-quality LED lamps consume 75% less energy than their incandescent counterparts, they last 25 times longer than incandescent bulbs. The energy efficiency and high durability of LEDs make them highly sought after for both residential and commercial applications. With customers and companies becoming more environmentally conscious, the adoption of LEDs for reducing carbon footprints is increasing.
  • There is a growing adoption of LED luminaries as indoor lighting solutions due to their low power consumption, durability, lower operating costs, and minimal heat protection. As per the Residential Energy Consumption Survey (RECS), 47% of households in the US reported using LEDs for most or all of their indoor lighting in 2020. To meet the growing demand for LEDs in indoor lighting, manufacturers are expanding their product portfolio to include decorative lighting, smart LEDs, and speciality products designed for different household applications.
  • The development of AI-powered LED lights that can adjust lighting based on factors like ambient light levels, occupancy, and time of day is expected to drive the LED market development. AI algorithms can also regulate the colour temperature and intensity of LEDs to align with circadian rhythms, improving productivity, mood, and sleep quality.

Competitive Landscape

Key LED market players are developing smart LED solutions that can integrate with home automation systems to enable users to control lighting via voice assistants and mobile apps. They are also actively investing in research activities to improve LED performance, lower costs, and develop new applications.

Key Industry Players

OSRAM Licht AG

OSRAM Licht AG, headquartered in Munich, Germany, and established in 1919, is a leader in intelligent sensors and emitters. Its product portfolio includes sensors, semiconductor-based light emitters, CMOS ICs and software as well as traditional lighting technologies for special and automotive applications. In 2023, it achieved EUR 3.6 billion in revenue.

Nichia Corporation

Nichia Corporation, established in 1956, is a leading manufacturer and seller of fine chemicals, especially inorganic luminescent materials (phosphors). Headquartered in Tokushima, Japan, the company’s Optoelectronics business is focused on the development and manufacturing of laser diodes and LEDs.

Signify N.V.

Signify N.V., headquartered in Eindhoven, the Netherlands, is a global leader in lighting. Established in 2016, the company’s products and solutions support transforming lives in buildings, public spaces, and homes. With a presence in over 70 countries, it generated sales of EUR 6.7 billion in 2023.

Lumileds Holding B.V.

Lumileds Holding B.V., established in 1999, is engaged in developing display, automotive, mobile, and extended reality (XR) illumination light sources and solutions. Employing 3,500 individuals in over 15 locations, the company serves various sectors such as entertainment, architecture, horticulture, and sports, among others.

Other key players in the LED market include Seoul Semiconductor Co Ltd, LG Electronics Inc., Samsung Electronics Co. Ltd., PlayNitride Inc., and Cambridge Display Technology Limited., among others.

LED Market Report Snapshots

LED Market Size

LED Market Analysis

LED Companies

LED Market Regional Analysis

*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

In 2024, the market reached an approximate value of USD 82.80 Billion.

The market is assessed to grow at a CAGR of 11.80% between 2025 and 2034.

The major industry drivers include the growing demand for electronics devices, adoption of signals and signages from various companies, institutions, or government, increasing focus by the government on energy saving solutions, expanding display and large screen backlighting market, and rising number of consumers preferring LEDs over conventional CFL and CCFL.

The key market trends guiding the growth of the industry include the easy visibility and attraction of the LED lights outside shops which enables the consumers to spot the new shop easily and various applications of LED lights in activities, such as photography, interior designing.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with  Asia Pacific accounting for significant share in the market.

Pinned LED, surface mount LED (SMD LED), and chip on board LED, among others are the types of LEDs in the market.

Basic LED, micro-LED, high brightness LED, OLED, ultra violet LED, and polymer LED, among others, are the technologies in which the industry can be segmented into.

Lighting, automotive, electronic devices, signal and signage, among others are the different applications of the product.

The major players in the industry are OSRAM Licht AG, Nichia Corporation, Signify N.V, Lumileds Holding B.V., Seoul Semiconductor Co Ltd., LG Electronics Inc., Samsung Electronics Co. Ltd., PlayNitride Inc., and Cambridge Display Technology Limited., among others.

The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 252.61 Billion by 2034.

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