Press release
LED Driver Market in Consumer Electronics Segment is Projected to High Growth By 2025
LED Driver Market
The LED driver market is also driven by the automotive industry, assessing the need for increased safety. Due to the ease of control, LEDs are proving to be an important driver of this industry. The use of Intelligent lighting system is high by manufacturers due to its self-adjusting properties in different environments. This has proved beneficial for car manufacturers to adopt this technology so that it can adjust to the car’s environment. The automotive industry is making use of lighting technology in applications such as opening & closing of doors, parking lights, backlighting, and interior lighting.
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With the increasing use of lighting technology in industrial, residential, commercial, and consumer electronics, the Asia Pacific region is projected to hold the largest market share owing to the increasing use of lighting technology products, thereby creating a demand in the LED driver market. Devices, such as smartphones, laptops, TVs, are majorly using this technology due to increased efficiency and less power consumption, which eventually require less cost. China has a large market owing to the increasing population and urbanization where the adoption of IoT is increasing day by day, augmenting the demand in the r market.
LED Driver Market By Supply type
• Constant Voltage
• Constant Current
LED Driver market By Application
• Automotive
• Consumer Electronics
• Lighting
• Outdoor Display
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The prominent players in the LED industry, such as Osram GmbH, Cree Inc., Honeywell, Philips, and General Electric, are focusing on new innovations and product development strategies owing to the growing competition in the LED driver market. These companies are investing heavily in research & development to develop new technologies for various industries such as consumer, industrial & commercial electronics, automotive, medical, and military sectors.
Strategic mergers & collaborations in the industry and expanding market presence are also augmenting the demand in the market. For instance, Osram ventured with Continental, an automotive manufacturing company. This venture aimed at increasing the revenue by producing intelligent lighting functions for vehicles assessing the demand for LED technology in the automotive industry, thus propelling the LED driver market.
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