Press release
Global LED Bulb Market Size To Grow At A CAGR Of 9.8% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
LED Bulb Market Size, Share, Price Trends, Industry Report, Key Players, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 9.8%
LED bulbs offer notable advantages over traditional incandescent bulbs. These advantages include lower heat emissions, availability of a wide range of colours, lower installation and operational costs, no presence of any kind of toxic materials, and brighter illumination. Hence, LED bulbs are witnessing a heightened incorporation in the household sector, owing to the growing efforts to reduce electricity costs without negatively affecting illumination. Over the forecast period, the increasing standards of living and favourable initiatives by various governments aimed towards encouraging the use of the product to facilitate electricity savings are expected to bolster the LED bulb market dynamics.
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The increasing use of LED bulbs for commercial and industrial lighting is further increasing the demand for this product. LED bulbs are witnessing a heightened incorporation in street lights, parking lights, refrigeration case lightings, under-cabinet lighting, and recessed downlights, among others. These lights are also used during holidays, for example, in the form of Christmas lighting, and for home décor illumination, which is another crucial driving factor of the market. Moreover, LED bulbs are also used in automotives. In this regard, the growing sale of automobiles, is providing impetus to the global LED bulb market.
LED Bulb Industry Definition and Major Segments
An LED bulb is a bulb in which the source of light is emitted by a light emitting diode (LED). It is a highly advanced form of lighting which is used in myriad products. The working of LED bulbs is based on semiconductor devices which are installed in such a way that the electric current can pass through it, causing an illuminating phenomenon known as electroluminescence. The advantages offered by LED bulb over traditional bulbs are propelling the global market for LED bulbs.
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Based on application, the market can be segmented into:
Retrofit
Retail & Hospitality
Outdoor
Offices
Architectural
Residential
Industrial
Others
On the basis of region, the market can be categorised into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
LED Bulb Market Trends
The key trends in the global LED bulb market include the increasing penetration of Bluetooth and LiFi technologies in the product. These advancements are being witnessed across LED bulbs, facilitating use of innovative colours and high aesthetic appeal. In addition, rapid globalisation across the developing nations is further fuelling the demand for LED bulbs across corporate firms, malls, and educational institutions.
The technological advancements in the healthcare units and electric automobiles are also leading to a heightened incorporation of LED bulbs. Over the forecast period, the market is expected to be influenced by aggressive branding by the major LED bulb manufacturers to disseminate the information about their new innovations.
LED bulbs are becoming more and more crucial in the advertising industry to illuminate signage and billboards. Moreover, the rapid investments aimed towards digitalising the advertising industry are accelerating the LED bulb market numbers.
Key Market Players
The major players in the LED bulb market report are General Electric Company, Cree Lighting, Osram, and Signify Holding, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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