The ‘Global LED Market Price, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global LED market, assessing the market on the basis of its segments like types, technologies, applications, and major regions.
LED Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 11.8%
The low maintenance and increased savings on electricity provided by LED lights are likely to escalate the adoption of LED lights and bulbs in the coming years. The increasing awareness pertaining to the reduced electricity usage and efficiency of LED lights are further providing impetus to the market.
The increasing applications of LED lights in automobiles is driving the demand for the product. The thriving automotive industry across the growing economic nations is increasing the demand for automobiles, with stylish and efficient LED lights. Over the forecast period, the increase in new energy vehicles and electric buses are likely to bolster the global LED market growth.
The growing expansion of the construction industry is another crucial driving factor of the market for LED lights. This is owing to the rising demand for efficient lighting systems across residential and commercial campuses.
LED Industry Definition and Major Segments
LED, also known as a light emitting diode, is a light source used for bulbs, different types of lights, and selected electrical appliances. It is a semiconductor device which displays bright light when electricity passes through it. LED is widely applied across industries, ranging from high-end electronic devices to advertising billboards, which is a driving factor of the global LED market.
Based on type, the market can be segmented into:
• Pinned LED
• Surface Mount LED (SMD LED)
• Chip on Board LED
On the basis of technology, the market has been classified into:
• Basic LED
• Micro LED
• High Brightness LED
• Ultra Violet LED
• Polymer LED
Based on application, the market is segmented into:
• Electronic Devices
• Signal and Signage
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
LED Market Trends
The key trends in the global LED market include technological advancements in the advertising industry, rapid urbanisation, and improvements in living standards. LED lighting is popular in digital billboards which offer a unique appeal and attract a wider range of potential customers. It can be operated from anywhere and can be installed at little cost.
In addition, the increasing demand for electronic devices from household as well as enterprises, owing to the escalation in popularity of smartphones, and easy availability of internet at lower costs, is another key trend in the market. Meanwhile, the growing research and development activities by the major electronic equipment manufacturers across the world, are likely to accelerate the product innovations in the forecast period.
In terms of geography, North America accounts for a significant share in the LED market, which is being driven by widespread awareness of LED advantages and the advanced technological infrastructure in developed economies such as the United States. Moreover, the growing expansion of the electronics and electrical industry in the region is likely to provide impetus to the market in the coming years.
Key Market Players
The major players in the LED market report 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.
- Cambridge Display Technology Limited
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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.
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