LED Lighting Market (By Product (Luminaries and Lamps); By Application: Outdoor, Indoor; By End-use: Industrial, Residential, Commercial, Others) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2024 - 2033


LED Lighting Market Size and Growth

The global LED lighting market size was estimated at USD 80.3 billion in 2023 and is predicted to hit USD 230.77 billion by 2033, growing at a CAGR of 11.16% during the forecast period 2024 to 2033.

LED Lighting Market Size 2024 to 2033

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LED Lighting Market Key Takeaways

  • Asia Pacific held market share of 43.14% in 2023.
  • By product, the luminaries segment registered a maximum market share of 58% in 2023.
  • By end use, the commercial segment is expected to capture the biggest revenue share of 52% in 2023.

LED Lighting Market Size in the Asia Pacific 2024 to 2033

The Asia Pacific LED lighting market size was estimated at USD 34.64 billion in 2023 and is predicted to be worth around USD 102.69 billion by 2033, at a CAGR of 11.5% from 2024 to 2033.

Asia Pacific LED Lighting Market Size 2024 to 2033

In 2023, the Asia Pacific captured major market value share of more than 43.14% in the global LED lighting market and projected to continue its dominance during the analysis period. This is mainly attributed to the large consumer base in the region. Most of the developing nations in the region have adopted stringent regulations and attractive offers for the public to escalate the adoption of LED lights in the region. LED lights are helpful in saving energy as they supply more watts per hour in less energy consumption. In addition, rise in the construction sector also positively influences the market growth. There are numerous developing countries present in the region that offer alluring opportunity for the development of medical, education, and infrastructure, thereby promoting the construction of hospitals, schools, buildings, and roads in the region.

LED Lighting Market Share, By Region, 2023 (%)

On the other hand, North America and Europe are the other prime contributors towards the global LED lighting market growth. Technology advancement and significant initiatives taken by the governments of these regions for reducing the energy consumption are some of the major factors responsible for the growth of the regions.

LED Lighting Market Size in North America 2023 to 2033

The North America LED lighting market size was calculated at USD 22.04 billion in 2023 and is projected to expand around USD 66.92 billion by 2033, poised to grow at a CAGR of 11.77% from 2024 to 2033.

Year Market Size (USD Billion)
2023 22.04
2024 24.59
2025 27.44
2026 30.65
2027 34.27
2028 38.36
2029 42.97
2030 48.18
2031 54.05
2032 60.69
2033 66.92

 

LED Lighting Market Growth Factors

Plummeting cost of Light Emitting Diode (LED) along with the transformation in energy policies across the globe drives the market growth for LED lighting. Government of various regions offers rebate and attractive incentives for the application of LED lights over the conventional lights, expected to proliferate the growth of LED lights in the coming years. LEDs are highly reliable, efficient, and yield longer life span compared to others. They are cost-effective and deliver nearly 50,000 hours of illumination with less amount of energy consumed. Low cost of LEDs and less amount of heat dissipation makes them a preferred choice for customers over the incandescent lights.

Besides this, lack of awareness regarding payback period and installation cost may hamper the growth of LED lighting market in the coming years. However, rising investment from governments of various countries for smart cities, smart transportation, smart industries, and application of numerous smart technologies in different applications drive profound growth for the LED lighting market over the analysis period.

LED Lighting Market Scope

Report Scope Details
Market Size in 2023 USD 80.3 Billion 
Market Size by 2033 USD 230.77 Billion 
Growth Rate from 2024 to 2033 CAGR of 11.16%
Largest Market Asia Pacific
Fastest Growing Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered Product, Application, End User, Region
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Product Insights

In 2023, LED luminaries occupied major market value share of around 58% in the global LED lighting market and expected to exhibit substantial growth over the forecast period. Luminaries are largely used in industrial and commercial applications. It includes lights used in high bays, streetlights, troffers, track lights, downlights, and suspended pendants for various applications. They are costlier than LED lamps thus contribute large amount of revenue to the global market. Further, the luminaries are easy to control and provide more light per output power as well as they permit designers to use proficient designs that illuminate the same area using less amount of light.

LED Lighting Market Share, By Product, 2023 (%)

On the other hand, LED lamps exhibit the fastest growth of approximately 14% over the forecast period. LED lamps offer numerous benefits over the incandescent lamps such as energy efficiency, robustness, and right temporal stability. In various countries prices of LED expected to witness a steep decline in the near future that further boosts the demand of LED lamps.

End-use Insights

By end-use, the commercial segment dominated the global LED lighting market and accounted for more than 52% of market value share. Increasing demand for LED troffers and downlights significantly drives the growth of the segment. Commercial lighting mainly includes museums, galleries, and other exhibition lighting applications that predominantly use projectors, reflectors, and downlights. On the other side, residential segment is expected to witness the fastest growth during the forthcoming years. The growth of the segment is attributed to the rising adoption of LED A-type lamps due to their low price and various subsidy programs initiated by the agencies and governments of different regions. Price contributes as a decisive factor to drive the growth of the residential segment. Furthermore, consumer penetration towards smart home devices that also includes smart lighting accounted as the other prominent factor to propel the residential segment revenue over the predicted period.

Key Companies & Market Share Insights

The global LED lighting market is highly concentrated and competitive due to the majority of market value share occupied by the top five LED light manufacturers that include Cree, Inc.; Signify Holding; Digital Lumens Inc.; Osram GmbH; and Acuity Brands. Product enhancement and development are the major strategies adopted by these major market players to retain their market position and efficiently cater the changing demand of consumers.

 LED Lighting Market Companies

  • Cree Inc. (IDEAL INDUSTRIES INC.)
  • Acuity Brands Lighting Inc.
  • Digital Lumens Inc.;
  • Dialight
  • Hubbell
  • GE Current
  • LumiGrow
  • LSI Industries Inc.
  • Siteco GmbH
  • Panasonic Corporation
  • Semiconductor Co. Ltd. (Seoul Semiconductor)
  • Signify Holding
  • Zumtobel Group Ag

Segments Covered in the Report

By Product

  • Luminaries
    • Troffers
    • Downlights
    • Streetlights
    • Others
  • Lamps
    • T-Lamps
    • A-Lamps
    • Others

By Application

  • Outdoor
  • Indoor

By End-User

  • Industrial
  • Residential
  • Commercial
  • Others

Regional Outlook

    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
    • Rest of the World

Frequently Asked Questions

What is the current size of LED lighting market?
The LED lighting market size valued at USD 80.3 billion in 2023 and is expected to reach USD 230.77 billion by 2033.
How much is the revenue share of Asia Pacific region in LED lighting market?
The Asia Pacific led the global LED lighting market with more than 43.14% of revenue share in the year 2023 and expected to maintain its dominance in terms of both manufacturing and consumption during the forecast period.
Which factors drives the LED lighting market growth?
An aggressive decline in the price of LED lights along with transformation in the energy policies across the world prominently drives the market growth.
How much is the growth of LED lighting market?
The global LED lighting market is growing at a compound annual growth rate (CAGR) of 11.16% during the forecast period 2024 to 2033.
Which key players operating in the cc
Some of the key players operating in the market are Cree Inc. (IDEAL INDUSTRIES INC.), Acuity Brands Lighting Inc., Digital Lumens Inc., Dialight, Hubbell, GE Current, LumiGrow, LSI Industries Inc., Siteco GmbH, Panasonic Corporation, Semiconductor Co. Ltd. (Seoul Semiconductor), Signify Holding, and Zumtobel Group Ag among others.
How much is the market value share of commercial segment in LED lighting market?
Commercial segment dominated the global LED lighting market and accounted for more than 52% of market value share.

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