LED market 2023-2027; A descriptive analysis of five forces model, market dynamics, and segmentation- Technavio

NEW YORK, Jan. 18, 2023 /PRNewswire/ -- According to Technavio, the global LED market size is estimated to grow by USD 141.52 million from 2022 to 2027. The market is estimated to grow at a CAGR of  14.68% during the forecast period. However, the growth momentum will progress. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 49%. For more Insights on market size, Request a sample report

Global LED market - Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers– 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes
• Interpretation of porter's five models helps to strategize the business, for entire details – buy the report!

Global LED market – Customer Landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global LED market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on the product (Luminaires and Lamps), and application (General lighting, Automotive lighting, Backlight, and Others). 

• The market share growth by the Luminaires segment will be significant during the forecast period. LED luminaires are widely used across all sectors due to their energy efficiency and longer lifespan. LED luminaires are increasingly being integrated into exit lights, floodlights, as well as high-bay and low-bay lights, which were traditionally integrated with incandescent, fluorescent, and HID luminaires.

Geography Overview
By geography, the global led market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global led market.

• APAC is estimated to contribute 49% to the growth of the global market during the forecast period. The primary reason behind the rapid growth of the APAC market is the increase in demand for LED solutions from both the residential and commercial segments. The region is becoming a hub for industries such as retail, hospitality, and healthcare. Offices established by various multinational companies are also being set up in this region. Smart infrastructure is being developed through improvements in the IT infrastructure in many countries across the region. Such factors will increase the market growth during the forecast period.

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Global LED market – Market Dynamics
Key factor driving market growth

• The growing adoption of energy-efficient lighting technologies is notably driving the LED market growth. 
• As a significant percentage of global electricity production is consumed by lighting, governments of various countries are either promoting energy-efficient lighting technologies or banning the use of inefficient incandescent bulbs. As a result, energy-efficient lighting technologies, including halogen, CFL, LFL, and LED, are being adopted.
• However, according to recent trends, compared to the adoption of CFLs and LFLs, the adoption of LED products will be higher. In addition to this, the adoption of LEDs, intelligent lighting, and other energy-efficient products will be high because of the growing awareness among people globally about power and energy consumption.
• This has encouraged manufacturers to make lighting products that are more energy-efficient and environment-friendly. This is expected to have a positive impact on the growth of the global LED market during the forecast period.

Leading trends influencing the market 

• Growing use of intelligent lighting systems is the primary trend driving the LED market growth. 
• The lighting industry is being driven by the digital revolution with the introduction of intelligent lighting systems and controls. There has been a rise in demand for energy-efficient and cost-efficient lighting systems.
• The efficiency of lighting systems can be improved effectively by using movement detection, daylight equalization, and control technology for scheduling power management through the dimming and control of lights.
• The use of artificial lighting is reduced automatically by lighting systems that are intelligent and feature LED fixtures with built-in occupancy and daylight harvesting sensors, which sense natural daylight. They also feature wireless controls to adjust the lighting settings and usage.

Major challenges hindering market growth

• The high average selling price per fixture is the major challenge impeding the LED market growth. 
• The adoption of LED lights globally is a challenge because of the increasing average cost/selling price per fixture. Customers pay significantly higher initial costs for installing LED lighting fixtures when compared to halogen bulbs. The initial cost includes the cost of LED fixtures and labor charges.
• Consumers who live in older homes face huge challenges while installing LED lighting. This happens primarily because of the old wiring and electrical systems. However, wiring is not a concern in newly built homes and buildings.
• Therefore, consumers staying in older homes need to renovate their electrical systems before installing LED bulbs, which again increases the installation costs significantly. 

Driver, Trend, and Challenges are the factor of market dynamics that state about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this LED market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the LED market between 2023 and 2027
• Precise estimation of the size of the LED market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the LED market industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of LED market vendors

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• The Light-Emitting Diode (LED) Traffic Signs and Signals Market is estimated to grow at a CAGR of 9.1% between 2022 and 2027. The size of the market is forecast to increase by USD 521.78 million. Increased investments in road infrastructure development are notably driving the market growth, although factors such as improper installation and malfunctioning of traffic signs and signals may impede the market growth.
• The Micro LED Display Market is estimated to grow at a CAGR of 78.61% between 2021 and 2026. The size of the market is forecast to increase by USD 11.50 billion. The rise in demand for bright and power-efficient display panels is notably driving the micro LED display market growth, although factors such as the cyclical nature of the semiconductor industry may impede the market growth. .

Table of contents:

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global LED Market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global LED Market 2017 - 2021 ($ million)

• 4.2 Geography Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.3 Product Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.4 Application Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Luminaires - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Luminaires - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Luminaires - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Luminaires - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Luminaires - Year-over-year growth 2022-2027 (%)

• 6.4 Lamps - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Lamps - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Lamps - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Lamps - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Lamps - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Product 
• Exhibit 42: Market opportunity by Product ($ million)

7 Market Segmentation by Application

• 7.1 Market segments
• Exhibit 43: Chart on Application - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Application - Market share 2022-2027 (%)

• 7.2 Comparison by Application 
• Exhibit 45: Chart on Comparison by Application
• Exhibit 46: Data Table on Comparison by Application

• 7.3 General lighting - Market size and forecast 2022-2027 
• Exhibit 47: Chart on General lighting - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on General lighting - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on General lighting - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on General lighting - Year-over-year growth 2022-2027 (%)

• 7.4 Automotive lighting - Market size and forecast 2022-2027 
• Exhibit 51: Chart on Automotive lighting - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Automotive lighting - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Automotive lighting - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Automotive lighting - Year-over-year growth 2022-2027 (%)

• 7.5 Backlight - Market size and forecast 2022-2027 
• Exhibit 55: Chart on Backlight - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Backlight - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Backlight - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Backlight - Year-over-year growth 2022-2027 (%)

• 7.6 Others - Market size and forecast 2022-2027 
• Exhibit 59: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.7 Market opportunity by Application 
• Exhibit 63: Market opportunity by Application ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 65: Chart on Market share by geography 2022-2027 (%)
• Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 67: Chart on Geographic comparison
• Exhibit 68: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 73: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027 
• Exhibit 77: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 Taiwan - Market size and forecast 2022-2027 
• Exhibit 93: Chart on Taiwan - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on Taiwan - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on Taiwan - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Taiwan - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 97: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027 
• Exhibit 101: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 Germany - Market size and forecast 2022-2027 
• Exhibit 105: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 109: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 110: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 112: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 113: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 114: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 115: Matrix on vendor position and classification

• 12.3 Acuity Brands Inc.
• Exhibit 116: Acuity Brands Inc. - Overview
• Exhibit 117: Acuity Brands Inc. - Business segments
• Exhibit 118: Acuity Brands Inc. - Key news
• Exhibit 119: Acuity Brands Inc. - Key offerings
• Exhibit 120: Acuity Brands Inc. - Segment focus

• 12.4 ams OSRAM AG
• Exhibit 121: ams OSRAM AG - Overview
• Exhibit 122: ams OSRAM AG - Business segments
• Exhibit 123: ams OSRAM AG - Key offerings
• Exhibit 124: ams OSRAM AG - Segment focus

• 12.5 Bridgelux Inc.
• Exhibit 125: Bridgelux Inc. - Overview
• Exhibit 126: Bridgelux Inc. - Product / Service
• Exhibit 127: Bridgelux Inc. - Key offerings

• 12.6 Dialight Plc
• Exhibit 128: Dialight Plc - Overview
• Exhibit 129: Dialight Plc - Business segments
• Exhibit 130: Dialight Plc - Key offerings
• Exhibit 131: Dialight Plc - Segment focus

• 12.7 Eaton Corp. Plc
• Exhibit 132: Eaton Corp. Plc - Overview
• Exhibit 133: Eaton Corp. Plc - Business segments
• Exhibit 134: Eaton Corp. Plc - Key news
• Exhibit 135: Eaton Corp. Plc - Key offerings
• Exhibit 136: Eaton Corp. Plc - Segment focus

• 12.8 Ennostar Inc.
• Exhibit 137: Ennostar Inc. - Overview
• Exhibit 138: Ennostar Inc. - Business segments
• Exhibit 139: Ennostar Inc. - Key offerings
• Exhibit 140: Ennostar Inc. - Segment focus

• 12.9 Everlight Electronics Co. Ltd. 
• Exhibit 141: Everlight Electronics Co. Ltd. - Overview
• Exhibit 142: Everlight Electronics Co. Ltd. - Business segments
• Exhibit 143: Everlight Electronics Co. Ltd. - Key offerings
• Exhibit 144: Everlight Electronics Co. Ltd. - Segment focus

• 12.10 General Electric Co.
• Exhibit 145: General Electric Co. - Overview
• Exhibit 146: General Electric Co. - Business segments
• Exhibit 147: General Electric Co. - Key news
• Exhibit 148: General Electric Co. - Key offerings
• Exhibit 149: General Electric Co. - Segment focus

• 12.11 Havells India Ltd.
• Exhibit 150: Havells India Ltd. - Overview
• Exhibit 151: Havells India Ltd. - Business segments
• Exhibit 152: Havells India Ltd. - Key news
• Exhibit 153: Havells India Ltd. - Key offerings
• Exhibit 154: Havells India Ltd. - Segment focus

• 12.12 LITE ON Technology Corp. 
• Exhibit 155: LITE ON Technology Corp. - Overview
• Exhibit 156: LITE ON Technology Corp. - Business segments
• Exhibit 157: LITE ON Technology Corp. - Key offerings
• Exhibit 158: LITE ON Technology Corp. - Segment focus

• 12.13 Lumileds Holding BV
• Exhibit 159: Lumileds Holding BV - Overview
• Exhibit 160: Lumileds Holding BV - Product / Service
• Exhibit 161: Lumileds Holding BV - Key offerings

• 12.14 Nichia Corp.
• Exhibit 162: Nichia Corp. - Overview
• Exhibit 163: Nichia Corp. - Product / Service
• Exhibit 164: Nichia Corp. - Key offerings

• 12.15 Samsung Electronics Co. Ltd. 
• Exhibit 165: Samsung Electronics Co. Ltd. - Overview
• Exhibit 166: Samsung Electronics Co. Ltd. - Business segments
• Exhibit 167: Samsung Electronics Co. Ltd. - Key news
• Exhibit 168: Samsung Electronics Co. Ltd. - Key offerings
• Exhibit 169: Samsung Electronics Co. Ltd. - Segment focus

• 12.16 Seoul Semiconductor Co. Ltd. 
• Exhibit 170: Seoul Semiconductor Co. Ltd. - Overview
• Exhibit 171: Seoul Semiconductor Co. Ltd. - Product / Service
• Exhibit 172: Seoul Semiconductor Co. Ltd. - Key offerings

• 12.17 Sharp Corp.
• Exhibit 173: Sharp Corp. - Overview
• Exhibit 174: Sharp Corp. - Business segments
• Exhibit 175: Sharp Corp. - Key news
• Exhibit 176: Sharp Corp. - Key offerings
• Exhibit 177: Sharp Corp. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 178: Inclusions checklist
• Exhibit 179: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 180: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 181: Research methodology
• Exhibit 182: Validation techniques employed for market sizing
• Exhibit 183: Information sources

• 13.5 List of abbreviations 
• Exhibit 184: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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