LED Bulb Market Outlook, Price Trends, Demand, Growth and Forecast 2022-2027
According to the latest report by IMARC Group, titled “LED Bulb Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on LED bulb market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global LED bulb market size reached US$ 7.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 14.8 Billion by 2027, exhibiting a growth rate (CAGR) of 12.8% during 2022-2027.
Light emitting diodes (LEDs) bulb is an electric lamp comprising numerous clusters of LEDs mounted on a base. It offers several advantages, such as compact size, reduced energy consumption, long lifespan, and radiate lesser heat output. LED bulbs are eco-friendly and deliver a better color rendering index (CRI) with zero toxic elements. They are available in different shapes, colors, and wattages, while some models are also equipped with dimmable controls. They are widely used in general lighting, healthcare, signal and signage, forensics, and street lighting.
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Market Trends:
The global market is majorly driven by the increasing sales of consumer electronics. In line with this, rapid urbanization and industrialization in emerging economies are expected to positively influence the demand for LED bulbs across various end-use industries. Furthermore, the rising electricity consumption has not been supplemented by adequate electricity production, which in turn led to the surging demand for the product. Moreover, multiple manufacturers are using unique marketing initiatives through different advertising mediums, such as newspapers and television, to increase consumer awareness about the advantages of these bulbs and expand their consumer base. Besides this, various awareness campaigns and policies in multiple countries for environmental protection and energy conservation are expected to augment the demand for LED bulbs. Additionally, stringent government regulations to lower the adoption of inefficient lighting technologies are creating a positive outlook for the market.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Nichia
- Osram
- Samsung Electronics
- Everlight Electronics
LED Bulb Market Segmentation:
Our report has categorized the market based on region and application.
Breakup by Application:
- Retrofit
- Retail and hospitality
- Outdoor
- Offices
- Architectural
- Residential
- Industrial
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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