Today, LED lights have become inseparable part of the life. People use it as these are extremely economical and energy efficient. This has brought a revolutionary change in the lives of people. The complete energy efficient LED bulbs have made the life simpler. These durable and Eco-friendly bulbs are overtaking the incandescent bulbs very quickly. The global LED lighting market is highly fragmented due to the presence of large number of regional and international players across the globe. Due to the fragmented nature of the market, the competition among the global and regional players is high.
India, being the second most populous country in the world and fifth major electricity consumer, has been experiencing an ever-widening demand-supply gap in electricity. Consequently, the market for energy-efficient products such as LED lights is bound to grow.
The LED market is primarily driven by increasing demand for cost effective and long lasting LED lights. Many governments across the world have imposed stringent regulations on production, import and sale of incandescent light. Moreover, strong demand from countries like China, Japan, and South Korea is expected to exhibit witness fastest growth of the LED lighting market over forecast period. Stringent environmental regulations in the regions like Europe and North America have been remained major market driving force for the LED lighting market. Growing urbanization, increasing LED production and the rising concerns about cost and emission of CO2 are driving the growth of this market.
LED lights are becoming the major source of energy efficient lighting in India. Though, prices of LED lights are higher than incandescent or CFL bulbs, but LED bulbs are becoming the part of mainstream of the market owing to government initiatives and increasing public awareness about benefits of using LED lights. The LED lighting market in India is projected to register a CAGR of over 30 per cent during 2016-2021.
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