Chip-on-Board (CoB) LED Market Trends

Growth Drivers

• Increased government initiatives for the deployment of COB LEDs - the government’s encouraging assistance are contributing to the exponential expansion of the global CoB LED market. These chips-on-board (COB) LEDs are replacing incandescent and CFL lights, according to the governments of several locations. For instance, the United States is in the process of revising its lighting rules and exploring the possibility of the Federal Government setting an example by acquiring LED products.
  Furthermore, state legislative bodies are gradually phasing out fluorescent bulbs. For instance, the sale of 4-foot (1.22-meter) linear fluorescents would cease by 2024 according to a Vermont statute enacted in May 2022. Also, India's bulk purchase schemes have reduced the cost of LED bulbs, making them affordable to low-income people. India's lighting industry organization recently released a strategy called ELCOMA Vision 2024, to switch India's CoB LED market to LEDs by 2024.  
• Growing utilization in the automobile sector - since cob LEDs perform better and are more efficient than prior lighting technologies, they are also used in car illumination. Because COB LEDs increase road safety and visibility, they are being used more and more in the automotive industry for headlights, taillights, and other lighting applications.
  The demand for COB LEDs is also being driven by the growing trend of smart lighting and the rising usage of the Internet of Things (IoT). When combined with sensors and other smart devices, COB LEDs can be utilized to build intelligent lighting systems that are remote-controlled and automatically adjust to changing illumination conditions.
• Increased technological advancements in lighting solutions - more effort has been made by COB LED producers to improve the brightness and quality of the light that COB LEDs produce. To provide superior COB LED lighting products, they are implementing new technology. Using COB LEDs with programmable lighting is one example of this. With adjustable lighting, users can alter the color temperature of LED lights. Warm or chilly light can be produced by adjusting or lowering the LED lights.
  Tunable lighting systems are becoming more and more common in both commercial and residential settings. For instance, it is anticipated that by 2028, the household penetration rate of smart lighting will have increased from 24.5% in 2024 to 50.6%. These include retail stores, hotels, offices, and other commercial spaces, as well as residences and apartment lobbies. An increasing number of businesses are developing COB LEDs that can be customized for lighting purposes. Growing innovation in COB LEDs is expected to boost the growth of the CoB LED market.

Challenges

• High upfront costs of these products - COB LED lighting solutions are more expensive initially than traditional lighting options like incandescent or fluorescent bulbs and regular LEDs. Because LED lights use less energy and have a longer lifespan, some customers can be discouraged from upgrading due to the higher initial cost. Therefore, this factor may hamper the growth of the chip-on-board (CoB) LED Market.
• Repairing these lighting systems is complex which may hamper the growth of the market
• Limited color range may hinder the CoB LED market growth