LED Driver Market Size & Share, by Driver Type (Constant Voltage, Constant Current); Luminaire Type (Decorative Lamps, Type A Lamp, Reflectors); Component (Driver IC, Discrete Component); Control Feature (Wired, Wireless); Application (General Lighting, Electronic Devices, Automotive Lighting, Lighting Outdoor Display); End-user (Residential, Commercial, Industrial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5039
  • Published Date: Jun 16, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

LED Driver Market size is estimated to reach USD 70 Billion by the end of 2035, growing at a CAGR of 20% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of LED driver was around USD 8 Billion. LEDs are becoming the main lighting technology with more than 50% of the global lighting market using LED technology. This is anticipated to propel the market growth of LED drivers. LEDs need a continuous direct current of 12v or 24v, which is lower than the voltage that the main power supplies throughout. Hence, all LED lights need an LED driver to convert the power supply into a more suitable one with a lower risk of fire and burnout.

The increasing demand for electronics and the rising use of LEDs in TV backlighting, smartphone backlighting, LED displays, automotive lighting, programmable LED lighting, and the rising technological advancement in lighting components is slated to propel the market. With improved performance, there are numerous growth opportunities for the market.

LED Driver Market
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LED Driver Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Investment in Smart-City Applications – the increasing number of smart cities and the replacement of aging infrastructure worldwide is bolstering the demand for LED drivers with most streets and outdoor areas being upgraded to light-emitting diode (LED) lighting. For instance, as per forecasts, the majority of outdoor streetlights globally are expected to be converted to LED lamps by 2030. With around 300 million streetlights worldwide, most of the work is still ahead to upgrade aging infrastructure.
  • Net Zero Emissions by 2050 Scenario – As per International Energy Agency’s (IEA) roadmap, transforming the global buildings sector and reducing global carbon emissions by implementing and enforcing regulations in the buildings sector to ensure the switch in the global lighting market to 100% LED by 2025 is anticipated to compel the adoption of LED lighting at a faster pace, which is expected to propel the market growth.


  • Lack of Standardization: With a lack of proper standardization, interoperability issues arise and lead to compatibility issues. This is known to be a growth-hindering factor.
  • Possibility of Failures of LED Drivers prematurely
  • Slow Rate of Penetration in Underdeveloped Countries

LED Driver Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

~ USD 8 Billion

Forecast Year Market Size (2035)

~ USD 70 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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 LED Driver Segmentation

  • Driver Type (Constant Voltage, Constant Current)

The constant current driver type is anticipated to hold the largest share of 60% by the end of 2035. The growing utilization of constant current drivers in industrial LED lighting applications is expected to propel the segment’s growth. Varying voltage is supplied to the light to maintain a constant current by these current drivers. These designs make the LED just need a fixed current and to withstand a range of voltages. Hence, the rise in the demand for constant current drivers for LED downlights or high-powered LEDs as they can control the electrical current is anticipated to lead the market growth.

  • End-User (Residential, Commercial, Industrial)

The commercial segment is estimated to garner the highest revenue share of 45% by the end of 2035. The high efficiency, extended lifespans, lower energy consumption, and directional nature of LEDs make them ideal for commercial uses. As per research, 50% of commercial buildings in the U.S. use lighting control. Moreover, the rising use of LEDs in parking garage lighting, walkway, street lights, and other outdoor area lighting is anticipated to boost the segment’s growth.

Our in-depth analysis of the global market includes the following segments:

          Driver Type

  •  Constant Voltage
  • Constant Current

          Luminaire Type

  • Decorative Lamps
  • Type A Lamp
  • Reflectors, Others


  •  Driver IC
  • Discrete Component

            Control Feature

  •  Wired
  • Wireless


  •  General Lighting
  • Electronic Devices
  • Automotive Lighting
  • Lighting Outdoor Display


  • Residential
  • Commercial
  • Industrial

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LED Driver Industry - Regional Synopsis

APAC Market Analysis

The share of the LED driver market in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 40% by the end of 2035. The significant growth in electronics manufacturing, especially in countries such as China and India owing to rising government policies and initiatives is leading the growth of the LED driver market in the region. World’s most LED lamps are produced in China. China exported around 4.745 billion LED bulbs, accounting for an export value of about USD 4.8 billion in 2022.

North American Market Forecast

The North America LED driver market is estimated to be the second largest, registering a share of about 22% by the end of 2035. The regional market growth is backed by the expanding urbanization and rising development of smart infrastructures in smart cities specifically in States like New York and the United States. The commitment to the smart-city transformation begins, with a more efficient and networked street-lighting system which is estimated to increase the demand for LEDs.

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LED Driver Market Size
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Companies Dominating the LED Driver Landscape

    • Inventronics Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Signify Netherlands B.V.
    • Smart Global Holdings, Inc.
    • Microchip Technology Inc.
    • Lutron Electronics Co., Ltd
    • Samsung Electronics Co., Ltd.
    • Macroblock, Inc
    • NXP Semiconductors N.V.
    • Semiconductor Components Industries, LLC
    • ams OSRAM
    • Rohm Co., Ltd.



In The News

  • Inventronics Inc. released a new series of high-power, 680W LED drivers suitable for horticulture, high mast, and stadium lighting applications. ESM-680SxxxMx drivers deliver design versatility with programmability, Controls-Ready features, and industry-leading built-in protection.
  • Smart Global Holdings, Inc., acquired Cree, Inc.’s Cree LED Products business unit.
  • Signify Netherlands B.V. the world leader in lighting, upgraded its portfolio of compact Philips Xitanium Sensor Ready Xtreme LED drivers for outdoor applications with the recently granted D4i certification. The D4i certification program is designed to deliver standardization in the market, drive wider adoption of IoT connectivity in lighting and aid smart city or building projects.

Author Credits:  Abhishek Verma, Hetal Singh

  • Report ID: 5039
  • Published Date: Jun 16, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The increasing elimination of fluorescent lighting and the growing adoption of LEDs as the main lighting technology are the major factors driving the growth of the LED driver market.

The market size of LED drivers is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Inventronics Inc., Signify Netherlands B.V., Smart Global Holdings, Inc., Microchip Technology Inc., and Lutron Electronics Co.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by driver type, luminaire type, component, control feature, application, end-user, and by region.

The constant current segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The possibility of premature failures of LED drivers owing to high internal operating temperature is estimated to be the growth hindering factor for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
LED Driver Market Report Scope

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