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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~20% |
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Base Year Market Size (2022) |
~ USD 8 Billion |
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Forecast Year Market Size (2035) |
~ USD 70 Billion |
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Regional Scope |
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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.
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:
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Driver Type |
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Luminaire Type |
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Component |
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Control Feature |
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Application |
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End-User |
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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.
Author Credits: Abhishek Verma, Hetal Singh
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