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.
Author Credits: Abhishek Verma, Hetal Singh
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