Global LED Lighting Market TOC
Japanese Players
LED Lighting Market size is poised to reach USD 374.45 billion by the end of 2035, expanding around 14% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of LED lighting was USD 74.16 billion. Furthermore, the market is also expected to generate volume of 242.23 billion units by the end of 2035, up from volume of 14.45 billion units in the year 2022. The growth of the market is set to be dominated by the growing demand for electricity. Lighting makes up roughly 15% of a typical home's electricity consumption, and shifting to LED lighting may result in annual energy savings of USD 225 for the typical household.
Moreover, even though LEDs are more expensive than conventional incandescent bulbs, they nonetheless result in cost savings due to their long lifespan and extremely low energy use. However, LED light bulbs have grown significantly less expensive since their introduction to the market, and prices are projected to fall considerably as more products becomes accessible.
Author Credits: Abhishek Verma, Hetal Singh
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?