LED Lighting Market in India

LED Lighting Market in India

Market Insights:

Since LEDs are increasingly employed in traffic signals, general lighting, medical equipment, aircraft headlamps, and automobiles, the LED industry in the nation is growing quickly. In the nation's total market, North India accounts for most sales. The increasing population and accompanying urbanization have contributed to growth in the Indian LED lighting market. In FY 2021, the market was worth INR 228.66 billion. It is anticipated to grow at a CAGR of about 3.58% between FY 2022 and FY 2027, reaching INR 281.57 Bn by FY 2027. As of FY 2021, 367.80 million units of LED lights were sold in the country. With a growing rate of electricity usage, demand for an environmentally sustainable and cost-effective lighting solution is also gaining momentum. Thus, LED lighting has begun dominating the general lighting market of India tremendously in recent years.

COVID-19 Impact Analysis:

While supply chain disruptions marked the first few weeks of the lockdown, the LED market was one of the first to return to normalcy. Within the first two weeks of the lockdown, many players with links to essential manufacturing components were able to restart operations, but partially. The COVID-19 outbreak has led to increased awareness about health and hygiene among consumers. To take advantage of the situation, LED manufacturers are innovating new models such as OLEDs.

In the post-pandemic era, smart lighting can be integrated with sensing technology and disinfecting functions to control people’s flow and reduce the risk of air infection. Several sensing technology suppliers have collaborated with software builders to create a platform for space management. Also, as plants and factories usually depend highly on artificial grow lights, the demand for horticulture LED lighting is also increasing.

Market Influencers:

The sale of smart LED lighting is increasing owing to the growing urban population. At present, it has become easy to purchase LED lights, especially for middle-income families, because of the growing awareness. LED lighting technology has advanced so much in recent years that customers can now use them even during power cuts. Therefore, consumers have become inclined to buy LED lights. Rural consumers have also become interested in buying LED lights because of lesser electricity consumption, and advanced technology.