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The India LED Lighting Market size is forecast to increase by USD 6.92 billion, at a CAGR of 23.23% between 2023 and 2028. The growth rate of the market depends on several factors, such as the declining manufacturing cost of these lights, the phasing out of halogen, incandescent, fluorescent, and HID lamps, and the increasing demand for these lighting in hazardous areas. Our report examines historical data from 2018 - 2022, besides analyzing the current and forecasted market scenario.
Crompton Greaves Consumer Electricals Ltd provides a range of LED lighting options, including the Bajaj Ivora 10-Watt LED Bulkhead Ceiling Light, Bajaj LED Deco Ping Pong 0.5W, and Bajaj Ivora Plus LED Panel 12W SQR CDL. Meanwhile, Diamond Lighting offers LED lighting solutions like the LED Smart Range GLS, LED Smart Range Candle, and LED Double-Ended Tubular.
Market Forecast 2024-2028
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Our researchers studied the market research and growth data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The production cost of LED lights, including automotive interior LED lighting, has declined steadily since the last decade and will continue to decline as India is poised to become the largest market for these lighting systems as a result of the government's UJALA initiative to replace all inefficient bulbs with energy-saving lamps. In addition, this has led to a significant decline in the manufacturing costs as well as the overall cost of these lights.
Moreover, this decline can be mainly attributed to the decreasing ASP of chips and components used in the manufacturing process of these devices. In addition, the decline in the manufacturing cost of these lights is also reducing the initial installation cost of LED lamps and fixtures, accelerating the installation of new LED lamps and fixtures across all application segments. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
A growing number of government projects and upcoming smart city initiatives by the government are driving the demand for these lights in India. For example, the Maharashtra Industrial Development Corporation (MIDC), in collaboration with the Kalyani Group, an Indian multinational conglomerate, announced in March 2021 the development of a smart city in Khed, Maharashtra, by 2024, connecting to the Pune-Nashik railway corridor, as part of the Government of Indias National Smart Cities Mission (NSCM), urban renewal and retrofitting program.
Moreover, such developmental initiatives are anticipated to propel the further growth of industrial lighting in APAC. In addition, the Indian Government is also distributing these lights for domestic use at a subsidized rate. Furthermore, with a decrease in prices of LED lights such as downlights, bulbs, lamps, and streetlights, the demand for these lights has increased significantly. Hence, such factors are driving the industrial lighting market growth during the forecast period.
A considerable energy loss happens in incandescent lamps as most of the power consumed is dissipated in the form of heat. In addition, the lighting efficiency of these lights is also reduced when exposed to high temperatures, high moisture, and other hazardous environments common in commercial and industrial areas.
Moreover, these lights are vulnerable to high temperatures, and when used in an enclosed area, they can hurt the light output and lifespan of these products. Furthermore, lamps and fixtures connected to external light drivers often fail prematurely due to high internal operating temperatures. In addition, as the temperature inside the industrial facilities and manufacturing plants tends to be high, it raises the internal temperature of an LED driver above the case temperature (Tc) point. Therefore, the light drivers often fail prematurely which can negatively impact the market. Hence, such factors are hindering the market growth during the forecast period.
The luminaries segment is estimated to witness significant growth during the forecast period. The luminaires segment is utilized extensively across applications as they have a longer lifespan, enhance energy efficiency, lower maintenance costs, and provide better quality light. In addition, LED luminaires are being increasingly integrated into exit lights, floodlights, as well as high-bay and low-bay lights, which were traditionally integrated with incandescent, fluorescent, and HID luminaires.
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The luminaries segment was the largest segment and was valued at USD 2.28 billion in 2018. Moreover, even though traditional luminaires are less expensive, they are ridden with several technical limitations such as the frequent replacement of luminaries due to continuous switching on/off, the increasing need for external ballasts (which increases overall cost), and the toxic in nature as they have high mercuric content. Therefore, such challenges are compelling original equipment manufacturers (OEMs) to adopt LED luminaires across the indoor and outdoor application segments to overcome these challenges by further providing higher return on investment (ROI). Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Based on the application, the market has been segmented into indoor and outdoor. The indoor?segment will account for the largest share of this segment. The market is undergoing significant changes, with a leading demand from the indoor application segment. In addition, multiple factors contribute to this trend. For example, as people become more conscious of the need for energy efficiency and environmental sustainability, LED lighting solutions are becoming more popular indoors. Moreover, growing consumer desires for aesthetically beautiful and customizable lighting solutions help drive the growth of interior applications. In addition, technological improvements in lighting, such as smart lighting and IoT integration, increase the appeal of interior applications by giving customers more control and energy savings, hence increasing the adoption and demand for these lighting in India. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Halonix Technologies Pvt. Ltd: The company offers LED lighting such as Deco LED, Dazzle Deco, and Hammer.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Axiom Controls Pvt. Ltd, Eltecks India Pvt. Ltd., Eveready Industries India Ltd., Havells India Ltd., Jaquar, Koninklijke Philips N.V., KwalityIndia.com, Magik LED, Nirvana Lights, Orbit Lightings, Oreva, Polycab India Ltd., Surya Roshni Ltd., Syska Led Lights Pvt. Ltd., UM Green Pvt. Ltd., Wipro Ltd., and Bajaj Electricals Ltd.
Technavio market forecast the an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market analysis and report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
India LED Lighting Market Scope |
|
Report Coverage |
Details |
Page number |
135 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 23.23% |
Market Growth 2024-2028 |
USD 6.92 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.35 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Axiom Controls Pvt. Ltd, Crompton Greaves Consumer Electricals Ltd., Diamond Lighting, Eltecks India Pvt. Ltd., Eveready Industries India Ltd., Halonix Technologies Pvt. Ltd., Havells India Ltd., Jaquar, Koninklijke Philips N.V., KwalityIndia.com, Magik LED, Nirvana Lights, Orbit Lightings, Oreva, Polycab India Ltd., Surya Roshni Ltd., Syska Led Lights Pvt. Ltd., UM Green Pvt. Ltd., Wipro Ltd., and Bajaj Electricals Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Market Segmentation by Distribution Channel
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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