The visible LED market is projected to grow at a CAGR of 12.48% during the forecast period, reaching a total market size of US$103.936 billion in 2024 from US$51.322 billion in 2018. The light-emitting diode (LED) emits light when an electric current passes through it. Energy efficiency and a longer lifespan is a key factor attributing to the growth of the visible LED lighting market. Visible LED has several applications in electronic devices, automobiles, and lighting. The rapid increase in the usage of visible LEDs in commercial and industrial applications, government projects, and upcoming smart building projects are opening new avenues for growth of the visible LED market. There is a price war among the key players of the market which is reducing the prices of visible LEDs. Consumer awareness of the environment and government initiatives are boosting the market. Geographically, the Asia Pacific region has significant market share owing to the presence of key market players in the region and the government's favorable initiatives. The market of North America is also growing at a rapid pace owing to increasing awareness of environment-friendly lights, and increasing demand for smart lights. The development of alternate lightings, such as laser-based lights, is likely to hamper the growth of the visible LED lighting market. However, increasing investments of key players in smart lighting will continue to boost the market during the forecast period.
The “Visible LED market – Forecasts from 2019 to 2024” is an exhaustive study that aims to present the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by the end-user industry and geography.
The visible LED market has been segmented based on the end-user industry and geography. Based on the end-user industry the market has been segmented into consumer electronics, automotive, and others.
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and Asia Pacific regions. The report also analyzes 15 countries across these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these countries present for the manufacturers.
Major players in the visible LED market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the visible LED market.