High Brightness LED Market Analysis

High Brightness LED Market Analysis

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Based on application, the market is segmented into automotive, general lighting, backlighting, mobile device, signals & signage, & others. The general lighting segment held the largest market share of over 33% in 2023. The demand for HB LEDs for general lighting has increased due to the popularity of energy-saving LED bulbs that have taken over from traditional incandescent and fluorescent lamps. Moreover, they are more productive than previous sources of light and their lifespan is longer hence enabling them to last long in any environment. Similarly, they are also brighter producing higher brightness per watt thus making them best suited for use in most outdoor/indoor lighting systems. This trend is due to a need to minimize the cost of electrical bills through energy saving which makes it necessary to employ LED chips in retrofitting process as well as during new installations such as those targeting high bay illumination or any other space lighting applications.
 

Based on power, the market is segmented into offline and online. The offline segment is anticipated to register a CAGR of over 8% from 2024 to 2032. Some examples of traditional retail outlets include brick-and-mortar stores, specialty lighting shops and wholesalers. Notwithstanding the increasing popularity of online distribution channels, offline sales still control the HB LED market with a bias towards regions having less developed e-commerce infrastructure or where people still prefer to touch products before paying for them. It is through personal interactions that on-ground customers get firsthand experience, assistance from staff in the outlet and the possibility of purchasing instantly. Additionally, there are also other amenities offered by product sellers such as setting it up, maintaining it after purchase and serving as a place where clients can go for consultations thus accommodating those that want everything at one place.
 

North America accounted for a significant share of the global high brightness LED market in 2023 with a market share of over 38%. In response to the escalating energy costs and ecological concerns, the rate of adopting power-saving lighting solutions is also rising. Government emphasis on sustainable development and energy efficiency has also encouraged the use of these technologies. Technological advancements in high brightness LEDs including better luminous efficacy and higher color rendering have further increased the regional market size. The rise of IoT-enabled smart lights as well as home automation systems has led to an increased demand for HB LEDs used in residential, commercial & industrial applications.