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LED Lighting Market Trends

Report ID: GMI8983
Published Date: Aug 2024
Report Format: PDF

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LED Lighting Market Trends

A significant trend in the LED lighting industry is the integration of themed and customizable lighting solutions. This shift is driven by consumers' growing desire for personalization and unique aesthetic experiences in their living and working spaces. As technology advances, manufacturers are offering lights with customizable colors, patterns, and designs, allowing users to tailor their lighting environments to their preferences and moods. Themed lighting, often inspired by popular culture, gaming, or specific design motifs, adds an extra layer of appeal, attracting enthusiasts and collectors. This trend reflects a broader movement towards creating more engaging, dynamic, and personalized spaces through innovative lighting solutions.

For instance, in August 2024, Govee launched Evangelion-themed RGB LED lights, featuring a unique design inspired by the anime. These premium lights, available on Amazon and Govee's website, support RGBIC LEDs, Matter, Alexa, and Google. Despite their higher cost, they're currently on sale, offering various futuristic designs and advanced features.

Authors: Suraj Gujar, Rutvij Kshirsagar

Frequently Asked Questions (FAQ) :

The market size for LED lighting was valued at USD 85.9 billion in 2023 and is estimated to register over 10% CAGR between 2024 and 2032, driven by the increasing demand for energy-efficiency and environmental sustainability.

The outdoor segment in the LED lighting market is expected to witness over 10% CAGR between 2024 and 2032, backed by the increasing adoption of smart city initiatives.

North America market held over 30% share in 2023 attributed to strong regulatory support and government incentives.

Acuity Brands, Inc., Cree, Inc., GE Lighting, Osram Licht AG, Philips Lighting (Signify), Samsung Electronics Co., Ltd., and Zumtobel Group