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LED Module Market Size

Report ID: GMI12415
Published Date: Nov 2024
Report Format: PDF

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LED Module Market Size

The global LED module market was valued at USD 5.7 billion in 2023 and is estimated to grow at a CAGR of 5.2% from 2024 to 2032.

LED module market

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LED technology has quickly gained traction in the automotive sector, especially for headlamps, interior lighting, and signaling. Offering superior brightness, durability, and energy efficiency, LEDs are particularly suited for electric and hybrid vehicles that prioritize efficient energy management. With the automotive industry's pivot towards electric vehicles (EVs) and advanced technologies, the appetite for LED modules in vehicle lighting is poised to escalate.

LED Module Market Report Attributes
Report Attribute	Details
Base Year:	2024
LED Module Market Size in 2024:	USD 5.7 Billion
Forecast Period:	2025 – 2034
Forecast Period 2025 – 2034 CAGR:	5.2%
2025 – 2034 Value Projection:	USD 8.9 Billion
Historical Data for:	2021 – 2024
No. of Pages:	210
Tables, Charts & Figures:	240
Segments covered:	Type, Application, Technology, Power Range
Growth Drivers:	Growing adoption in automotive lighting Expansion in smart lighting and IoT Rising demand in commercial and industrial applications Technological advancements and product innovation
Pitfalls & Challenges:	High initial costs Complexes in standardization and compatibility

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For instance, in May 2023, TCL launched its latest Mini LED TV series, showcasing advancements in lighting technology that enhances picture quality while being more energy efficient. The latest generation of Mini LED technology rivals OLED when it comes to precise lighting control, and more comparative advantages. Mini LED TV can also be produced at a more affordable cost, making optimized picture performance more accessible.

The integration of LEDs with smart lighting systems and the Internet of Things (IoT) is creating new opportunities for growth. Smart LED lighting systems can be controlled remotely, offer customizable lighting options, and improve energy savings through automation. These advanced features appeal to consumers and businesses aiming to optimize energy use, enhance security, and improve overall living or working environments. As IoT adoption increases globally, the demand for connected LED modules is expected to rise.

Authors: Suraj Gujar , Saptadeep Das

Frequently Asked Questions (FAQ) :

The global market size for LED module was valued at USD 5.7 billion in 2023 and is expected to reach USD 8.9 billion by 2032, driven by a CAGR of 5.2% from 2024 to 2032.

Single-color LED modules are expected to register a CAGR of 5.3% during the forecast period, driven by their widespread use in signage, display boards, and architectural lighting.

The U.S. market accounted for a 77.86% share of the North American market in 2023, driven by government incentives, environmental regulations, and technological advancements.

Major players in the industry include Acuity Brands Lighting, Inc., Advanced Lighting Technologies, Bridgelux, Inc., Cree, Inc., Epistar Corporation, Everlight Electronics Co., Ltd., GE Lighting, and Genesis Photonics Inc.