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India LED lighting market growing with a whopping CAGR of 57.31% over last five years

India LED lighting market growing with a whopping CAGR of 57.31% over last five years

India LED Market Outlook, 2021–India lighting market is growing with a CAGR of 16.83% for the last five years and is projected to grow even in future due to excellent growth in the LED lighting industry. LED lighting market is growing with a whopping CAGR of 57.31% over the last five years. Government initiatives to replace incandescent bulbs with LED bulbs under various schemes, increasing energy demand in the country and declining prices of LED lights are the key factors driving the growth of LED lighting in India.

According to the report, India’s LED lighting market is forecast to grow at a CAGR of 32.15% over six years. LED lighting, which accounts for 19% share in the current overall Lighting market, is anticipated to reach 62% by the year 2021. The report reveals that Philips, Surya Roshni, Osram, Bajaj, Havells, etc. are the leading players in India lighting market and are expected to dominate the market in the forecast period also. The growing awareness about LED lighting in southern India has proved to be the important market for LED lighting companies. Street lighting application accounts for majority of the market revenues in India LED lighting market.

Source: Research and Markets

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