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Indian LED lighting market to hit 30% CAGR during 2016-2021

Indian LED lighting market to hit 30% CAGR during 2016-2021

Aug 24, 2016:  Research and Markets has announced the addition of the “India LED Lighting Market By Type (LED Bulbs & Lamps, LED Batten Lights, LED Downlights, etc.), By Application (Outdoor Lighting, Indoor Lighting, Automotive Lighting and Others), By End Use Sector, Competition Forecast and Opportunities, 2011 – 2021” report to their offering.

LED lighting market in India is projected to register a CAGR of over 30% during 2016-2021, due to increasingly affordable prices of LED lights coupled with implementation of LED bulbs distribution scheme by the government of India at subsidized rates.

Rise of smart lighting

Increasing urbanization, rising disposable income levels of consumers, growing population coupled with rising expenditure on promotional programs by government bodies as well as private players is boosting use of LED lighting products in India. Additionally, LED lighting companies are focusing on product innovation to drive adoption of LED lighting in the country.

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LED manufacturers are also collaborating with online portals such as Flipkart, Amazon, etc., in order to facilitate easy sale and supply of LED lighting products to consumers. Over the last couple of years, rising energy consumption trends has led to growth in adoption of eco-friendly and energy efficient lighting solutions such as LED lighting products, especially in the country’s Tier-I and Tier-II cities.

Indian LED lighting market to hit 30% CAGR during 2016-2021

Demand for LED lights in India is predominantly concentrated in the South and North regions due to high population density, increasing urbanization, rising number of government initiatives that encourage use of LED lights. In 2015, LED lighting market in India was dominated by LED bulbs and lamps, followed by LED batten lights; and this trend is forecast to continue through 2021.

Philips, Surya Roshni, Havells, Syska LED and Osram are few of the leading players in India LED lighting market. Outdoor lighting applications, which includes street lights, lights in parks, traffic lights, garage lights, parking lots and other public places, accounted for a majority revenue share in India LED lighting market in 2015.

Source: Research and Markets

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