Market Size of asia pacific led lighting Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 19.26 Billion |
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Market Size (2030) | USD 29.10 Billion |
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Largest Share by Indoor Lighting | Industrial and Warehouse |
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CAGR (2024 - 2030) | 7.12 % |
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Largest Share by Country | China |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Asia Pacific LED Lighting Market Analysis
The Asia Pacific LED Lighting Market size is estimated at 19.26 billion USD in 2024, and is expected to reach 29.10 billion USD by 2030, growing at a CAGR of 7.12% during the forecast period (2024-2030).
19.26 Billion
Market Size in 2024 (USD)
29.10 Billion
Market Size in 2030 (USD)
4.37 %
CAGR (2017-2023)
7.12 %
CAGR (2024-2030)
Largest Segment by Automotive Vehicle Lighting
64.36 %
value share, Passenger Cars, 2023
The total sales of LED in this category were expected to reach 2372.3 million by the end of 2023. In Asia-Pacific, 37.5 million cars were sold in 2022.
Largest Segment by Indoor Lighting
66.92 %
value share, Industrial and Warehouse, 2023
The total sales of LED in this category were expected to reach 7494.5 million by the end of 2023. The logistics sector in Asia-Pacific is would be the driving factor for growth of the market.
Largest Segment by Outdoor Lighting
54.49 %
value share, Streets and Roadways, 2023
The total sales of LEDs in this category were expected to reach 1984.1 million by the end of 2023. A network of 141,000 km of roads across 32 countries is the Asian Highway Network.
Largest Segment by Country
34.04 %
value share, China, 2023
China was the largest country by value share in 2022, accounting for 34.22%. China exports most of its LED lighting to other APAC countries, making it the world's largest LED lighting exporter.
Leading Market Player
8.81 %
market share, Panasonic Holdings Corporation, 2022
Panasonic company lights are valued for achieving energy savings of 50% compared to fluorescent lighting.
Increasing development in the industrial sector and residential sector drives the market growth
- In terms of value share, in 2023, industrial and warehouse accounts for most of the share. China is the second-largest economy in the world as of 2022. Warehouse space in China cost an average of CNY 44.3 (USD 6.15) per square meter per month during pre-COVID-19. In China, there has been a steady rise in the demand for warehouses, raising the cost of renting them post-pandemic. Revenue for the storage industry in China is expected to increase at an annualized 4.3% over the five years.
- Similarly, in India, manufacturing generated 16-17% of India's GDP before the pandemic and is expected to be one of the fastest-growing sectors. India's industrial and warehousing sector reported a nearly 11 million square feet robust absorption, with tier-I cities driving 77% of the demand. Such factors are expected to increase the LED penetration demand.
- In terms of volume share, in 2023, residential accounts for most of the share. Over the past three decades, Asia experienced a high urbanization rate. While rapid urbanization helped to fuel economic growth, it has led to major demand for housing, resulting in high housing prices. Japan will likely see an excess supply of 10 million dwelling units in 2023, partly due to government housing policy with a shrinking population. The number of households will peak at 54.19 million in 2023. Such a factor caters to a major LED demand.
- Government subsidy plays a major role in the adoption of new housing. In India, the government has introduced several energy-saving programs. For example, the central government's ambitious Pradhan Mantri Awas Yojana (PMAY) program aims to build 20 million affordable metropolitan housing units nationwide by 2022. Such factors might lead to major sales, leading to more LED demand in the coming period.
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Increase in development in real estate infrastructure and strong demand in automotive sector in various countries increase the market demand
- In terms of value and volume share, in 2023, China comprised most of the share, and India stood second. China is a country of homeowners, with more than 90% of households owning homes. At the same time, more than 20% of Chinese households own multiple homes, higher than many developed nations. Such stats may propel the demand for LED lighting.
- China's automobile gross output was more than CNY 10 trillion (USD 1.4 trillion) in 2021, contributing to almost 10% of China's GDP. The strong growth of the automotive market can be attributed to policy incentives, capital support, and increasing consumer demand. In May 2022, China released a policy to boost new energy vehicle (NEV) sales in rural parts.
- Indian firms were expected to raise more than INR 3.5 trillion through infrastructure and real estate investment trusts in 2022. The office market in the top eight cities recorded transactions of 22.2 msf from July 2020 to December 2020. In 2022, office absorption in the top seven cities stood at 38.25 million sq. ft. Currently, India is undertaking major infrastructure and industrial projects worth USD 1.3 trillion. Such development fuels the demand for LED lighting.
- The Indian automobile industry contributes almost 6.4% to India's GDP. As of 2019, vehicle sales in higher per capita income states such as Maharashtra, Gujarat, Delhi, and Karnataka were shrinking faster than the industry average. Taxi aggregators and rising saturation among passenger car owners have hit vehicle sales growth. As of October 2019, LEDs gained more than 40% penetration in tail lamps, but they accounted for less than 15% of the share in headlamps. With increasing vehicle sales, the shares of tail lamps and headlamp LEDs are expected to increase significantly.
