Market Size of Asia Pacific LED Packaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
APAC LED Packaging Market Analysis
The Asia Pacific LED Packaging Market has registered a CAGR of 6.7% over the forecast period 2021 - 2026. Since the outbreak of Covid-19, various businesses have been facing challenges pertaining to the supply chain. The LED industry is no exception, as a prominent share of the raw materials for the production of LEDs and drivers originate from the Asia Pacific region, which significantly affected the industry as the region was under the severe clutches of the pandemic.
- The LED technology has been capturing the imagination of the lighting industry by offering small and efficient lighting solutions to a diverse set of consumers with enhanced efficiency. Innovations in the industry are saturated, and at the same time, the market has overcapacity. For TV display applications, the industry is moving from OLED to QLED (Quantum dot Light-emitting diode), which is the latest innovation. This is expected to penetrate more into the market.
- The production costs of QLED displays will be decreased since fixed costs (equipment) are less, and variable costs are relatively less as more units can be produced within a given time. Companies are focusing on operating through economies of scale. As such, the industry is witnessing the consolidation of players/manufacturers of LED packaging.
- In the coming years, rapid advancements in LED package applications are projected to boost innovation and consumption, propelling the LED packaging market. On the other hand, high saturation may limit product acceptance, which, in turn, limits market growth.
- The high competition in the market with players such as Samsung Electronics, Osram, and Nichia is restricting the margin, as there is a continuous decline in prices by players to gain market share.
- Moreover, governmental initiatives are also anticipated to drive the market's growth. For instance, the Indian government's planned to deploy cost-effective LEDs across multiple sectors. The country is on the verge of replacing all its street lamps with LEDs and adopting smart LEDs for traffic signals as well. This move is likely to increase the demand for local LED manufacturers, resulting in the growth of the LED packaging market.
