The global high power LED market is expected to grow at a CAGR of 5.4% during the forecast period with its market size predicted to reach USD 17,985.3 million by 2024. Globally, high power LED industry players are leveraging market growth through offering new LED lighting products. For example, in May 2019, Lumileds Holdings B.V. launched two new additions to its LUXEON chip on board (COB) LED family, such as the LUXEON COB Core Range and the LUXEON COB with CrispWhite Technology. These two COB product ranges can offer a minimum of 95 color rendering index (CRI) for the applications, such as indoor and retail lighting.
3–4.9 W category held largest share in the high power LED market in 2018
On the basis of wattage, the high power LED market is classified into 1–2.9 W, 3–4.9 W, 5–10 W, and >10 W, wherein 3–4.9 W category held largest revenue share in the market in 2018. The growth of this segment is attributed towards huge adoption of high power LED lights in automotive, in general, and sign and signal lighting applications.
Geographically, Asia-Pacific has accounted for the largest share in high power LED market, globally and is predicted to grow significantly during the forecast period. The growth of this market is attributed towards the rising demand for energy-saving and eco-friendly lighting products in application areas, such as railways, roads, and buildings.
Some of the key players operating in the global high power LED market are Samsung Electronics Co. Ltd., Cree Inc., Seoul Semiconductor Co. Ltd., LG Innotek Co. Ltd., Broadcom Inc., Epistar Corporation, Everlight Electronics Co. Ltd., and MLS Co. Ltd.
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The report provides the market value for the base year 2018 and a yearly forecast till 2024 in terms of volume (Million Units) and revenue (USD Million). The report segments the global high power LED market on the basis of wattage, application, and region.
Global High Power LED Market Coverage
Wattage Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
High Power LED Market by Region
Rest of the World (RoW)