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Market Analysis LocationHome>News>Industry Focus>Market Analysis

India LED Market to Grow 30% in the Next 5 Years

Date2015-02-14

Declining LED prices coupled with favorable government initiatives to drive LED lighting market in India during 2015-2020.

India's LED lighting market is currently at a nascent stage. Though the LED market is already growing at a robust pace over

the last 2-3 years, the country offers huge growth potential, especially over the next 5-10 years. Increasing adoption of LED

lighting is being witnessed across commercial and residential sectors, government projects, upcoming smart building

projects, etc. According to a recently published reportIndia LED Lighting Market Forecast & Opportunities, 2020", the

country's LED lighting market is projected to register a growth of over 32% during 2015-20.

Key factors that are expected to boost the market include declining LED prices coupled with favorable government initiatives

to provide LED lights at subsidized cost and LED installation projects for streetlights. In addition, growing awareness

among consumers on account of awareness programs by manufacturers and regulatory bodies is expected to play a vital

role in shaping the country's LED market over the next five years.

"With manufacturing cost witnessing a decline every year and various government initiatives backing LED adoption, the LED

lighting market in country is anticipated to grow robustly through 2020. Moreover, rising consumer awareness about cost-

effectiveness and eco-friendliness of LED lights would continue to drive volume sales from the residential and well as

commercial sectors. said Mr. Karan Chechi, Research Director.

The report highlights that considering the growing adoption of LED lighting, various major players are planning to set up

their manufacturing units in India in future. Philips, Havells, Syska, Innovlite and GE are few of the leading players operating

in the India's LED lighting market, however, various new entrants are expected in foray into the market in the coming years

as well.

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