Global LED Bulb Market Shines Bright with $8.2 Billion in 2022, Set to Reach $16.5 Billion by 2028

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Sep 12, 2023, 17:45 ET

DUBLIN, Sept. 12, 2023 /PRNewswire/ -- The "LED Bulb Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global LED bulb market reached a size of USD 8.2 billion in 2022, and it is expected to grow to USD 16.5 billion by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 12.3% during the period from 2023 to 2028.

LED bulbs are lighting fixtures that use one or more Light Emitting Diodes (LEDs) to produce light. They are known for their energy efficiency, long lifespan, durability, resistance to shock and vibration, and low heat emissions. LED bulbs are available in various colors and brightness levels and offer dimming options for customized lighting solutions.

Market Trends and Drivers

Several trends and factors are driving the growth of the global LED bulb market:

Increasing demand for energy-efficient lighting solutions, particularly in homes, as consumers become more aware of the benefits of LED lighting.
Growth in the number of commercial spaces, such as offices, restaurants, malls, and airports, leading to higher adoption of LED bulbs.
Utilization of LED bulbs in the aviation and aerospace industry for various lighting applications, including cabin, cockpit, and exterior lighting, enhancing visibility and color accuracy.
Rising installation of LED bulbs in vehicles, including headlights, taillights, and interior lighting, driven by the demand for luxury vehicles and growth in the automotive industry.
Use of LED bulbs in healthcare settings, such as examination rooms, dental offices, and surgical lighting, for precise control of light intensity and color temperature.
Government initiatives in many countries to promote LED lighting solutions and reduce carbon emissions, as well as investments in smart city development, boosting LED bulb demand.

Key Market Segmentation

The market is segmented based on application:

Retrofit
Retail & Hospitality
Outdoor
Offices
Architectural
Residential
Industrial

Retrofit applications represent the largest segment.

The market is also analyzed regionally, with key regions including India, China, Europe, United States, Japan, Brazil, Russia, and others. India is the largest market for LED bulbs, driven by factors such as product innovations, government initiatives, and easy availability.

Competitive Landscape

The report provides a comprehensive analysis of the competitive landscape in the global LED bulb market. It covers market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant. Profiles of major companies are included, with examples like Nichia Corporation, Osram GmbH, Samsung Electronics, and Everlight Electronics.

Key Questions Answered in This Report

What was the size of the global LED bulb market in 2022?
What is the expected growth rate of the global LED bulb market during 2023-2028?
What are the key factors driving the global LED bulb market?
What has been the impact of COVID-19 on the global LED bulb market?
What is the breakdown of the global LED bulb market by application?
Which regions are key players in the global LED bulb market?
Who are the major companies in the global LED bulb market?

For more information about this report visit https://www.researchandmarkets.com/r/87ige8

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