India LED Lighting Markets, 2023-2024 & 2029: Market Poised for Significant Growth, Driven by Demand in Real Estate and Smart Cities – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “India LED Lighting Market 2023-2029 Revenue, Size, COVID-19 IMPACT, Trends, Companies, Value, Share, Analysis, Forecast, Growth & Industry: Market Forecast By Types, By End-User, By Application, By Sales Channel, By Region And Competitive Landscape” report has been added to ResearchAndMarkets.com’s offering.
The India LED Lighting Market is projected to grow at a CAGR of 13.9% from 2023 to 2029F.
The India LED Lighting Market has experienced growth in recent years, driven by government initiatives like UJALA, PLI scheme and Street Lighting National Programme along with an increased focus on smart cities and growing technological awareness among individuals. This growth is in line with the Smart Cities Mission, launched on June 25, 2015, as a collaborative effort between the Ministry of Housing and Urban Affairs (MoHUA) and all state and Union territory (UT) governments.
The growing hospitality sector, with the upcoming 177 hospitality projects which are expected to be completed by 2025, would further increase the demand for LED lighting products to enhance the overall ambiance, comfort, and aesthetics of hotels. Currently, the country has 13 million smart houses, and it is anticipated that the installation of smart home solutions would increase by 12.8% by 2025.
This upward trend is expected to drive the demand for smart lighting LED products during the forecast period. India is experiencing a sharp increase in urbanization, with approximately 600 million people expected to reside in cities by 2030. These urban areas are projected to account for 70% of the Indian GDP. This substantial shift towards urban living would create a significant market opportunity for the India LED Lighting Industry.
In the upcoming years, the India LED Lighting Market would experience growth on account of the growing real estate sector, as India real estate is estimated to be worth INR 83.3 Lakh Crores by 2030, a significant increase from INR 16.67 Lakh Crores in 2021. Furthermore, it is anticipated that a significant number of office projects, totaling over 120 million square feet, will be completed by 2024-25. Among these, Bangalore, Hyderabad, and Pune are expected to collectively contribute approximately 62% of the total completion areas.
This surge in office construction activity is poised to fuel the demand for LED lighting in office spaces in the upcoming years. The major hospitality brands Hilton and the Dangayach Group would launch hotels such as Aravalli Hills, Waldorf Astoria Jaipur, and Fairmont Hotels & Resorts, which would propel the demand for LED lighting, thereby contributing to the India LED Lighting Market growth.
Market Segmentation by Type
By Type, Self-ballasted LED lamps have emerged as a significant revenue contributor in India’s LED lighting market due to several key factors. Firstly, these lamps offer a convenient and cost-effective lighting solution as they do not require separate ballasts or fixtures, simplifying the installation process for consumers. Additionally, under the government’s UJALA scheme, approximately 368 million LED bulbs and tube lights were distributed by June 2023, which contributed to the segment growth.
Market Segmentation by Application
In terms of application, the Residential segment dominated the LED Lighting market share, As more households seek modern lighting solutions, the demand for LED lighting in residential spaces has surged. Moreover, witnessing a total of 271,818 unit sales, representing a significant 25% increase over the previous peak observed in 2010, which had contributed to the demand for LED lights in the residential sector.
Market Segmentation by End-User
By End-User, Indoor lighting has emerged as the leading revenue generator among end users owing to increasing urbanization and rapid development of residential and commercial infrastructure across India, fueling the demand for indoor lighting solutions.
Market Segmentation by Sales Channel
By Sales Channel, retailers and wholesalers holds a significant share, as retailers and wholesalers offer extensive distribution networks, reaching both urban and rural areas effectively. Their widespread presence ensures accessibility of LED lighting products to a diverse range of consumers across the country.
Key Highlights of the Report
- India LED Lighting Market Overview
- India LED Lighting Market Outlook
- India LED Lighting Market Forecast
- Industry Life Cycle
- Porter’s Five Force Analysis
- Historical Data and Forecast of India LED Lighting Market Revenues for the Period 2019-2029F
- Historical Data and Forecast of Market Revenues, By Types, for the Period 2019-2029F
- Historical Data and Forecast of Market Revenues, By End User, for the Period 2019-2029F
- Historical Data and Forecast of Market Revenues, By Applications, for the Period 2019-2029F
- Historical Data and Forecast of Market Revenues, By Sales Channels, for the Period 2019-2029F
- Historical Data and Forecast of Market Revenues, By Regions, for the Period 2019-2029F
- Market Drivers and Restraints
- India LED Lighting Market Evolution & Trends
- Market Opportunity Assessment
- India LED Lighting Company Ranking, By Companies
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Company Profiles
- Crompton Greaves Consumer Electricals Ltd.
- Havells India Ltd.
- Surya Roshni Ltd.
- Orient Electric Ltd.
- Wipro Lighting
- Syska Group
- Bajaj Electricals Ltd.
- Halonix Technologies Private Ltd.
- Eveready Industries India Ltd.
- Signify Innovations India Ltd.
Market Scope and Segmentation
By Types
- Self-Ballasted LED Lamps
- Down Lighters LED
- Street-Lights LED
- Indoor Luminaires (Excluding Down Lighter)
- Outdoor Luminaires (Floodlight)
By End-User
- Indoor Lighting
- Outdoor Lighting
By Application
- Commercial
- Residential
- Industrial
By Sales Channel
- Retail/Wholesaler
- Direct sales/Distributor
- E-Commerce
By Region
- Northern
- Southern
- Western
- Eastern
For more information about this report visit https://www.researchandmarkets.com/r/q57eet
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