The global LED industry has experienced rapid growth and expansion in recent years. LED, or light-emitting diode, technology has become increasingly popular due to its energy efficiency and longer lifespan compared to traditional lighting options. LED lighting is used in a variety of applications, such as residential and commercial lighting, automotive lighting, and electronic displays.
According to a report by Grand View Research, the global LED lighting market size was valued at USD 54.00 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 13.4% from 2020 to 2027. The increasing adoption of energy-efficient lighting solutions, government initiatives to promote LED lighting, and the growing demand for smart lighting systems are among the key drivers of this growth.
Asia Pacific is the largest regional market for LED lighting, with China being the biggest producer and exporter of LED products. Europe and North America are also significant markets for LED lighting due to their strict energy efficiency regulations and high demand for sustainable lighting solutions.