India LED Lighting Market Synopsis
India LED Lighting Market is estimated to register sound growth over the coming years owing to the various growing factors such as increasing awareness of energy-efficient concepts, replacement of traditional lighting with advanced LED lighting ranges, and surging urbanization in the country. Additionally, climate change has resulted in an increased environmental concern among the population, which has further resulted in an increase in eco-friendly LED lighting solutions. Also, technological advancements in LED lighting have led to enhanced performance and durability, making LED lights more appealing to consumers. These factors are likely to surge the growth of the LED Lighting Market in India.
According to 6Wresearch, the India LED Lighting Market size is estimated to augment during the forecast period 2023-2029. The market has been growing in the country rapidly with the growing disposable income, which allows consumers to spend more on premium LED lights. Moreover, LED lighting is more durable compared to other traditional lights, this also reduces maintenance & replacement aspects and acts as an appealing feature for consumers and businesses. Moreover, India’s rapid urbanization and infrastructure development have surged the demand for LED lighting in both commercial and residential sectors. With the rapid industrial expansion, consumers are becoming aware of reducing high energy cost, hence the adoption of LED lights have been increasing, leading to boosting the India LED Lighting Market growth in the country.
Government Initiatives introduced in the India LED Lighting Market
India LED Lighting Market is estimated to witness considerable growth in the coming years on the back of the rising various government initiatives such as, Unnat Jyoti by Affordable LEDs for All (UJALA) Scheme, under this scheme LED bulbs are offered to consumers at subsidized prices by, making it more accessible. Street Lighting National Programme (SLNP), under this scheme government aim to decrease energy consumption by replacing traditional streetlights with energy-efficient LED lights. This scheme has also played a role in improving the illumination of rural areas streets. Perform, Achieve, and Trade (PAT) Scheme plays a crucial role across industries, where maintaining energy efficient targets, in turn, helps the adoption of LED lighting. These are some initiatives of the government to help widen the use of LED lighting in the country, leading to a massive growth of the India LED Lighting industry.
Key Players of the India LED Lighting Market
Below mentioned are some leading market players who are offering an advanced range of products to their customers in order to cater for their diverse requirements. Some of them are listed below:
- Philips Lighting India (Signify) is a global leader in lighting solutions and has a strong presence in the country. They offer a spectrum range of LED lighting products at an affordable range.
- Syska LED Lights is a significant LED lighting brand known for its energy-efficient lighting solutions.
- Havells India is a diversified electrical equipment company established in the country and offers a comprehensive range of LED lighting products, including bulbs, tubes, and decorative lighting.
- Bajaj Electricals is a well-renowned Indian company that offers LED lighting for various applications and sectors including, residential and commercial.
COVID-19 Influence on the India LED Lighting Market
COVID-19 has affected the India LED Lighting Market which is a part of the Asia Pacific LED lighting market. The strict lockdown in the country caused a major interruption in the product supply, especially due to the factory shutdown and logistic challenges. In addition to this, there was a delay in the manufacturing process backed by the shortage of raw materials, leading to less product availability in the Indian market. many lighting projects including streetlight upgradation and retrofitting were delayed due to labor shortages. Some manufacturers were seen to be shift from LED lighting to other products such as personal protective equipment (PPE) has resulted in a reduction in LED lighting production.
Key attractiveness of the report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022.
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- India LED Lighting Import Export Trade Statistics
- Market Opportunity Assessment By Application
- Historical Data and Forecast of India LED Lighting Market Revenues & Volume By Direct Sales for the Period 2023-2029
- Market Opportunity Assessment By Product Type
- India LED Lighting Industry Life Cycle
- Historical Data and Forecast of India LED Lighting Market Revenues & Volume By E-Commerce for the Period 2023-2029
- Market Opportunity Assessment By Sales Channel
- Historical Data and Forecast of India LED Lighting Market Revenues & Volume By Application for the Period 2023-2029
- India LED Lighting Porter’s Five Forces
The India LED lighting market is poised for continued growth due to the factors mentioned above. LED lighting is expected to become the dominant lighting technology in the country in the coming years. However, there are some challenges to be addressed, such as the need for greater consumer awareness, ensuring product quality and standards, and addressing price sensitivity in certain market segments.