The India LED Lighting Market was estimated to be 4.70 billion USD in 2024 and is expected to reach 6.77 billion USD by 2030, growing at a CAGR of 6.29% during the forecast period (2024-2030). LED lighting has gained significant traction due to its energy efficiency, longer lifespan, and environmental benefits. Let’s take a closer look at the market segments:
The largest segment by value share is Industrial and Warehouse lighting, accounting for 58.01% in 2023. LED sales in this category were expected to reach 1681.8 million units by the end of 2023.
In 2023, Streets and Roadways held a 74.79% market value share, making it the leading segment. LED penetration in this category was predicted to reach 68.8 million units. India has a vast road network covering 63.73 million kilometres, which contributes to the country’s need for outdoor lighting.
According to the report by Mordor intelligence, the industrial and warehouse market was predicted to have the biggest share (58%) in 2023, followed by residential (24.4%), commercial (15.2%), and agricultural lighting (2%). India, which hopes to export items valued at $1 trillion USD by 2030, is well on its way to emerging as a global manufacturing powerhouse.
Additionally, the market may be helped by the execution of numerous initiatives and regulations, such as the National Manufacturing Policy, which seeks to raise the manufacturing sector’s GDP share to 25% by 2025.
In summary, the Indian LED lighting market is witnessing robust growth, and is poised for significant growth, with its market size expanding due to various factors influencing demand across different segments. The industrial and warehouse segment is anticipated to dominate in terms of value share, driven by the country’s ambition to enhance its manufacturing capabilities and export potential.
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