Outdoor LED Market in India to Record a CAGR of 12.71%, Growing Demand for LED Lighting for Different Applications to Drive Growth – Technavio – PR Newswire

August 1, 2022 by No Comments

  • Market estimates and forecast 2021-2026
  • Key drivers, trends, and challenges impacting market growth
  • Segment-wise, region-wise, and country-wide analysis
  • Analysis of market share by vendors
  • Key product launches and regulatory climate
  • Post-COVID-19 impact on the market landscape. Download PDF Report Sample

Many companies are involved in LED lighting projects to promote the use of energy-efficient lighting sources and increase their market presence. This offers a tremendous opportunity to vendors, as governments across the world are striving to shift to outdoor LED-based street lighting.

Technavio categorizes the outdoor LED market in India as a part of the global electrical components and equipment market within the global electrical equipment market. The parent market, the global electrical components, and the equipment market cover companies engaged in the manufacturing of electric cables and wires, electrical components, and electrical equipment.

The market is primarily driven by the growing demand for LED lighting for different applications. Manufacturers of lighting products are focusing on energy-efficient and environment-friendly lighting solutions owing to the increasing awareness about green technology. Moreover, the decrease in the average selling price (ASP) of LED products will have a positive impact on the market. In addition, the market has numerous LED product manufacturers, such as Havells India Ltd, SH Group, Inc, and Koninklijke Philips N.V. These factors are expected to boost the growth of the outdoor LED market in India during the forecast period.

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The offline distribution channel segment will generate maximum revenue in the market. Outdoor LED products are mainly sold through offline distribution channels, which include specialty stores, hypermarkets, convenience stores, departmental stores, and other retail formats. Consumers prefer purchasing from retail stores, which offer a wide range of products as well as the necessary support.

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The outdoor LED market in India is fragmented, and the vendors are deploying growth strategies such as engaging in the acquisition of regional or local players to compete in the market. The market is highly fragmented and is defined by the presence of well-diversified international and regional vendors. International players are increasing their footprint globally. They are acquiring regional or local players to grow and expand their product lines and gain a competitive advantage.

Some of the key players in the outdoor LED market in India include:

  • Bajaj Electricals Ltd.
  • ERCO GmbH
  • Eveready Industries India Ltd.
  • Havells India Ltd.
  • Koninklijke Philips NV
  • Orient Electric¬†Ltd.
  • Panasonic Corp.
  • Surya Roshni Ltd.
  • Syska LED Lights Pvt. Ltd.
  • Wipro Ltd.

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Source: https://www.prnewswire.com/news-releases/outdoor-led-market-in-india-to-record-a-cagr-of-12-71-growing-demand-for-led-lighting-for-different-applications-to-drive-growth—technavio-301596039.html

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