Chip-on-Board (CoB) LED Market Share

North American Market Forecast

North America industry is likely to hold largest revenue share of 37% by 2037, chip-on-board LED market share. Several notable rivals with regional headquarters, including Cree, Lumileds, and Nichia Corporation, provide a broad selection of COB LED products for a range of uses. The region's chip-on-board (CoB) LED market expansion has also been fueled by the high adoption rate of energy-efficient lighting solutions in North America and the rising demand for COB LEDs in the automotive and horticultural lighting sectors. As per a report, in 2020, North America is expected to generate roughly 13 million light automobiles.

Furthermore, the region's use of COB LEDs has accelerated due to government restrictions and initiatives promoting energy saving. Furthermore, COB LEDs and other advances in LED technology have reduced their cost and increased their availability for North American consumers.

European Market Statistics

By 2037, Europe region in chip-on-board LED market is anticipated to hold more than 26% revenue share. Energy conservation and sustainability are major priorities in Europe. By offering effective lighting options that use less energy and have a smaller environmental effect, COB LEDs contribute to the achievement of these objectives.

Furthermore, the local government has put policies and programs in place to promote the adoption of energy-efficient lighting options. The chip-on-board (CoB) LED market expansion in the area has been further sped up by these regulations.