LED Neon Lights Industry - Regional Synopsis
Asia Pacific Market Statistics
Asia Pacific region is likely to dominate the LED neon lights market and capture a share of 53.2% during the forecast period. Some of the key drivers that add to this growth in the region include rapid urbanization, improved disposable income, and a growing trend toward attractive and energy-efficient lighting solutions. Furthermore, the existence of key manufacturers across the region further complements the growth in the market. China is anticipated to contribute significantly to the Asia Pacific market.
In 2024, China accounted for a 22.6% share of the LED neon lights market which is expected to grow further in the ensuing years. This growth has been attributed to the ongoing urbanization and infrastructural development projects that demand advanced lighting solutions. Moreover, the growing emphasis on sustainability and energy efficiency in China fosters an increased uptake of LED neon lights. For instance, in February 2024, Leyard announced its plan to launch its newest edition of LED display technology and integrated solutions.
India is another prominent contributor to the Asia Pacific LED neon lights market, which holds a 19.5% share during the forecast period. The market is rising due to factors such as an increase in disposable income, expansion in urbanization, and the developing interest in decorative lighting. For example, in April 2023, Signify extended its Philips Smart Wi-Fi ecosystem by introducing new and innovative products in India, such as smart LED downlighters, smart LED filament bulbs, and smart LED neon flex. Companies are developing innovative LED neon lights such as tunable whites, dimmable warm white lights, and millions of color options to suit changing Indian user needs.
North America Market Analysis
North American LED neon lights market is likely to expand at a CAGR of 6.7% by the end of 2037. One primary factor driving the demand in this region is the increasing demand for energy-efficient and bespoke lighting solutions in countries such as the United States and Canada.
Canada’s LED neon lights market is anticipated to hold a 15.1% share during the forecast period and is expected to accelerate further in the coming years. Primary drivers include growing urbanization, increasing disposable income, and improving spending on decorative lighting. Moreover, the rising application of LED neon lights in commercial, residential, and industrial sectors is also one of the primary factors driving market growth.
The U.S. LED neon lights market is set to grow at a stable rate in the forecast period. The presence of major manufacturers in this country, coupled with technological development and product innovation, is likely to further boost the market growth in the U.S. For example, in August 2021, Lucetta, the architectural specification division of Elemental LED declared its cooperation with PG Enlighten, expanding the company's presence in the Chicago lighting specification market.
