Packaged LED Market Size & Share, by Type {F5, Chip on Board, Surface Mount Devices, High Power}; Application {Automotive, Consumer Electronics, Lighting (Retail Lighting, Office Lighting, Hotel Lighting, Decoration Lighting, Industrial Lighting), Outdoor Display} - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Compliance with New Regulations Mandating the Use of High-Efficacy LED Lamps – In order to achieve net zero emissions by 2050 that ensures that all countries sell only LEDs by 2025 has increased the use of packaged LEDs. For instance, the LED accounted for ~51% of global lighting sales in 2020, with integrated LED luminaires making up an increasing share.
• Rising Demand for LED Lightning Products – The demand for LEDs is escalating owing to its affordability as well as the wider choice of innovative products it makes available for consumers. This rise in the demand for LEDs is responsible for boosting the demand for packaged LEDs. For instance, as per 2021 statistics, more than 40 billion cumulative sales of LED lighting products were recorded in the past five years, generating economies of scale.
• Increased Demand in the Automotive Industry -As per estimates, in 2020 in the United States, ~42,000 deaths were registered on the road, out of which almost 50% of all accidents occurred at night despite 25% less traffic on the road due to limited visibility. The packaged LED enables significantly smaller vehicle headlights with new dynamic functions and high luminance.
• Increasing Number of Digital Signage –For instance, in 2020, digital signage aided in increasing the average purchase amount by 29% and also resulted in 45% customer satisfaction, creating 32% growth in repeat buyers in the United States.

Challenges

• Development of Inefficient LEDs Attributed to the Lack of Common Open Standards
• Lack of Coordination among Various Component Suppliers
• Limited Adoption of LED Packaging Owing to High Prices