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Asia Pacific LED Lighting Market Size

The Asia Pacific LED Lighting Market is projected to experience significant growth, driven by various sectors such as industrial, warehouse, and residential. The market's expansion is influenced by factors like urbanization, government subsidies, and infrastructure development, particularly in countries like China and India. China holds a substantial share due to its high homeownership rates and demand for LED lighting in multiple dwelling units, while India's growth is supported by its industrial and warehousing demands and government energy-saving initiatives. These elements collectively contribute to the increasing market size of LED lighting in the region.

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Market Size of asia pacific led lighting Industry

Asia Pacific LED Lighting Market Summary
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svg icon Study Period 2017 - 2030
svg icon Market Size (2024) USD 19.26 Billion
svg icon Market Size (2030) USD 29.10 Billion
svg icon Largest Share by Indoor Lighting Industrial and Warehouse
svg icon CAGR (2024 - 2030) 7.12 %
svg icon Largest Share by Country China

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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Asia Pacific LED Lighting Market Analysis

The Asia Pacific LED Lighting Market size is estimated at 19.26 billion USD in 2024, and is expected to reach 29.10 billion USD by 2030, growing at a CAGR of 7.12% during the forecast period (2024-2030).

19.26 Billion

Market Size in 2024 (USD)

29.10 Billion

Market Size in 2030 (USD)

4.37 %

CAGR (2017-2023)

7.12 %

CAGR (2024-2030)

Largest Segment by Automotive Vehicle Lighting

64.36 %

value share, Passenger Cars, 2023

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The total sales of LED in this category were expected to reach 2372.3 million by the end of 2023. In Asia-Pacific, 37.5 million cars were sold in 2022.

Largest Segment by Indoor Lighting

66.92 %

value share, Industrial and Warehouse, 2023

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The total sales of LED in this category were expected to reach 7494.5 million by the end of 2023. The logistics sector in Asia-Pacific is would be the driving factor for growth of the market.

Largest Segment by Outdoor Lighting

54.49 %

value share, Streets and Roadways, 2023

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The total sales of LEDs in this category were expected to reach 1984.1 million by the end of 2023. A network of 141,000 km of roads across 32 countries is the Asian Highway Network.

Largest Segment by Country

34.04 %

value share, China, 2023

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China was the largest country by value share in 2022, accounting for 34.22%. China exports most of its LED lighting to other APAC countries, making it the world's largest LED lighting exporter.

Leading Market Player

8.81 %

market share, Panasonic Holdings Corporation, 2022

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Panasonic company lights are valued for achieving energy savings of 50% compared to fluorescent lighting.

Increasing development in the industrial sector and residential sector drives the market growth

  • In terms of value share, in 2023, industrial and warehouse accounts for most of the share. China is the second-largest economy in the world as of 2022. Warehouse space in China cost an average of CNY 44.3 (USD 6.15) per square meter per month during pre-COVID-19. In China, there has been a steady rise in the demand for warehouses, raising the cost of renting them post-pandemic. Revenue for the storage industry in China is expected to increase at an annualized 4.3% over the five years.
  • Similarly, in India, manufacturing generated 16-17% of India's GDP before the pandemic and is expected to be one of the fastest-growing sectors. India's industrial and warehousing sector reported a nearly 11 million square feet robust absorption, with tier-I cities driving 77% of the demand. Such factors are expected to increase the LED penetration demand.
  • In terms of volume share, in 2023, residential accounts for most of the share. Over the past three decades, Asia experienced a high urbanization rate. While rapid urbanization helped to fuel economic growth, it has led to major demand for housing, resulting in high housing prices. Japan will likely see an excess supply of 10 million dwelling units in 2023, partly due to government housing policy with a shrinking population. The number of households will peak at 54.19 million in 2023. Such a factor caters to a major LED demand.
  • Government subsidy plays a major role in the adoption of new housing. In India, the government has introduced several energy-saving programs. For example, the central government's ambitious Pradhan Mantri Awas Yojana (PMAY) program aims to build 20 million affordable metropolitan housing units nationwide by 2022. Such factors might lead to major sales, leading to more LED demand in the coming period.
Asia Pacific LED Lighting Market

Increase in development in real estate infrastructure and strong demand in automotive sector in various countries increase the market demand

  • In terms of value and volume share, in 2023, China comprised most of the share, and India stood second. China is a country of homeowners, with more than 90% of households owning homes. At the same time, more than 20% of Chinese households own multiple homes, higher than many developed nations. Such stats may propel the demand for LED lighting.
  • China's automobile gross output was more than CNY 10 trillion (USD 1.4 trillion) in 2021, contributing to almost 10% of China's GDP. The strong growth of the automotive market can be attributed to policy incentives, capital support, and increasing consumer demand. In May 2022, China released a policy to boost new energy vehicle (NEV) sales in rural parts.
  • Indian firms were expected to raise more than INR 3.5 trillion through infrastructure and real estate investment trusts in 2022. The office market in the top eight cities recorded transactions of 22.2 msf from July 2020 to December 2020. In 2022, office absorption in the top seven cities stood at 38.25 million sq. ft. Currently, India is undertaking major infrastructure and industrial projects worth USD 1.3 trillion. Such development fuels the demand for LED lighting.
  • The Indian automobile industry contributes almost 6.4% to India's GDP. As of 2019, vehicle sales in higher per capita income states such as Maharashtra, Gujarat, Delhi, and Karnataka were shrinking faster than the industry average. Taxi aggregators and rising saturation among passenger car owners have hit vehicle sales growth. As of October 2019, LEDs gained more than 40% penetration in tail lamps, but they accounted for less than 15% of the share in headlamps. With increasing vehicle sales, the shares of tail lamps and headlamp LEDs are expected to increase significantly.

Asia Pacific LED Lighting Industry Segmentation

Agricultural Lighting, Commercial, Industrial and Warehouse, Residential are covered as segments by Indoor Lighting. Public Places, Streets and Roadways, Others are covered as segments by Outdoor Lighting. Daytime Running Lights (DRL), Directional Signal Lights, Headlights, Reverse Light, Stop Light, Tail Light, Others are covered as segments by Automotive Utility Lighting. 2 Wheelers, Commercial Vehicles, Passenger Cars are covered as segments by Automotive Vehicle Lighting. China, India, Japan are covered as segments by Country.

  • In terms of value share, in 2023, industrial and warehouse accounts for most of the share. China is the second-largest economy in the world as of 2022. Warehouse space in China cost an average of CNY 44.3 (USD 6.15) per square meter per month during pre-COVID-19. In China, there has been a steady rise in the demand for warehouses, raising the cost of renting them post-pandemic. Revenue for the storage industry in China is expected to increase at an annualized 4.3% over the five years.
  • Similarly, in India, manufacturing generated 16-17% of India's GDP before the pandemic and is expected to be one of the fastest-growing sectors. India's industrial and warehousing sector reported a nearly 11 million square feet robust absorption, with tier-I cities driving 77% of the demand. Such factors are expected to increase the LED penetration demand.
  • In terms of volume share, in 2023, residential accounts for most of the share. Over the past three decades, Asia experienced a high urbanization rate. While rapid urbanization helped to fuel economic growth, it has led to major demand for housing, resulting in high housing prices. Japan will likely see an excess supply of 10 million dwelling units in 2023, partly due to government housing policy with a shrinking population. The number of households will peak at 54.19 million in 2023. Such a factor caters to a major LED demand.
  • Government subsidy plays a major role in the adoption of new housing. In India, the government has introduced several energy-saving programs. For example, the central government's ambitious Pradhan Mantri Awas Yojana (PMAY) program aims to build 20 million affordable metropolitan housing units nationwide by 2022. Such factors might lead to major sales, leading to more LED demand in the coming period.
Indoor Lighting
Agricultural Lighting
Commercial
Office
Retail
Others
Industrial and Warehouse
Residential
Outdoor Lighting
Public Places
Streets and Roadways
Others
Automotive Utility Lighting
Daytime Running Lights (DRL)
Directional Signal Lights
Headlights
Reverse Light
Stop Light
Tail Light
Others
Automotive Vehicle Lighting
2 Wheelers
Commercial Vehicles
Passenger Cars
Country
China
India
Japan
Rest of Asia-Pacific
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Asia Pacific LED Lighting Market Size Summary

The Asia Pacific LED Lighting Market is poised for significant growth, driven by increasing urbanization, industrial expansion, and government initiatives across the region. The market is characterized by a diverse range of applications, with industrial and warehouse sectors holding a substantial value share, particularly in China and India. The demand for LED lighting is further bolstered by the rapid urbanization in these countries, leading to a surge in residential construction and housing demand. Government subsidies and energy-saving programs, such as India's Pradhan Mantri Awas Yojana, are also playing a crucial role in promoting LED adoption in new housing developments. The automotive sector's growth, especially in China, is contributing to the rising penetration of LED technology in vehicles, further enhancing market dynamics.

In terms of market size, the Asia Pacific region is experiencing a robust increase in LED lighting demand, supported by rising disposable incomes and urban population growth. The region's fragmented market is dominated by key players like Koito Manufacturing Co. Ltd, Nichia Corporation, OPPLE Lighting Co., Ltd, Panasonic Holdings Corporation, and Signify Holding (Philips). These companies are actively expanding their product offerings and collaborations to capture a larger market share. The increasing number of households, particularly in China and India, along with the growing automotive sales, are expected to drive the demand for LED lighting solutions. Additionally, government initiatives in countries like Japan, offering rebates and subsidies for LED adoption, are anticipated to further propel market growth in the coming years.

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Asia Pacific LED Lighting Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)

    1. 1.1 Indoor Lighting

      1. 1.1.1 Agricultural Lighting

      2. 1.1.2 Commercial

        1. 1.1.2.1 Office

        2. 1.1.2.2 Retail

        3. 1.1.2.3 Others

      3. 1.1.3 Industrial and Warehouse

      4. 1.1.4 Residential

    2. 1.2 Outdoor Lighting

      1. 1.2.1 Public Places

      2. 1.2.2 Streets and Roadways

      3. 1.2.3 Others

    3. 1.3 Automotive Utility Lighting

      1. 1.3.1 Daytime Running Lights (DRL)

      2. 1.3.2 Directional Signal Lights

      3. 1.3.3 Headlights

      4. 1.3.4 Reverse Light

      5. 1.3.5 Stop Light

      6. 1.3.6 Tail Light

      7. 1.3.7 Others

    4. 1.4 Automotive Vehicle Lighting

      1. 1.4.1 2 Wheelers

      2. 1.4.2 Commercial Vehicles

      3. 1.4.3 Passenger Cars

    5. 1.5 Country

      1. 1.5.1 China

      2. 1.5.2 India

      3. 1.5.3 Japan

      4. 1.5.4 Rest of Asia-Pacific

Asia Pacific LED Lighting Market Size FAQs

The Asia Pacific LED Lighting Market size is expected to reach USD 19.26 billion in 2024 and grow at a CAGR of 7.12% to reach USD 29.10 billion by 2030.

In 2024, the Asia Pacific LED Lighting Market size is expected to reach USD 19.26 billion.

Asia Pacific LED Lighting Market Report Snapshots

Asia Pacific LED Lighting Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030