Market Trends of asia pacific outdoor led lighting Industry
Construction and refurbishing of new stadiums to drive the growth of the market
- The number of stadiums is expected to witness growth from 650 units in 2022 to 732 units in 2030, exhibiting a CAGR of 1.5%. The sports sector has undergone several changes in recent years. For instance, Perth Stadium became the first multi-use stadium in the APAC area to be fully lighted by LEDs in 2017. Some of the organizations that host essential competitions in the region include the Board of Control for Cricket in India (BCCI), Indian Premier League (IPL), New Zealand Cricket, Sahara Force India, and Melbourne Cricket Association, affecting the construction of the stadium infrastructure in the area. For instance, the Varanasi stadium will cost USD 300 million to construct. BCCI has planned a total of five new stadiums. These elements support the expansion of the LED market in the area.
- Countries like China, India, Singapore, Australia, and Japan are concentrating on building new stadiums while refurbishing existing ones. For instance, the government of New South Wales announced plans to spend over USD 1.53 billion on the reconstruction of football and Olympic stadiums in 2017. Government activities in the sports sector support the expansion of the LED market in Asia-Pacific. For instance, the growth of sports facilities in India is fueled by government initiatives like Khelo India, Fit India, and Smart City. The efforts aim to increase sports participation across India and improve sporting facilities so that India performs to its full potential at the Olympics and other important sporting events. Additionally, upcoming sporting occasions like the Cricket World Cup (India) and the FIFA Women's World Cup (Australia and New Zealand) will drive the growth of LED lights in the stadiums.
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Increase in construction and sales of residential houses to drive the growth of LED market.
- The APAC is home to 60% of the world's population. Numerous nations in the region, notably China and India, are in the top ten in terms of population growth. India has recently shown that it is possible to install LED technology quickly and extensively. These nations' construction industries are prospering as their native and immigrant populations both grow quickly. For instance, the volume of residential buildings climbed by 5% in Indonesia in 2017 and by 1% in 2019, and this trend will continue throughout the forecast period due to the countries' growing populations. As a result, the rapidly expanding building sector in APAC will increase demand for LEDs in the market.
- The other nations' construction industries are prospering as their native and immigrant populations both grow quickly. For instance, the volume of residential buildings climbed by 5% in Indonesia in 2017 and by 1% in 2019, and this trend will continue throughout the forecast period due to the countries' growing populations. As a result, the rapidly expanding building sector in Asia-Pacific will increase the demand for LEDs in the regional market.
- China has the most households in APAC as of 2021, with a total of over 449.7 million. In addition, there are 295.1, 68.9, and 48.5 million households in India, Indonesia, and Japan, respectively. There is a steady rise in the number of households in these nations, which suggests that more homes are being built and that the demand for LEDs in the APAC area is rising. Over 23.6 million of the 37.5 million passenger cars sold in the Asia-Pacific area in 2022 were in China. Comparatively, the Asia-Pacific area sold about 34.57 million passenger cars in 2021. The demand for LEDs in the region will be aided by the rise in automotive vehicle sales in the APAC region.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Increasing investment in commercial buildings, buying luxury cars, and adoption of EV to increase the growth of the market
- Initiatives related to infrastructure development and increasing use of energy-efficient lighting to drive the growth of LED lights
- LED light upgrade project, government offering subsidies, and tax benefits to raise LED localization and reduction of GHG emission to drive the growth of the market
- Government initiatives to promote energy-efficient LED lights in the region to increase LED light sales
- The market is driven by increasing population, increasing per capita income, and government subsidy to promote the use of LED lights
