The LED market size will grow by $25.78 billion during 2020-2024. The market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.
The global LED market is highly fragmented and is defined by the presence of well-diversified international and regional vendors. The international players are increasing their footprint globally as LED becomes the go-to lighting technology. This creates significant challenges for regional vendors who cannot compete based on quality, technology, and price. Moreover, the international players are engaging in the acquisition of the regional or local players to grow and expand their product lines and gain a competitive advantage over their competitors.
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A majority of the vendors in the market are manufacturers of lighting solutions that are extensively focusing on the LED lighting segment. LG INNOTEK, Lumileds Holding BV, NICHIA Corp., OSRAM GmbH, and Signify Holding are some of the major market participants. Although the declining manufacturing cost of LEDs will offer immense growth opportunities, the high average cost per fixture will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this LED market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this LED market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
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