LED Module Market Size, Share, Growth, and Industry Growth, By Type (High Voltage LED Driver Module, Low Voltage LED Driver Module, Medium Voltage LED Driver Module), By Application (General Lighting, Automotive Lighting, Backlighting), Regional Forecast To 2031

Updated On: 01 April 2024

LED Module Market REPORT OVERVIEW

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The global LED module market size was USD 5491.9 million in 2021 and market is projected to touch USD 8846.48 million by 2031, exhibiting a CAGR of 4.9% during the forecasted period.

LED modules are gadgets that are designed to function independently or be added to a complimentary unit. It is constructed to produce light from an LED, or Light Emitting Diode. These modules rely on electric semiconductors to make light, unlike conventional light bulbs. These modules are preferred for their environmentally-friendly fixtures, which use less power to produce light than traditional units. LED modules include devices such as LED book lights, outdoor lights, headlamps, and flashlights.

LED modules are produced in the form of jewelry, gadgets for children, and artificial candles. These modules include red, yellow, orange, green, and blue LEDs that serve various purposes for the users depending on the materials used in their construction. The prominent types of modules in the market are low, high, and medium voltage LED driver modules. The uses of these modules include general lighting, automotive lighting, and backlighting, which are increasing by the day as consumers shift their preferences to LEDs for environment-friendly options.

COVID-19 Impact: Increased Manufacturing Capacity Spurred Market Growth

Despite restrictions during the pandemic, the manufacturing and production capacity of key market players in the industry spurred market growth. The growing applications of LED modules in various sectors are the driving factors of the development, impacting the market positively. The market benefitted from innovations in the Asian region from countries such as China and South Korea. Thus, the market has expanded over the last couple of years owing to innovations in the industry.

LATEST TRENDS

"Innovations in Asia Pacific Market to Drive Market Growth"

China, South Korea, and Taiwan are the leading Asian manufacturers of LED modules and are set to expand their production capacities worldwide. Innovations in these markets will help reduce the costs of the modules and drive the market growth and demand in the region. However, these countries still depend on international manufacturers for specific equipment, which can be improved by innovations, investments, and developments by key players. The rising market share of Asia Pacific in the production of these modules will prove beneficial for competitors and the market as a whole.

LED Module Market SEGMENTATION

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• By Type

Based on the types, the market is subcategorized into high voltage LED driver modules, low voltage LED driver modules, and medium voltage LED driver modules.

• By Application

Based on applications, the market is subcategorized into general lighting, automotive lighting, and backlighting.

DRIVING FACTORS

"Innovations in the Production Techniques to Lead Market Growth"

The LED module market is experiencing a massive rise in innovations and production techniques. The demand for LED lights in automotive and houses is driving the LED module market growth. As the concerns for environment-friendly power production increase, the need for various types of LED products is increasing in large corporations and households. Thus, these factors are spurring the market growth collectively, leading to an increase in the revenues of companies.

"Low Maintenance and Power Consumption to Drive Market Growth"

These modules consume less power and electricity, which is essential in driving the market growth. This reduces electricity costs for consumers, thereby increasing their preference for LED products. These modules are also efficient and emit less heat but more brightness, thereby saving resources and increasing productivity. Thus, the environment-friendliness of LEDs makes them more desirable over traditional lighting modules as they are affordable, efficient, innovative, and portable.

RESTRAINING FACTORS

"Lack of standardization in Technology to Affect Market Growth"

The lack of standardization in the LED field is an issue that needs to be resolved and kept in mind by manufacturers. This will affect the market growth and sales of the product as consumers look for diverse and standardized products in the industry. Investors must look for innovative solutions to overcome the barrier to market growth, as fewer profits might affect innovations and production techniques in the industry. Key industry manufacturers should also consider these factors to prevent the market from an obstacle.

LED Module Market REGIONAL INSIGHTS

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"North America to Lead Market Share due to Increased Demand"

Due to increased production demand for LED lights in the region, North America will lead the LED module market share. These modules have various applications, such as automotive lighting and backlighting. Modern automotive requires LED lights frequently, and multiple automotive companies surround the North American region. Thus, the area has the largest market share by consumption, and investors must be aware of developments that may affect the sales and profits of the product.

KEY INDUSTRY PLAYERS

The report analyzes different market players in the industry, and the information is published after proper research, analysis of trends, key developments, new initiatives, and technological developments and innovations. Other aspects of the report include research on companies, regions, technical and environmental outcomes, and newly emerging industries' impact and risks. The report also analyzes the micro and macro factors affecting the market demand on a global scale. The facts in the information may be subject to change, given the situation of market players from time to time.

List of Market Players Profiled

• Osram (Germany)
• Philips Lighting (Netherlands)
• Cree (U.S.)
• GE Lighting (U.S.)
• Seoul Semiconductor (South Korea)
• Panasonic (Japan)
• Nichia (Japan)
• JF (Japan)
• Acuity Brands (U.S.)
• Samsung (South Korea)
• LG Innotek (South Korea)
• Eaton (Ireland)
• Toshiba (Japan)
• Toyoda Gosei (Japan)
• Opple (China)
• Yankon (China)
• Edison Opto (Taiwan)

INDUSTRY DEVELOPMENT

June 2022: The Chinese LED firm Opple launched its operations in Bangladesh in the Asia Pacific region in collaboration with Spark Infrastructure Ltd. This development will help the Chinese giant expand its business in developing areas and set a precedent for other countries to partner with the firm. Being China'sChina's number one lighting solution, Opple has leveraged its position to establish its business in the developing Asian regions driving the market growth.

REPORT COVERAGE

The report examines elements that affect the demand and supply situations and estimates dynamic market forces for the forecast period and offers drivers, restraints, the latest trends, and key industrial developments. After evaluating financial and technical market factors, the report provides an extensive SWOT analysis. The research is subject to alteration if crucial players and analysis of market dynamics change. The information is an approximate estimation of the factors mentioned, taken into consideration after thorough research. The report also provides information on segmentation and key industrial developments.