India LED Lighting Market is projected to grow at a CAGR of 9.2% during 2024-2030

Northern region by Region held the highest revenue share in India LED Lighting Market -6Wresearch

The Northern region accounted for a major revenue share in 2023, owing to the government’s significant role in expanding North India’s real estate sector, particularly through large-scale initiatives such as the Smart Cities Mission and Pradhan Mantri Awas Yojana (PMAY). Additionally, rising tourism in states such as Uttar Pradesh and Uttarakhand led to infrastructure improvements, including better roads, upgraded airports, and new hospitality projects. Thus, creating substantial demand for the LED lighting products.

According to 6Wresearch, India LED Lighting Market is projected to grow at a CAGR of 9.2% during 2024-2030. India LED lighting market has seen significant growth in recent years, fueled by government initiatives such as the Unnat Jyoti by Affordable LEDs for All (UJALA) scheme, which aims to distribute LED bulbs at subsidised prices, the PLI scheme for manufacturing of LED lights, and the Street Lighting National Programme (SLNP) for the installation of LED streetlights. Additionally, the growing focus on smart cities and the addition of 14,000 new hotel rooms across 182 hotels in 2023 has further boosted the market's expansion.

Additionally, Real estate market value is expected to increase from INR 14.8 Lakh Crores in 2020 to INR 53.6 Lakh Crores in 2025 and further to INR 82.5 Lakh Crores in 2030. Further, a continuous push by the government to increase the electrification in the villages under Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) is expected to drive the market for LED lighting during forecast period, while also supporting the nation’s environmental goals.  Further, housing demand in India is expected to rise significantly, reaching approximately 93 million units by 2036. As of 2023, there were 13 million smart homes in the country, and it is predicted that the adoption of smart home technologies will grow by 12.8% by 2025.

According to Vasudha, Senior Research Analyst, 6Wresearch, Indoor application accounted for largest revenue share in 2023 as consumer preferences for well-lit indoor environments continued to rise. Notably, the installation of LED lights such as façade lights, recessed lights, and landscape lights has been trending in office, retail spaces and hotel developments. For instance, the office sector saw demand for 74.7 million square feet of space in 2023, along with a 27% increase in commercial mall spaces from 2021 to 2022 in major cities such as Delhi-NCR, Pune, Kolkata, and Bengaluru, among others. This has assisted in the growth of LED lights application in indoor environments.

India LED Lighting Market (2024-2030) report provides an in-depth analysis with 28 figures and 11 tables, covered in 82 pages. The report thoroughly covers market by types, applications, sales channels and regions. India LED Lighting Market outlook report provides an unbiased and detailed analysis of the on-going India LED Lighting Market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.