The Indian smart lighting market is ser to reach an estimated value of INR 373.7 billion within the next four years. The expected compound annual growth rate is pegged at 38.44% over the course of 2018-2023. The growth is primarily driven by the government’s keen interest in its smart city projects and the increase in the number of smart homes throughout India.
Among all smart lighting sources, LED bulbs command over 65% of the market share thanks to the cost-effective nature of the products. Discounts and rebates, specifically in online websites have also driven down the costs of these bulbs making them extremely affordable and appealing to the average Indian consumer.
Communication technology sectors drive the second largest market share for smart lighting. However, most of smart lighting solutions are sold to the domestic market. The domestic market commands 55% of sales. This was primarily driven up the increase in per capita income of the average Indian citizen. Motion detecting lighting systems are also becoming more popular across India. Market players need to tap into the right opportunities to offer smart lighting technologies to consumers.