The recent report published by TechSci Research titled “India LED Lighting Market Forecast & Opportunities, 2021”, states about the current LED lights market in India. According to the report, the market is expected to witness tremendous growth due the increase in the government initiatives which are highlighting the benefits of LED lights along with increase in personal disposable income.
LED manufacturing companies are making such LED lights which consume less energy thereby reducing the carbon footprint on the environment. Therefore, consumers prefer the LED lights over conventional and CFL lights.
Philips & Surya Roshni, are leading India LED lighting market with cumulative share of around 30%. Although there will be a paradigm shift in the market share due to the entry of new players as well as with the launch of new products. Several major and leading LED companies are spreading awareness about the benefits of LED lighting which is leading to its significance rise.
“India is the second most populous country and 5th largest electricity consumer globally, however, soon there will be a visible gap in the supply and demand of electricity and in order to reduce the electricity consumption, the usage of LED lights should be increased. Moreover, the increasing government support and introduction of wide and innovative portfolio of LED lights results, reduction in prices and this provides customers more choices which enables them to choose the products according to their needs and price affordability. These factors coupled together makes India LED lighting market a lucrative market for companies operating in the industry,” said Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India LED Lighting Market Forecast & Opportunities, 2021” has evaluated the future growth potential of the India LED lighting market and provides statistics and information on market structure, size, share, forecast and future growth of the country’s LED lighting market.