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With the Indian consumers shifting towards LED lights, the market is expected to grow 3 times by 2022: Bonafide Research

With the declining trend of the pricesof LED lights, exhaustive promotional and advertisement activities and the government led schemes the Indian consumer have shifted their focus from the old technologies such as incandescent and CFL lights to the newer and better one LED lightings. The market has shown a tremendous growth, it almost grew 2.5 times in the last two years and with the wind of this transition from traditional lightings to LED lights gaining pace, the market is expected to grow 3 times by the year 2022. Considering the scenario of 5 years back, the people were mostly using the CFLs and Incandescent lights in all the different areas and for every different application ranging from the area lightings, commercial lightings to residential lighting and it was a hurricane task for the LED lights to get its root deep down in the market. However with the effort’s made in the right direction this task is seems to be almost achieved in the Indian lighting market. The share of LED lights which was not even 10% of the total lighting market has grown to almost 36%, making it the highest market share occupying technology in the Indian lighting market. The government has distributed nearly 24.21 Crore units of LED bulbs in the household segment and has replaced almost 25 Lakh street lights with LED street lights pushing the growth of LED lighting market on a further step. With the major reasons mentioned earlier the market is expected to grow very fast and will achieve more than half of the portion of the overall lighting market. According to recently published report of Bonafide Research, "India LED Lighting Market Overview, 2016 - 2022", the lighting market in India has remained on the growing path in the past six years, while the LED lighting market though has not seen a faster growth in the initial years, has never shown a declining trend since its entry in the market. With the drawbacks like higher prices and lower awareness amongst the people about the benefits it provide, it was struggling a bit for a faster growth but the government schemes havebeen proven as a revolution in the market with it removing the above mentioned major concerns. The market took a wing and started to grow with a rapid pace. Currently Philips India Limited and Surya Roshni are the big players in the Indian LED lighting market occupying almost 30% of the total market share. Both the companies have cashed out the government tenders of UJALA as well as SLNP which has added a significant revenue in their LED lighting portfolio, however Philips has an advantage of being a large scale multinational as well. The market has also remained positive for the small and local players. The futuremarket scopes and the revenue sources for the LED market are expected to be the government procurements till it achieves its target, the repurchasing of the LED lights and the replacement of traditional lights when it stops working. LED bulbs being a direct and simple replacement for the old lights it is seeing a very steep rise in the sales units, while the another major product which is in the emerging stage is the Panel lights. Panel lights being cheaper than the down lights are getting a higher preference by the residential segment. Moreover with the new architectural design the use of wall mounted or POP mounted lights are expected to increase and the Panel lights are the direct answer for that need at a reasonable rate. With the solution for every segment of the population, whether it is the lower middle class or the upper class, the LED lighting industry in India is expected to grow with a CAGR of slightly more than 20% for the years starting from 2017 to 2022. Major international companies operating in the LED lighting market of India are Philips India Limited, Havells India Limited, Surya Roshni Limited, Bajaj Electricals Limited,Syska LED Lights Private Limited,Crompton Greaves Consumer Electricals Limited, Eveready, GE India Industrial (P) Limited, Osram India Limited, and Moser Baer.?


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