According to the latest report published by ReportLinker, the high power LED market is expected to grow from USD 4.5 billion in 2019 to USD 5.6 billion by 2024, at a CAGR of 4.5% during the forecast period. The long life & continuous usage, small size, less power consumption & low voltage, and increasing high brightness application are the major factors fueling the growth of the overall market. However, the high initial cost might restrain the market growth, according to the report.
High Power LED with Flip-Chip Packaging to Grow at Highest CAGR
The high power LED market for flip-chip packages will grow at the highest CAGR during the forecast period owing to its advantages over the traditional horizontal mesa packaging and vertical packaging. The flip-chip packages can be driven at higher current, are free of wire-bonding, and are offered in smaller packages. This is the major factor leading to the higher adoption of these LEDs than the traditional horizontal and vertical LEDs.
Automotive Application to Register High CAGR
In the automotive sector, high power LEDs are used in interior and exterior lighting applications. The adoption of high power LEDs for automotive lighting is very low due to their high costs, and they are used mostly in premium cars. However, their adoption is slowly gaining momentum because of increased interest among automobile manufacturers for high power LED modules and their availability for automotive applications. The available brightness due to high power LEDs would be the major driver for the growth of the high power LED market.
APAC to Hold Significant Share of the Market By 2024
APAC currently leads the high power LED industry in terms of market size and is likely to continue being the leading region in 2024 as well. China, South Korea, and Japan are the top three contributors to the high power LED market in APAC; the market in Japan is expected to grow at the highest CAGR during the forecast period owing to the adoption of high power LEDs in premium automotive-based out in Japan. General lighting will be the leading application segment due to the early adoption of the high power LED. Also, the demand for high power LEDs in automotive, backlighting, and flash lighting in this region are the major factors fueling the growth of the high power LED market in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the high power LED market space. The break-up of primary participants for the report has been shown below:
- By Company Type: Tier 1 – 36%, Tier 2 – 44%, and Tier 3 – 20%
- By Designation: C-level Executives – 16%, Directors – 44%, and Others – 40%
- By Region: North America – 15%, Europe – 21%, Asia Pacific – 55%, South America – 5% and the Middle East & Africa – 4%
The report profiles key players in the high power LED market with their respective market ranking analysis. Prominent players profiled in this report are Cree (US), Nichia (Japan), OSRAM (Germany), Samsung (South Korea), Everlight (Taiwan), Lumileds (Netherlands), Epistar (Taiwan), LG Innotek (South Korea), Broadcom (US), MLS (China), and Seoul Semiconductor (South Korea). The other important companies include Luckylight Electronics (China), Plessey Semiconductors (UK), Betlux Electronics (China), Effilux (France), Lite-On Technology (Taiwan), Crescent LED (UK), Vollong Electronics (China), and Stanley Electric (Switzerland).
Click here to read the full report.