LED Driver Market Size, Share & Trends Report

LED Driver Market Size, Share & Trends Analysis Report By Supply Type (Constant Voltage, Constant Current), By Application Type (Automotive, Consumer Electronics, Lighting, Outdoor Display), And Segment Forecasts, 2019 - 2025

  • Published Date: Jun, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-1-68038-793-3
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2017
  • Number of Pages: 125

Industry Insights

The global LED driver market size was valued at USD 4.07 billion in 2018 and is anticipated to witness a CAGR of 16.3% from 2019 to 2025. Technological advancement in lighting components has enabled energy-efficiency and improved performance, thus strengthening the product demand. Growing penetration of LED lightings in several applications, such as outdoor, automotive, industrial, and horticulture, has also led to an increased product demand.

In addition, companies, such as ON Semiconductor and NXO semiconductors, are investing more in R&D for improving the efficiency of the existing lighting solutions. This will also have a positive impact on the market growth. Governments of various countries have launched smart city initiatives to develop technologically advanced and sustainable living spaces. Sustainable lighting forms an essential part of such projects.

U.S. LED driver Market

Thus, the demand for IOT-based smart lighting solutions is growing. Many cities have also installed smart street lights that turn on and off using daylight sensors. These factors are also driving the light-emitting diode driver market. The next-generation LEDs provide ease of use to design luminaries efficiently. For example, high voltage driver is capable of supplying up to 17 LEDs in series, with constant currents between 350mA and 1,200mA.

Such advancements are also expected to drive the market over the coming years. However, manufacturers face several challenges due to the absence of certain industry-defined standards to test the characteristics and behavior of such products. Solid State Lighting (SSL) and driver manufacturers across the globe follow their standards in manufacturing such a key component of lighting systems resulting in a lack of interoperability across its end-use applications hindering the market proliferation.

Supply Type Insights

The constant current type led the market in 2018 and is anticipated to remain prevalent over the upcoming years owing to their high usage across the industry. For several applications, it is desirable to utilize constant current products as they offer more control and ability to design uniform brightness and clear display. The constant voltage products are used in applications that need many LED lights to be connected in series. Constant voltage driver distributes the voltage equally, providing equal luminescence. However, these are less efficient as they are unable to stabilize the current influx, thus consuming more energy than constant current drivers.

Application Type Insights

Replacement of conventional light sources, such as CFL and incandescent, by LED lightings will drive the market as these lightings require advanced drivers. Consumer electronics is anticipated to be the largest segment over the forecast years, owing to increasing adoption of smartphones and LED TVs in developing countries. LED is replacing conventional LCD screens in these applications since they offer better picture clarity, high color accuracy, and low power consumption. These components are also used in display panels of various consumer electronics, such as refrigerator and air conditioner.

Global LED driver Market

Automotive is projected to be the second fastest-growing application segment due to preference for high-brightness LED and LASER lights over conventional HID and halogen lights. Moreover, a lot of economies have implemented regulations to stop the use of hazardous HID bulbs. For instance, the government of California has banned aftermarket automotive HID light kits that emit blue light. Outdoor display segment includes signage, video walls, kiosks, and other similar application displays. Demand for video walls has increased significantly in developed countries, such as U.S. and U.K., owing to expanding digital marketing and advertisement sector.

Regional Insights

Asia Pacific accounted for the highest share in 2018 and is anticipated to expand further at a CAGR of 16.7% from 2019 to 2025. This growth is attributable to government subsidies, improving manufacturing facilities, and increasing penetration of LED lighting in the region. For instance, In January 2015, The Government of India launched “UJALA Scheme”. Under this initiative, the government distributed more than 300 million LED bulbs.

Furthermore, rapid economic expansion and an increasing number of households coupled with growing access to electricity in rural areas are further elevating the domestic market. Moreover, a decline in the average selling price of the drivers along with technological advancements, have resulted in high product demand across the lighting industry. China is a global base for consumer and industrial electronics manufacturing and a prominent supplier of LED drivers.

North America and Europe are also expected to witness a rise with the increasing adoption of LED lighting across high- and low-end automotive segments. Countries, such as U.S. and Canada, witnessed an increased adoption of the technology for outdoor applications. The European Union’s ban on less efficient halogen and incandescent bulbs along with lucrative incentive programs on LEDs are boosting the market in the region.

LED Driver Market Share Insights

Some of the key companies in the market are Atmel Corp.; AC Electronics; Cree, Inc.; Harvard Technology Ltd.; General Electric Company; Koninklijke Philips N.V.; Macroblock, Inc.; Lutron Electronics Co., Inc.; Maxim Integrated Products, Inc.; On Semiconductor Corp.; NXP Semiconductors N.V.; Osram GmbH; STMicroelectronics; Texas Instruments, Inc.; and ROHM Semiconductors.

The manufacturers have adopted several strategies, such as mergers and acquisitions, to increase their market share. For Instance, in June 2016, Fulham Company Group acquired Lumotech’s LED driver business to strengthen its European distribution channels and develop sustainable energy solutions. Moreover, companies are investing in R&D activities and are focused on delivering innovative solutions.

The practice of outsourcing component manufacturing to companies based in emerging economies like China and Taiwan has witnessed a rise, as it enables the lighting manufacturers to reduce the cost of end products. Rising demand for smart lighting has triggered the manufacturers to design innovative IoT-based systems for smart home applications. For instance, in April 2018, Tridonic and Enlighted Inc., partnered to deliver IoT-based SSL.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2015 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD million and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America, and Middle East& Africa

Country scope

U.S., Canada, U.K., Germany, France, China, India, Japan, Korea, Brazil, and Mexico

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global LED driver market report on the basis of supply type, application type, and region:

  • Supply Type Outlook (USD Million, 2015 - 2025)

    • Constant Voltage

    • Constant Current

  • Application Type Outlook (USD Million, 2015 - 2025)

    • Automotive

    • Consumer Electronics

    • Lighting

    • Outdoor Display

  • Regional Outlook (USD Million, 2015 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

    • Asia Pacific

      • China

      • India

      • Japan

      • Korea

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

Key questions answered by the report
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