LED lighting market in Brazil expected to grow by USD 3.16 billion

The LED lighting market in Brazil is expected to grow by USD 3.16 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020.

The manufacturing cost of LED lights has steadily decreased over the past decade due to the declining average selling price of chips and other components. This is reducing the initial installation cost of LED fixtures and lamps, which is providing significant growth opportunities for vendors operating in the market.

Besides, the growing support from the government on the use of LEDs has encouraged LED manufacturers to increase their production capacities. These factors are fueling the growth of the LED lighting market in Brazil.