Outdoor LED Market In India to Register USD 267.08 mn growth
By distribution channel, the outdoor LED market in India has been segmented into billboards, video walls, perimeter LED boards, LED matrix board, and others.
The offline segment will have significant market share growth during the forecast period. Outdoor LED product is mainly sold through offline distribution channels, which include different retail formats such as specialty stores, hypermarkets, convenience stores, and departmental stores.
Consumers prefer buying outdoor LED products from retail stores, which offer a wide range of products and provide the required support and information through customer service. Distribution channel
The billboards segment will have significant market share growth during the forecast period. Billboards are outdoor advertising structures that present large advertisements to passing pedestrians and drivers. Typically, brands use billboards to build their brand image or to push for their new products. LED billboards are like huge televisions that play moving ads. The billboards are used for advertising many objects at the same time, such as the same billboard can be used for advertising movies, new product launches, and government initiatives which is an advantage over traditional billboards.
Manufacturers of lighting products have started focusing on energy-efficient and environment-friendly lighting solutions because of the rising awareness about green technology and the lowering prices of LEDs. The continuous decrease in the average selling price (ASP) of LED products is expected to have a positive impact on their penetration and market size in the residential as well as commercial sectors. In addition, the outdoor LED market in India has a large number of LED product manufacturers such as Havells India Ltd, SH Group, Inc, and Koninklijke Philips N.V. These factors are expected to boost the growth of the outdoor LED market in India during the forecast period.
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