Global LED lighting market size is estimated to grow by USD 34.82 billion from 2022 to 2027

According to Technavio, the global LED lighting market size is estimated to grow by USD 34.82 billion from 2022 to 2027. The market is expected to grow at a CAGR of 7.35% during the forecast period. Moreover, the growth momentum will accelerate. APAC will account for 43% of the growth of the global market during the forecast period.

The residential segment will grow at a significant rate during the forecast period. The growth of this segment is attributed to increasing urbanization and rising energy efficiency requirements. Many consumers prefer personalized home decoration, including LED lights. In addition, governments of several countries offer support for LED lighting, as it is energy efficient when compared to traditional lights. Moreover, with the increasing number of smart cities, many vendors have started to provide LED lighting systems. This, in turn, will drive the sales of LED lights worldwide, which will fuel the growth of the residential segment of the market during the forecast period.

Based on geography, the global led lighting market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global led lighting market.