Outdoor LED Market in India to grow by USD 267.08 million from 2021 to 2026

The outdoor LED market in India is set to grow by USD 267.08 million from 2021 to 2026. However, the growth momentum will be progressing at a CAGR of 12.71% during the forecast period, according to Technavio. The outdoor LED market in India is fragmented, and the vendors are seeking strong partnerships with automotive, industrial, and commercial companies to compete in the market.

One of the key drivers supporting the outdoor LED market growth in India is the growing demand for LED lighting for different applications. Because of increasing awareness of green technology and decreasing prices of LEDs, manufacturers of lighting products have started emphasizing energy-efficient and environment-friendly lighting solutions.

The steady decline in the average selling price (ASP) of LED products is anticipated to have a positive influence on its penetration and market size, both in the residential and commercial sectors. The outdoor LED market in India also has a considerable number of LED product manufacturers like Havells India Ltd, SH Group, Inc, and Koninklijke Philips N.V. Such factors are anticipated to drive the growth of the outdoor LED market in India during the forecast period.