The global high-brightness LED market size to reach USD 27.28 billion by 2024 and is driven by the rise in the consumer need for resource efficient and low energy lighting solutions. The market was dominated by North America and Asia Pacific together accounting for 62% of the revenue share in 2016.

High brightness LED bulbs deliver superior illumination by consuming low voltage and significantly has a longer lifespan which reduces the long-term cost of replacement and maintenance. Increasing awareness about energy saving devices and government initiatives is expected to drive the growth of the market.

The global high-brightness LED market is diversified making it highly competitive. The rise in the sales of high-brightness light emitting diodes is also attributed to factors such as the low cost of the components of LED which has reduced the average selling price.

Key players analyzed:
• Lumileds Holding B.V.
• Epistar Corporation
• Cree, Inc.
• MORITEX Corporation
• Samsung Electronics
• Seoul Semiconductor Company, Ltd.
• Osram Licht AG
• American Bright
• Nichias Corporation
• Toyoda Gosei Co., Ltd.

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Demand for these lighting solutions was highest in consumer electronics including laptops, TV backlight and smartphones to provide superior luminescence even in dark lighting conditions. The segment accounted for 56.3% of the market share in 2016 and is expected to continue its dominant trend over the projected period. Increasing consumption of HB LEDs in 4K TVs coupled with the growing sales of these products is anticipated to drive the market over the next few years.

Automotive is expected to exhibit the fastest growth over the forecast period at a 10.2% CAGR from 2017 to 2024. Although LEDs have penetrated the automotive market, HB LEDs are increasingly used as a safety measure for visibility along with reducing the power consumption. Increasing production of automobiles is expected to propel the sales of these lighting solutions over the next few years.

Keeping these driving factors in mind, companies are ramping up their production capacity as well as seeking out new joint ventures to improve their distribution system. For instance, in March 2017, Samsung signed a MoU with Elec-Tech International (H.K) Co, Ltd. to leverage the latter’s technology and market share in China. On the other hand, ETi is likely to benefit from Samsung’s patent protection and brand strength.

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