India Lighting Market Outlook:
According to a new report by Expert Market Research titled “Global India Lighting Market Size, Share, Analysis, Report, Demand, Forecast 2023-2028″, the India lighting market was valued at USD 3.18 billion in 2021 and is expected to reach USD 5.55 billion by 2027, growing at a CAGR of 9.9% during the forecast period. The market is segmented based on the type of lighting, end-user, and region.
The India lighting market has been growing rapidly in recent years due to various factors such as the growth of infrastructure, urbanization, and increasing demand for energy-efficient lighting solutions. The market is expected to continue to grow at a significant rate in the forecast period of 2023-2028.
By type, the market is segmented into LED, CFL, and others. In 2020, the LED lighting segment dominated the market with a share of over 60%. This can be attributed to the increasing demand for energy-efficient lighting solutions and the government’s initiatives to promote LED lighting.
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By end-user, the market is segmented into residential, commercial, and industrial. In 2020, the commercial segment dominated the market with a share of over 45%. This can be attributed to the increasing number of commercial spaces such as offices, malls, and hotels.
By region, the market is segmented into North India, South India, East India, and West India. In 2020, North India dominated the market with a share of over 35%.
Market Trends:
Shift towards LED lighting: LED lighting has been gaining popularity in the Indian market due to its energy-efficient properties, longer lifespan, and lower maintenance costs.
Increasing demand for smart lighting solutions: With the growing adoption of smart homes and the Internet of Things (IoT), there has been an increasing demand for smart lighting solutions that can be controlled through mobile devices.
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Growing adoption of solar lighting: With the government’s initiatives to promote solar power, there has been a growing adoption of solar lighting solutions in India, especially in rural areas.
Increasing demand for customized lighting solutions: With the growing focus on interior design and aesthetics, there has been an increasing demand for customized lighting solutions that can match the interior design of the space.
Market Drivers:
Growing infrastructure: The Indian government has been investing heavily in infrastructure development, which has led to the construction of new commercial and residential spaces, thereby driving the demand for lighting solutions.
Increasing urbanization: With the increasing urbanization in India, there has been a growing demand for lighting solutions in urban areas.
Government initiatives: The Indian government has been promoting energy-efficient lighting solutions and has launched initiatives such as the Unnat Jyoti by Affordable LEDs for All (UJALA) scheme, which has led to the adoption of LED lighting solutions.
Market Restraints:
High initial cost: The initial cost of LED lighting solutions is higher compared to conventional lighting solutions, which may discourage some consumers from adopting LED lighting.
Lack of awareness: There is still a lack of awareness about energy-efficient lighting solutions among consumers, which may hamper the growth of the market.
Forecast:
The Indian lighting market is expected to continue to grow at a significant rate during the forecast period of 2023-2028. The shift towards LED lighting, increasing demand for smart lighting solutions, and growing adoption of solar lighting are expected to drive the growth of the market. The government’s initiatives to promote energy-efficient lighting solutions are also expected to boost the market. However, the high initial cost and lack of awareness may act as restraints.
Drivers and Restraints of the India Lighting Market
Drivers
- Growing demand for energy-efficient lighting solutions
- Increasing government initiatives for energy conservation
- Rising demand for smart lighting systems
- Rapid urbanization and infrastructure development
- Increasing disposable income and changing lifestyles
Restraints
- High initial costs of LED lighting systems
- Lack of awareness and education about energy-efficient lighting
- Limited access to funding for retrofitting existing lighting systems
- Presence of cheap and low-quality products in the market
Market Segmentation
By Type
- LED Lighting
- Fluorescent Lighting
- Incandescent Lighting
- High-Intensity Discharge (HID) Lighting
- Others
By Application
- Residential
- Commercial
- Industrial
- Others
By Region
- North India
- South India
- East India
- West India
Competitive Landscape
Key Players in the Market
- Havells India Limited
- Philips India Limited
- Osram India Private Limited
- Wipro Consumer Care and Lighting
- Bajaj Electricals Limited
- Crompton Greaves Consumer Electricals Limited
- Syska LED Lights Private Limited
- Anchor Electricals Private Limited
- OPPLE Lighting India Private Limited
- Eveready Industries India Limited
Business Strategies
- Product Development and Innovation
- Expansion of Distribution Network
- Strategic Partnerships and Collaborations
- Mergers and Acquisitions
- Brand Building and Marketing
- Future of the India Lighting Market
FAQs:
Question: What are the key drivers of growth in the India lighting market?
Answer: The key drivers of growth in the India lighting market include the increasing demand for energy-efficient lighting solutions, the growth of the construction industry, government initiatives promoting LED lighting, and the rising adoption of smart lighting solutions.
Question: Which lighting technology is expected to dominate the market in the forecast period?
Answer: LED (Light Emitting Diode) lighting technology is expected to dominate the India lighting market in the forecast period. LED lights offer several advantages over traditional lighting technologies such as energy efficiency, longer lifespan, and lower maintenance costs.
Question: What are the major challenges faced by players in the India lighting market?
Answer: The major challenges faced by players in the India lighting market include intense competition, price volatility of raw materials, and the presence of unorganized players. Additionally, the lack of awareness among consumers about the benefits of energy-efficient lighting solutions can also be a challenge for the market.
Question: What is the role of government policies and initiatives in shaping the India lighting market?
Answer: The Indian government has launched several initiatives to promote energy-efficient lighting solutions in the country. These include the UJALA scheme, which provides LED bulbs at subsidized rates, and the Street Lighting National Programme, which aims to replace conventional streetlights with LED lighting. These initiatives have helped to increase the adoption of energy-efficient lighting solutions and shape the India lighting market.
Question: Who are the key players in the India lighting market and what are their strategies for growth?
Answer: The key players in the India lighting market include companies such as Philips Lighting India, Havells India Ltd., Wipro Lighting, Crompton Greaves Consumer Electricals Ltd., and Syska LED Lights Pvt. Ltd. These companies are focusing on product innovation, strategic partnerships, and expansion into new markets to drive growth in the India lighting market.
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