Which markets offer the best chance for LED lighting manufctureres in 2023? Given the sluggish nature of the worldwide economy since the pandemic, this is a question frequently arising amongst peers in the LED industry.

 

According to all relevant market intelligence and research websites, the Asia-Pacific region continues forming the most important global shareholder of the LED lighting market in this year. The rising and stable demand of LED lighting solutions from huge and booming markets like India contributes to this development. The overall annual growht rate within the LED lighting industry and for the Asia-Pacific region is expected be around 15% in the year 2023 by most notable market analysts.
 

 

Amongst different lighting segments, the indoor lighting market is supposed to take a huge share of 12% out of the total growth of 15%. A main reason is the remaining need of replacing old, inefficient lighting sources like fluoroscent lamps or high-intensity discharge lamps (HID) on many markets. Especially commercial areas like supermarkets, shopping malls or retail areas are supposed to contribute pretty much to this development and growth of the LED lighting market.

 

The Asia Pacific LED Lighting Market size is estimated at USD 49.00 billion in 2023, and is expected to reach USD 86.97 billion by 2028, growing annualy at a rate  of 12.16% during the forecast period (2023-2028).

 

When looking more closely to the markets, China, Indonesia, India, Vietnam, Australia, and Japan are the countries expected to be the key playes in the Asia Pacific LED lighting business in the coming year.