How is the LED lighting market in India?
The Indian outdoor LED lighting market was valued at USD 63.92 million in 2020, and it is expected to reach a value of USD 198.25 million by 2026, registering a CAGR of 19.59% over the forecast period (2021-2026).
The impact of COVID-19 is mainly observed at the first node of the market’s value chain, i.e., the manufacturers of lighting products. The sales of both LED electronics and lamps were impacted significantly. According to ELCOMA, around 30% of the components, namely electronic drivers, including chips used in the manufacturing of LED bulbs in India, are imported from Chinese vendors. The LED lighting industry has witnessed shortages in supply due to the pandemic.