The LED market in India has been constantly growing over almost 50% for the last five years and is expected to sustain this growth rate in the coming five years as well. Although late, the government of India has announced a lot of incentives and measures in order to prioritize LED manufacturing in the country.
According to the reports, India’s LED market is forecast to reach $1,457.8 million by 2019, at a CAGR of 35.9%, during 2014-19. Government initiatives to replace incandescent bulbs with LED bulbs, increasing energy demand supply gap, declining prices are the factors driving the growth of LED lighting in India.
Street lighting application is accounting for majority of the market revenues in Indian LED lighting market.
As projected, the turnover of Indian lighting industry by 2020 will be Rs 35,000 crore and LED will account Rs 21,600 croreon the back of government’s decision to switch to LED for all street lamps and public space lighting.
Furthermore, applications of LED are increasing day by dayand thus are the quantities, and the above figures say it all.
LED application trends in Automotive:
The global automotive lighting market is estimated to grow at a CAGR of 7.95% from 2015 to 2020.
Increasing vehicle sales and production and technological advancements triggered by growing safety concerns and stringent lighting regulations are the key drivers of the automotive lighting market.
Asia is estimated to be the largest consumer of automotive lighting in the world. China, India, Japan, and South-Korea are the main contributors to the automotive lighting market in the continent. Owing to the increasing sales of premium vehicles, low manufacturing costs, and favourable government policies, several automotive companies are expanding their facilities in Asia-Oceania.
The global automotive lighting market size, in terms of value, is estimated to be $20.1 Billion in 2015. Emerging countries such as China and India are witnessing high growth during the forecast period.
The Automotive Lighting Market is projected to reach $29.5 Billion by 2020 from $20.1 Billion in 2015.
LED light sources are replacing all other types of automotive lights. They are available for high and low beam headlamps, rear combination lamps, brake lights, turn signals, interior reading lights (map lights), daytime running lamps (DRLs), dome lights, fog lamps, accent lights, centre high-mount stop lamps, position and marker lamps, etc. They are also replacing other conventional lights for ambient lighting, dashboard and cabin, etc.
In fact, the market for LED lighting for vehicles is increasing as the consumers have recognized their benefits, including the fact that the colour of LEDs is very similar to daylight. Besides the fact that it enhances safety and comfort on the road, LED lights offer many other advantages.
As per my view, in India, the customer’s mind-set is the biggest challenge. Adopting LED took a long time with the Indian consumers because of common questions like quality, real need or reliability of the product.
Second & obvious challenge is the price, as it is very difficult to get the right quality product at best price, which is only possible by reducing the BOM cost.
Innovation towards affordable LED products:
We worked on the root cause of high valued LED products which is the inside component cost and are thus offering lowest price quality product.
Our high quality products such as electrolytic capacitor, ceramic capacitor, diodes, resistors, varistors etc are quite cost competitive.
The innovation would be the LED SOLAR SYSTEM, which is eco-friendly and has a boundless energy source with features such as smart dimming control system which also reduces CO2 emissions.
As per my opinion, this would be a great combination of technology and naturally available power and would be an economically feasible use of environmental friendly green energy.