The size of the europe LED lighting market was worth USD 19.54 billion in 2023. The market is anticipated to grow at a CAGR of 15.5% from 2024 to 2032 and be worth USD 71.48 billion by 2032 from USD 22.57 billion in 2024.
LED lamps are very effective in consuming energy and immediately emit light with full brightness. Multiple LEDs are used in lighting applications where the circuit exhibits superior characteristics like heat dissipation and light distribution. The lamps are designed according to their applications with different temperature ranges.
The growing concern about environmental safety also fuels the demand for LED lighting products and propels the European market's growth. Growing support from the government through investments in the electronics and electrical industries is soaring growth opportunities for the European market. Furthermore, the market is lavished by increasing disposable income in urban areas.
However, rapid changes in economic strategies and the rise in failures due to manufacturing defects limit the growth of the europe LED lighting market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
15.5% |
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Segments Covered |
By Application, Installation, and Country. |
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Various Analyses Covered |
Global, Regional, & Country Level Analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Country Covered |
UK, Germany, Italy, France, Spain, Sweden, Denmark, Poland, Switzerland, Netherlands, Rest of Europe. |
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Market Leaders Profiled |
Cree, Osram GmbH, Digital Lumens Inc., Eaton, Signify Holding, General Electric, Dialight, and Others. |
Based on application, the Lamps segment holds the largest share of the European market owing to the rise in the manufacturing of innovative products in favor of the end-user industries.
Based on the installation, the retrofit installations segment is leading with a prominent share of the regional market during the forecast period owing to the growing repairs and replacement of older lamps with new ones.
Geographically, Europe witnessed the fastest growth rate over the past few years and is also expected to have the highest CAGR in the foreseen years owing to the emergence of the latest technological developments and the launch of various techniques in manufacturing procedures. Germany accounted for the leading share of the European market in 2023. The German market is also expected to register a healthy CAGR during the forecast period owing to the growing trend towards energy-efficient lighting and cost-efficient products. Increasing the construction of smart home buildings is prompting the growth of the market extensively. Growing priority for long-life products with energy efficiency is gearing up the market growth in this vicinity.
Companies playing a prominent role in the europe LED lighting market include Cree, Inc., Osram GmbH, Digital Lumens Inc., Eaton, Signify Holding, General Electric, and Dialight are some of the notable players in the europe LED lighting market.
By Application
By Installation
By Country
Frequently Asked Questions
Challenges include initial high costs of LED products, consumer awareness and acceptance, potential issues related to the disposal of LED products, and competition within the market.
Yes, there can be variations in adoption rates based on factors such as economic development, government policies, and awareness levels. Western European countries often exhibit higher adoption rates compared to some Eastern European nations.
The growth of the LED lighting market in Europe can be attributed to factors such as government regulations promoting energy-efficient lighting, increasing sustainability awareness, cost savings associated with LED technology, and ongoing technological advancements.
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