LED Driver Market Size, Share, Growth Analysis, By Supply Type(Constant current, and Constant voltage), By Application(Automotive, Consumer electronics, and Lighting Outdoor Display), By Region - Industry Forecast 2024-2031

LED Driver Market size was valued at USD 5.04 billion in 2021 and is poised to grow from USD 6.22 billion in 2022 to USD 30.8 billion by 2030, at a CAGR of 23.5% during the forecast period (2023-2030).

To boost their market share, manufacturers have used acquisitions and mergers as a crucial tactic. Signify Holdings, for example, announced its purchase of Fluence from ams-OSRAM in May 2022. The acquisition benefited the company in modernizing its agriculture light platform and growing into the horticulture lighting market in North America. Furthermore, businesses are making investments in R&D and focusing on producing innovative solutions. STMicroelectronics N.V., for example, announced the release of the newest power control I.C. for the company's AMOLED display portfolio in April 2022. 'ACE LEDS', 'Microchip Technology, Inc', 'Cree LED', 'GE Current, a Daintree Company', 'Signify Holdings', 'SAMSUNG', 'Lutron Electronics Co., Ltd', 'Macroblock, Inc', 'Maxim Integrated', 'NXP Semiconductors', 'Semiconductor Components Industries, LLC', 'ams OSRAM', 'ROHM Co., Ltd', 'STMicroelectronics N.V.', 'Texas Instruments Incorporated', 'Eaglerise Electric & Electronic (China) Co., Ltd.', 'Lifud technology Co., Ltd.', 'BOKE Drivers Co., Ltd', 'Shenzhen Xiezhen Electronics Co., Ltd', 'MEAN WELL Enterprises Co., Ltd.', 'Inventronics, Inc', 'Tridonic', 'TCI Telecomunicazioni Italia Srl'

LED lighting solutions are much more energy-efficient than traditional lighting sources, such as incandescent bulbs, and have a longer lifespan. As energy costs continue to rise, more and more consumers are opting for LED lighting solutions, which has led to an increase in demand for LED drivers.

Increasing demand for smart lighting solutions: The demand for smart lighting solutions is on the rise, with consumers looking for lighting solutions that can be controlled remotely via smartphones or other devices. LED drivers that offer this type of functionality are becoming increasingly popular, as they allow consumers to control their lighting solutions from anywhere and at any time.

Asia Pacific dominated the LED driver market, accounting for 44.4% of total sales in 2022. From 2023 to 2030, the market is expected to grow at a CAGR of more than 23.9%. The region's rise can be linked to greater LED lighting usage, government subsidies, and enhanced manufacturing facilities. In March 2021, the Indian government launched the GRAMME UJALA programmer for rural communities, with the goal of providing LED bulbs at a cheap cost of Rs.10 per bulb. Rural consumers who submit working incandescent bulbs will receive 7-watt and 12-watt LED lights with a three-year warranty. The Indian government has also allocated INR 36.78 crore in LED lights across the country. Such initiatives are promoting market growth in the region.