CoB LED market is anticipated to grow at a considerable CAGR of 4.1% during the forecast period. The growth of the market is attributed to factors such as the increasing demand for energy-efficient lighting solutions and advancements in lighting technology. Further, the automotive sector’s adoption of CoB LEDs for various applications is expected to fuel the demand for CoB LEDs. According to International Energy Agency (IEA), compared to incandescent, LED lamps offer 80-90% energy savings. Compared to fluorescent, they achieve 50-60% savings. Chip-on-board LEDs lumens per watt (lm/W) offer efficacies over 150 lm/W – double the efficacy of the fluorescent technology – with high color rendering and stability. Thus, the growth of the market is attributed to factors such as increasing demand for energy-efficient lighting solutions and advancements in lighting technology. Further, the growth of the automotive sector coupled with the adoption of CoB LEDs for various applications in the automotive segment, such as headlights, interior lighting, and displays is anticipated to propel the growth of the market.
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The global CoB LED market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, North America is projected to experience considerable growth in the CoB LED market during the forecast period. The market growth is attributed to various advancements in efficient lighting technology along with the growing emphasis on efficient lighting in residential and commercial applications. However, Europe is anticipated to cater to a prominent growth over the forecast period.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Chip-on-board (CoB) Light Emitting Diode (LED) Market Report Segment
By Material
- Metal Core Printed Circuit Board (MCPCB)
- Ceramics
By Application
- General Lighting
- Backlighting
- Automotive Lighting
- Others (Illumination)
Global Chip-on-board (CoB) Light Emitting Diode (LED) Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global chip-on-board (CoB) Light Emitting Diode (LED) market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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