Global LED Driver IC Market is projected to grow at a CAGR of 21.0% during the forecast period: MRFR

Market Research Future (MRFR) has published on the "LED Driver IC Market”

LED Driver IC Market Insights

The LED Driver IC Market is predicted to reach USD 26,576.23 Million by 2032, registering a 21.0% CAGR during the forecast period, 2023–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. The global LED Driver IC Market is expected to witness growth during the forecast period, primarily due to the rise in the demand for energy-efficient electronic products and on-going energy-saving government initiatives across the globe.

A LED driver IC, or LED driver integrated circuit, is an electronic component that regulates the power supply to one or more LEDs, ensuring that they receive a constant and stable amount of electrical current. LED driver ICs convert the AC or DC input voltage to the appropriate voltage and current level required by the LEDs, while also providing protection against voltage and current fluctuations that can damage the LEDs. LED driver ICs come in various types, including linear regulators, switching regulators, and pulse width modulation (PWM) controllers, and are widely used in LED lighting applications such as street lights, automotive lighting, and household lighting. They play a critical role in the performance, reliability, and lifespan of LED lighting systems.

In June 2022, Mitsubishi Electric Corporation announced that it would invest approximately 2.2 billion Indian rupees, or 3.1 billion yen, in its subsidiary Mitsubishi Electric India Pvt. Ltd. to incorporate a new factory in India. This new factory will include several features that reduce carbon dioxide emissions through highly efficient air conditioning systems and LED lighting equipment. It also aims to meet sustainable development goals (SDGs) by reusing wastewater through underground filtration treatment and greening. Key players functioning in the market are more focused on enchasing the opportunities of the market. During the forecasted period, major investments with mergers and acquisitions are likely to increase the market's growth as well.

Segmental Analysis

The scope of the global LED Driver IC Market has been segmented based on Type, and Application.

Based on Type, the global LED Driver IC Market is segmented into Buck-Boost Led Driver IC, Current Sink Led Driver IC, Inductor less (Charge Pump) Led Driver IC, Step-Down (Buck) Led Driver IC, and Others. The Buck-Boost Led Driver IC segment is expected to exhibit the fastest CAGR during the projected period.

Based on Application, the global LED Driver IC Market is segmented into Consumer Electronics, Healthcare, IT & ITES, Automotive, Telecommunication, Government, and Others. The Consumer Electronics segment accounted for the largest market share in 2022 and it is expected to register the highest CAGR during the forecast period.

Regional Analysis

Geographically, the global LED Driver IC Market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World. The increasing adoption of LED lighting in various applications such as residential, commercial, industrial, and automotive lighting has made North America one of the leading markets for LED driver ICs. The region's growth can be attributed to the US, which is the largest market for LED driver ICs in North America, housing major LED lighting manufacturers such as Cree, Inc. and General Electric Company. The US market is expected to grow further due to the rising demand for energy-efficient lighting solutions and the increasing adoption of smart lighting systems.

The LED driver IC market is experiencing rapid growth in the Asia Pacific region, which is emerging as one of the fastest-growing markets for these components. Among the countries in this region, China is the largest market for LED driver ICs, with major LED lighting manufacturers such as Cree, Inc., Nichia Corporation, and Osram Opto Semiconductors GmbH being present in the market. India is also witnessing growth in the LED driver IC market, driven by the government's initiatives to promote energy-efficient lighting solutions and the rising demand for LED lighting in various applications.

Key Players

The key players in the global LED Driver IC Market are SAMSUNG ELECTRONICS CO. LTD, TOSHIBA CORPORATION, GENERAL ELECTRIC, PHILLIPS LIGHTING HOLDING B.V., OSRAM LICHT AG, TEXAS INSTRUMENTS, MITSUBISHI ELECTRIC CORPORATION, RENESAS ELECTRONICS CORPORATION, ANALOG DEVICES, INC., INFINEON TECHNOLOGIES AG, SIEKO EPSON CORPORATION, SEOUL SEMICONDUCTOR CO., LTD., NXP SEMICONDUCTORS, ON SEMICONDUCTOR CORPORATION, STMicroelectronics N.V, TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED, and ROHM CO., LTD, and other.