Philips & Surya leading India’s LED light market
TechSci Research has released a report on ‘India LED Lighting Market Forecast & Opportunities, 2021’, discusses about the LED lights market in India. The market is expected to witness tremendous growth on account of rising personal disposable income, increasing government initiatives which are focusing on the benefits of LED lights. Philips & Surya Roshni are leading India LED lighting market with cumulative share of around 30%. However, the market is expected to witness major shift due to market entry of new players and planned launches of innovative products. Several initiatives are being taken by the companies in order to promote the usage of LED lighting products has also positively affected the LED market for instance, Philips, which is the market leader in LED lighting in India has tied up with Elcoma to create awareness amongst consumers about the advantage of LED lamps. "India, is the second most populous country and 5th largest electricity consumer globally, however, soon there will be a visible gap in the supply and demand of electricity and in order to reduce the electricity consumption, the usage of LED lights should be increased. Moreover, the increasing government support and introduction of wide and innovative portfolio of LED lights results, reduction in prices and this provides customers more choices which enables them to choose the products according to their needs and price affordability. These factors coupled together makes India LED lighting market a lucrative market for companies operating in the industry", said Karan Chechi, Research Director with TechSci Research.
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