LED Driver Market Size

LED Driver Market Future Prospects

The LED driver market size was USD 23.2 billion in 2024, and it is expected to reach USD 48.0 billion by 2032, propelling at a growth rate of 9.7% during 2025–2032. The market growth is primarily attributed to the technological advancements in lighting components coupled with the rising production and consumption of energy-efficient LED drivers.

Lighting is one of the fastest-growing business segments and the use of smart lights is projected to boost the industry. Moreover, the proliferating use of lighting across different verticals, such as manufacturing, healthcare, retail, and automotive, favored the growth prospect of the market.

There are several governments, including India and China, which are emphasizing promoting the deployment of these products instead of traditional lights, which, in turn, foster the production and consumption of the drivers.

Technological improvements lead to the development and utilization of organic LEDs and increase the preference for advanced forward lighting system technologies in LEDs for bend headlights. With flourishing sales of automobiles and replacing damaged lights, the automotive industry is focusing on substituting halogen lights with LEDs. The demand for halogen light replacement is significantly recorded in industrialized countries, which fortifies the LED driver market.