The LED Chips Market size is estimated at USD 27.86 billion in 2024, and is expected to reach USD 52.46 billion by 2029, growing at a CAGR of 11.90% during the forecast period (2024-2029).
The increasing demand for cost, energy-efficient lighting, and various other factors drive up demand for LED chips. As a result, most developments in the LED chip market aim to provide more efficient and advanced products that offer more brightness and consume less power.
The LED chips market is moderately competitive and consists of several leading players. Regarding market share, only some significant players hold a significant market presence. The manufacturers focus on product differentiation to gain a competitive advantage. The manufacturers also try to show their products superior quality to achieve higher sales. Some key market players include OSRAM Opto Semiconductors GmbH, Nichia Corporation, Lumileds Holding B.V., etc.
In July 2023, Nichia, a leading high-brightness blue and white LED producer, launched the E11A (1.1mm×1.1mm) Red, brilliant red, and green to expand its Direct Mountable Chip portfolio of high luminous flux density solutions. The company expects this expansion of the color portfolio to provide flexibility for the fixture designs and expand the application area.
In July 2023, ROHM, a leading semiconductor company, developed an RGB chip LED, SMLVN6RGBFU, ideal for automotive interiors, such as accent lighting for footwells and door handles, and function and status indicators in instrument clusters.
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