Chip On Board Light Emitting Diodes Market Research, 2032
The global Chip-On-Board Light Emitting Diodes Market Size was valued at $1.9 billion in 2022, and is projected to reach $5.5 billion by 2032, growing at a CAGR of 11.8% from 2023 to 2032.
Chip on board light emitting diodes refers to a form of LED packaging technology in which the LED chip is directly attached to a circuit board or substrate rather than utilizing a typical LED package. The LED chip is often attached directly to the substrate in chip-on-board packaging, with no wire bonding.
The global chip-on-board light emitting diodes industry was highly lucrative in 2022 and is expected to grow at a consistent revenue CAGR during the forecast period. Major drivers that foster the chip-on-board light emitting diodes market growth include increased acceptance of chip on board light emitting diodes lights in residential, commercial, and industrial lighting systems, as well as for street lighting, spot lighting, and other applications such as its expanding usage in backlighting applications. Another factor that augments market expansion is the surge in the use of chip on board light emitting diodes lights in the rapidly growing automotive sector for interior and exterior lighting applications.
Chip on board light emitting diodes enhances typical LED packing methods in different ways. The direct attachment of the LED chip to the substrate enables effective heat dissipation while the heat generated by the LED may be transmitted directly to the board. This contributes to the LED's overall performance and lifetime. Chip on board light emitting diodes is extremely energy-efficient, requiring less electricity yet providing brighter illumination than typical lighting systems. The rise in emphasis on energy conservation and sustainability has pushed the use of chip on board light emitting diodes in a variety of applications.
Chip on board light emitting diodes has a small form factor and high packing density. This makes them useful for applications requiring a high-intensity light source in a restricted area, such as vehicle illumination, display backlighting, and general lighting. The chip-on-board light emitting diodes market outlook is segmented into Material and Application.
On the basis of material, it is categorized into MCPCB and ceramic. The ceramic segment dominated the chip on board light emitting diodes industry, in terms of revenue in 2022, and is expected to follow the same trend during the forecast period.
On the basis of application, it is fragmented into automotive, illumination, and backlighting. The backlighting segment accounted for the highest Chip-On-Board Light Emitting Diodes Market Share in 2022.
Region wise, the chip-on-board light emitting diodes market trends is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, the UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific accounted for the largest share in 2022.
Country-wise, the China acquired a prime share in the chip on board light emitting diodes market in the Asia Pacific region and is expected to grow at a significant CAGR during the chip-on-board light emitting diodes market forecast of 2023-2032. China holds a major market share in terms of revenue generation from the sale of detectors because of the higher presence of the chip on board light emitting diodes manufacturers.
In Europe, the UK, dominated the chip on board light emitting diodes market analysis, in terms of revenue, in 2022 and is expected to follow the same trend during the forecast period. Owing to companies investing heavily in chip on board light emitting diodes R&D projects is driving the expansion of the regional market and thus creating lucrative growth opportunities for the chip on board light emitting diodes market in Germany.
In North America, the U.S. is expected to emerge as a significant market for the chip on board light emitting diodes, owing to the increase adoption of passenger cars are driving the demand for chip on board light emitting diodes in North America.
By LAMEA region, the Latin America country garner significant market share in 2021 The Latin American market has huge potential for the chip on board light emitting diodes to have considerable advantages, such as improved thermal management, compact size, and excellent reliability, making them a favored choice for creating efficient and high-quality lighting solutions. LAMEA has a significant industrial sector, including manufacturing and commercial. Chip on board light emitting diodes is extensively utilized in a variety of applications, including general illumination, automotive lighting, display panels, and specialized lighting, due to their high energy efficiency, extended lifespan, and design adaptability. These factors are expected to reshape the growth of chip on board light emitting diodes market in the Middle East.
COMPETITION ANALYSIS
Competitive analysis and profiles of the major Nichia Corporation, OSRAM GmbH, Samsung Electronics Co Ltd, Citizen Electronics Co., Ltd, Everlight Electronics Co., Ltd., PerkinElmer, Inc., ProPhotonix Limited, Cree LED, Inc., and Seoul Semiconductor Co., Ltd. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase the chip on board light emitting diodes market share during the forecast period.
TOP IMPACTING FACTORS
Significant factors that impact the growth of the chip-on-board light emitting diodes market analysis include a surge in demand and adoption of the chip on board light emitting diodes lights in several applications, which fuels the demand for chip on board light emitting diodes. In addition, customizable illumination in public and private spaces is required to increase sales of light emitting diode circuits. However, chip on board light emitting diodes sales may be hampered by a complex manufacturing process restricting market growth. Moreover, the adoption of chip on board light emitting diodes in horticulture provides lucrative chip-on-board light emitting diodes market opportunity.
HISTORICAL DATA & INFORMATION
The global chip on board light emitting diodes market is highly competitive, owing to the strong presence of existing vendors. Vendors of the LED light emitting diode with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to increase as advancement in communication application, product extensions, and different strategies adopted by key vendors increase.
KEY DEVELOPMENTS/ STRATEGIES
Samsung Electronics CO. Ltd, Prophotonics Ltd, Citizen Electronics Co. Ltd, Cree LED Inc., and Tridonic, are the top 5 companies holding a prime share in the automotive data cables market. Top market players have adopted various strategies, such as product launches, contracts, and others to expand their foothold in the chip on board light emitting diodes market.
- In February 2022, Samsung Electronics Co., Ltd. unveiled its MICRO LED, Neo QLED and Lifestyle TVs with advancements in picture and sound quality, more screen size options, customizable accessories and an upgraded interface.
- In May 2021, Everlight developed intelligent RGB LED technology for automotive interior and provide innovative solutions for automotive lighting.
- In October 2021, NICHIA, launched high radiant flux UV-C LED to help target the inactivation and sterilization of various bacteria and viruses, specifically industrial water and air applications.
KEY BENEFITS FOR STAKEHOLDERS
- This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
- The overall market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current global chip on board light emitting diodes market forecast is quantitatively analyzed from 2022 to 2032 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the chip on board light emitting diodes market.
- The report includes the market share of key vendors and global chip on board light emitting diodes market trends.
Chip On Board Light Emitting Diodes Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 5.5 billion |
 Growth Rate | CAGR of 11.8% |
 Forecast period | 2022 - 2032 |
 Report Pages | 308 |
 By Material |
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 By Application |
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 By Region |
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 Key Market Players | PerkinElmer, Inc., EVERLIGHT ELECTRONICS CO., LTD., ProPhotonix Limited, CITIZEN ELECTRONICS CO., LTD, OSRAM GmbH, Cree LED, Inc., Nichia Corporation, Samsung Electronics Co Ltd, Seoul Semiconductor Co., Ltd, Tridonic |
Analyst Review
The chip on board light emitting diodes market is anticipated to depict a prominent growth during the forecast period owing to various factors, such as an increase in adoption of lighting solutions that fuels the demand for chip on board light emitting diodes. In addition, the market is influenced by growth in investments in the industrial sector and rise in urbanization to drive the market growth. However, the chip on board light emitting diodes sales may be hampered by a complex manufacturing process. Each of these factors is anticipated to have a definite impact on the global chip on board light emitting diodes market during the forecast period.
The chip on board light emitting diodes market exhibits high growth potential in illumination, backlighting, and automotive. The current business scenario has witnessed an increase in demand for security, particularly in developing regions such as China and India, owing to surge in population and rise in demand for lightening. Companies in this industry have adopted various innovative techniques, such as mergers and acquisitions, to strengthen their business position in the competitive matrix.
The key players in the chip on board light emitting diodes market are Nichia Corporation, OSRAM GmbH, Samsung Electronics Co Ltd, Citizen Electronics Co., Ltd, Everlight Electronics Co., Ltd., PerkinElmer, Inc., ProPhotonix Limited, Cree LED, Inc., and Seoul Semiconductor Co., Ltd.
Backlighting is the leading application of chip on board light emitting diodes market.
The upcoming trends of chip on board light emitting diodes market are rise in demand for energy-efficient lighting solutions in a variety of applications including general illumination, automotive lighting, and display backlighting.
Asia-Pacific is the largest regional market for chip on board light emitting diodes market.
The chip on board light emitting diodes market was valued at $1,874.70 million in 2022 .
Samsung Electronics CO. Ltd, Prophotonics Ltd, Citizen Electronics Co. Ltd, Cree LED Inc., and Tridonic are the top companies to hold the market share in chip on board light emitting diodes.
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