Market Growth & Forecast
Global Market Projections

Precedence Research estimates the COB LED market at USD 3.67 million in 2025, expected to surge to USD 12.52 million by 2034, with a CAGR of 14.62% from 2025–2034.

Grand View Research forecasts a growth trajectory from 2024 through 2030, with the market slated to reach USD 7.21 billion by 2030, showing a CAGR of 14.6%.

MarketResearchFuture projects an even stronger expansion, from USD 2.2 billion in 2023 to USD 8.4 billion by 2032, with a CAGR of 15.8%.

Verified Market Research offers a notably aggressive outlook: USD 29.69 billion in 2024 growing to USD 213.08 billion by 2031, with a striking CAGR of 28.57%.

Bottom line: Even conservatively, the COB LED industry is on track for double-digit annual growth, with most forecasts pegging it between 14% and 16% CAGR, and some projections suggesting growth even above 25%.

Regional Trends
Asia-Pacific

Holds a dominant position: accounted for roughly 44–45% of global COB LED revenue around 2023–2024.
Markets and Data

Growth is especially rapid, with CAGR estimates ranging from 13.5% to over 20% in the region:

Averaging ~20.9% CAGR from 2024 to 2031.
Cognitive Market Research
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A moderate forecast places regional growth at ~13.5%.

North America

Expected to grow steadily from USD 444 million in 2023 to USD 1,052 million by 2030, yielding a CAGR of 13.1%.

Europe

Valued at USD 2.14 billion (approx.) in 2024, with a projected CAGR of 17.4% through 2031.
Cognitive Market Research

Middle East & Africa (MEA)

Though smaller in absolute terms, MEA is among the fastest-growing regions—with ~16% CAGR projected.

Key Drivers & Industry Dynamics
1. Energy Efficiency & Sustainability

COB LEDs deliver high luminous efficacy, better heat dissipation, and compact design—making them a preferred alternative over traditional LEDs and incandescent lighting.
Markets and Data

2. Smart & Tunable Lighting

Technological advances such as tunable lighting—where color temperature can be adjusted—are gaining traction in residential, commercial, and hospitality applications.
Markets and Data

Integration with IoT and smart systems (e.g., automation, remote control) further bolsters the COB LED value proposition.
Verified Market Reports
MarkWide Research

3. Government Initiatives & Regulations

Regulatory pushes for energy-efficient lighting and sustainability, especially in Asia-Pacific and Europe, are catalyzing adoption. Notable programs include India’s Production-Linked Incentive (PLI) scheme, which spans LED manufacturing among other sectors.
Markets and Data

4. Automotive & Industrial Applications

COB LEDs are increasingly popular for high-intensity uses like automotive lighting (headlights, interiors), manufacturing, and infrastructure projects.
Fortune Business Insights

5. Raw Material & Cost Constraints

Challenges remain: COB LEDs typically involve more complex manufacturing and higher initial costs compared to conventional LED options—though long-term savings and performance benefits often offset this.