North America LED market to grow at 9.7% CAGR through 2022

The latest Research and Markets report, “North America Light Emitting Diode (LED) Market (2016-2022)”,  indicates that the North American LED market is expected to reach $11,702.6 Million by 2022 growing at a CAGR of 9.7% during the forecast period.

The General lighting market dominated the North America LED market in 2015, and that trend is expected to continue until 2022, thereby achieving a market value of $ 4,563.6 Million by 2022 growing at a CAGR of 9.5% during the forecast period. The Automotive market is expected to reach a market size of $1,663.5 Million by 2022.

The U.S market dominated the North America LED market in 2015 and would continue until 2022 thereby achieving a market value of $ 8,683.3 Million by 2022 growing at a CAGR of 8.8% during the forecast period. The Canada application market is expected to reach a market size of $1,755.4 Million by 2022. The Mexico market would witness the growth rate of 14.2% during 2016-2022.

High brightness LEDs (HB-LEDs) are widely used in automotive, signals and signage in the North American region. Major mobile companies such as Apple Corporation have incorporated Organic LEDs (O-LED) in their mobile phones, which will contribute to the growth of the LED market. With widespread adoption in North America, the emerging economies also have started using LEDs in various applications, which should further add to the market growth, offering tremendous opportunities for the LED market players to enter into the LED market.

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