Chip-on-Board LED Market Size To Reach $7.21 Billion By 2030

Chip-on-Board LED Market Growth & Trends

The global chip-on-board LED market size is expected to reach USD 7.21 billion by 2030, registering a CAGR of 14.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. Chip on Board (CoB) LEDs are energy efficient, have greater reliability, and require less space. Furthermore, they offer high intensity and homogenous luminosity, which makes them suitable for high power applications. In recent times, the use of solid lighting technology against traditional lighting has significantly led to increased adoption of COB light-emitting diode (LED).

High demand for CoB LED owing to increased adoption by several lighting application segments to gain benefit over technologies such as CFL and incandescent lighting is also expected to positively impact the global CoB light-emitting diode market over the next six years. Furthermore, advancements in design and cost-saving through economies of scale are expected to provide significant growth opportunities for the market over the forecast period. However, the complex manufacturing process and high price coupled with fluctuating global economic conditions may be a challenge for industry participants.

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Chip-on-Board LED Market Report Highlights

• The COB LED modules segment accounted for the largest revenue share of 41.4% of the global industry in 2023. The high demand for these products in the residential sector is expected to assist this segment in growing at a rapid pace in the approaching years.

• The ceramic substrates segment dominated the market in 2023. Growth of this segment is attributed to the advantages offered by ceramic substrates over other materials, such as superior thermal conductivity, typically 10-100 times better than fiberglass-reinforced epoxy-laminated sheets, amount of heat, and better electrical performance.

• The illumination segment accounted for the largest market revenue share in 2023. This segment is further classified into residential, office space, industrial, shops, hospitality, outdoor, and architectural categories.

• Asia Pacific chip-on-board LED market dominated the global chip-on-board LED market and accounted for a revenue share of 44.1% in 2023. This is attributed to increasing COB LED production in South Korea and China, with the latter being a major hub for manufacturing organizations specializing in developing these products.

• The Middle East & Africa chip-on-board LED market is expected to experience the fastest CAGR of 16.0% during the forecast period.

Chip-on-Board LED Market Segmentation

Grand View Research has segmented the global chip-on-board LED market report based on product type, substrate material, application, and region:

Chip-on-Board LED Product Outlook (Revenue, USD Million, 2018 - 2030)

• COB LED Modules

• COB LED Arrays

• COB LED Components

Chip-on-Board LED Substrate Material Outlook (Revenue, USD Million, 2018 - 2030)

• Ceramic Substrates

• Metal Core PCBs

Chip-on-Board LED Application Outlook (Revenue, USD Million, 2018 - 2030)

• Illumination

  • Residential

  • Office Space

  • Industrial

  • Shop Area

  • Hospitality Industry

  • Outdoor

  • Architectural

• Automotive

  • Interior

  • Exterior

    • Headlamp

    • Side lamp

    • DRLs

    • Rear Light

• Backlight

  • LED Television

  • Monitor

  • Handhelds

  • Screen Display Lighting

• Others

Chip-on-Board LED Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • Japan

  • India

  • China

  • Australia

  • South Korea

• Latin America

  • Brazil

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

List of Key Players in the Chip-on-Board LED Market

• Bridgelux, Inc

• WOLFSPEED, INC.

• EPISTAR Corporation

• EVERLIGHT ELECTRONICS CO., LTD.

• SAVANT TECHNOLOGIES LLC (GE Lighting)

• Lextar Electronics Corporation

• Lumileds Holding B.V.

• NICHIA CORPORATION

• ams-OSRAM AG

• Signify Holding

• SAMSUNG

• Seoul Semiconductor Co., Ltd.