Posted On: 2022-02-02
LED Lights acquired the largest market revenue share among all the verticals in the overall India logistics and warehousing lighting Market – 6Wresearch
India logistics and warehousing lighting market is still in its early growth stage of lifecycle and is anticipated to witness strong trend in demand during the forecast period on account of initiatives of government policies. Increasing manufacturing activity, expanding international trade, rising domestic consumption and the easing of government regulations for warehouse establishment are expected to augment the growth of the market in the coming years. Moreover, strong FDI inflows in the logistics sector through startups and organized 3PL players would bolster this growth.
According to 6Wresearch, India Logistics And Warehousing Lighting Market size is projected to grow at a CAGR of 9.2% during 2021-2027. The E-commerce warehousing sector has witnessed tremendous growth over the past few years. The current COVID crisis has boosted E-commerce spending, thereby augmenting the demand for warehouses in cities other than the traditional clusters. The government has framed the National Logistics Policy to improve the logistics and storage infrastructure of the country and reduce the logistics cost from current 13-14% to 10% of GDP by 2022. This would lead to a rise in the establishment of warehouses, thereby augmenting the demand for warehouse lighting products.
According to Eshita Goel, Assistant Manager, 6Wresearch, “LED would exhibit significant growth in the coming years as the growing warehousing supply across the country would prefer LEDs over other lights because of their cost effectiveness and sustainability. Other types of lighting like HIDs, fluorescents etc. would become obsolete in the coming years. LEDs would become the focal point of the market for OEMs in the future.”
According to Nitin Giri, Research Associate, 6Wresearch, “LED fixture is expected to show considerable growth during the forecast period owing to the improving technology and decreasing cost. Moreover, the rising establishment of high grade modern warehouses with automated racking have higher than normal ceiling heights where high lumen producing fixtures are the most suitable choice. Therefore, rising adoption of LED fixtures would create new investment opportunities in the market in the coming years.
Some of the major companies in India logistics and warehousing lighting market include Signify Innovations India Limited, Havells India Ltd., Wipro Lighting, Osram Lighting Private Limited, Bajaj Electricals Limited, etc.
India logistics and warehousing lighting market (2021-2027)” report provides an in-depth analysis with 28 figures and 24 tables, covered in 90 pages. The report estimates and forecast the overall India logistics and warehousing lighting market by applications, by light source, and by product type. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.