Analysis Of Indian Lighting Market - LED Lighting Is The High Growth Sub-Category: ICICI Securities
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ICICI Securities Report
India lighting market, ~Rs 212 billion in size, is largely dominated by the organised sector (~65% share). We believe organised players such as Bajaj Electricals Ltd. and Crompton Greaves Consumer Electricals Ltd. would likely be the net beneficiaries of a further share shift away from the unorganised segment.
LED lighting is a high growth sub-category which alone is expected to reach Rs 259 billion by FY23 (86% of overall lighting market).
Energy efficiency and longer life of LED lights make them competitive against conventional lighting. Phillips India Ltd. dominates the lighting market with a pie close to 14%.
Bajaj Electricals and Crompton Greaves have market share of 10% and 9%, respectively.
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