Chip-on-Board LED Market Size & Share 2024 - 2032
Market Size by Material (Metal Core Printed Circuit Board (MCPCB), Ceramic), by Application (Backlighting, Illumination, Automotive) & Forecast.
Report ID: GMI8905
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Published Date: April 2024
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Report Format: PDF
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Authors:
Suraj Gujar, Ankita Chavan
Chip-on-Board LED Market Size
Chip-on-Board LED Market was valued at over USD 2.2 billion in 2023 and is anticipated to grow at a CAGR of over 13% between 2024 and 2032. The integration of chip-on-board LEDs with smart lighting systems and Internet of Things (IoT) platforms is growing in the lighting industry. Smart chip-on-board LED products offer features, such as remote control, dimming, color tuning, and integration with sensors, for automated lighting control, energy savings, and enhanced user experience.
Chip-on-Board LED Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
For instance, in April 2023, Sharp NEC Display Solutions Europe launched the NEC LED FC Series with chip-on-board technology, which offers high contrast, durability in public spaces, and high energy efficiency. Utilizing the already established F-style cabinets for easy setup and flexible usage, the FC Series benefits from front serviceability for all components, allowing easy access for maintenance.
With the rise of indoor farming and greenhouse cultivation, there is a growing demand for chip-on-board LED solutions catering to horticultural lighting applications and other related fields. These LEDs with specific wavelengths and spectral compositions provide optimal light conditions for plant growth, flowering, and fruiting across different stages of cultivation. They are environmentally sustainable lighting solutions, consuming less energy and producing fewer Greenhouse Gas (GHG) emissions compared to conventional lighting technologies.
Chip-on-board LEDs generate heat during operation, and effective heat dissipation is essential to maintain optimal performance and reliability. Managing thermal issues in these LED lighting fixtures becomes a challenging task, especially in applications with high ambient temperatures or limited ventilation. Inadequate heat dissipation can lead to decreased efficiency, color shift, and reduced lifespan of these LEDs, which raises concerns over reliability for manufacturers and end users.
Chip-on-Board LED Market Trends
The growing demand for specialty lighting applications in the retail and hospitality sectors reflects the importance of lighting design in shaping customer perceptions, boosting sales, and helping build brand loyalty. As businesses prioritize the creation of immersive and memorable experiences for customers, chip-on-board LEDs transform retail and hospitality environments with their versatility, energy efficiency, and aesthetic appeal. For instance, in July 2022, ViewSonic launches its first 4K UHD All-in-One Direct View LED display series boasting the COB LED packaging with flip chips. It offers the LED display an outstanding visual performance with 4K resolution, 20000:1 ultra-high contrast ratio, and a wider viewing angle of 170 degrees as well as enhanced reliability.
With the rising sustainability concerns, there is a shift toward smart and eco-friendly lighting options. Organizations are increasingly incorporating sustainable materials and eco-friendly manufacturing processes in chip-on-board LED products. This includes the use of recyclable materials, bio-based plastics, and non-toxic components to reduce environmental impacts throughout the product lifecycle. For instance, in September 2023, Dahua Technology launched its Dahua CH II Series fine pixel pitch indoor LED display, which provides visual clarity. Its surface luminescence provides softer, pixel-free illumination, which counters digital visual fatigue, and ensures uniform color from all viewing angles by perfecting ink color parameters, addressing and eliminating the industry challenge of batch ink color discrepancies.
Chip-on-Board LED Market Analysis
Based on the material, the market is segmented into MCPCB, and ceramic. The ceramic segment is anticipated to grow at a CAGR of over 13.5% between 2024 and 2032.
Based on the application, the market is divided into backlighting, illumination, and automotive. In 2023, the backlighting segment dominated the market with a share of over 45%.
Asia Pacific dominates the Chip-on-board LED market and is anticipated to sustain a robust CAGR of over 14.5% from 2024 to 2032. The region is witnessing rapid economic growth, and with expanding industries such as automotive, consumer electronics, healthcare, and infrastructure development, the demand for chip-on-board LED technology will escalate. The adoption of these LEDs in various applications including general lighting, automotive lighting, signage, and displays, ensures market growth. The increasing emphasis on energy efficiency, sustainability, and smart lighting solutions in Asia Pacific amplifies the adoption of chip-on-board LEDs across the residential, commercial, and industrial sectors, contributing to the expanding market landscape.
Chip-on-Board LED Market Share
OSRAM GmbH and Nichia Corporation hold a significant share of over 20%. OSRAM GmbH is a prominent global technology company specializing in lighting solutions and optical semiconductors. OSRAM is a leading provider of high-quality LED products & solutions including chip-on-board LEDs.
Nichia Corporation is a Japanese company that specializes in the manufacturing and development of LED products and materials. Nichia operates in the LED industry, focusing on innovation, quality, and reliability.
Chip-on-Board LED Market Companies
Major players operating in the market are:
Chip-on-Board LED Industry News
The chip-on-board LED market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:
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Market, By Material
Market, By Application
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
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Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
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Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →