Chip-on-Board LED market expected to grow to $8 billion by 2032
The Chip-on-Board LED Market was valued at USD 2.79 billion in 2024 and is expected to reach USD 8.00 billion by 2032, growing at a CAGR of 14.12%. The market is being driven by the demand for compact, efficient lighting solutions for automotive, industrial, signage, and smart lighting applications.
Chip-on-Board LED Modules held a substantial share of 38.6% in 2024, with superior brightness and thermal characteristics driving their use in high-efficiency lighting. COB LED arrays are projected to experience the highest growth from 2025 to 2032, fueled by demand for small-sized, solid-state high-lumen lighting products.
In 2024, ceramic substrates dominated the market with a 57.8% share, offering high efficiency in heat dissipation for automotive, industrial, and smart lighting applications. Metal Core PCBs are expected to dominate the market from 2025-2032 due to effective thermal management and rising demand in automotive and industrial LED applications.
The automotive segment is estimated to have the highest growth rate in the Chip-on-Board LED market from 2025 to 2032, driven by demand for energy-efficient, high-luminance lighting in various automotive applications. The market in Asia-Pacific led in 2024, while North America is expected to have the highest CAGR of 15.3% from 2025 to 2032. Europe and the Middle East & Africa regions also experienced growth in 2024.
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