I’ve written previous articles about the gradual shift in US imports away from China toward Mexico, India, Southeast Asia and Eastern Europe, here and here. The above chart is courtesy of DigiTimes Research. It projects India’s production value of LED lighting to rise from $2.2 Billion USD in 2020 to $16.2 Billion in 2025. That’s more than a 7X increase, or a compound annual growth rate (CAGR) of 49%.
India is now the fastest growing world economy, the largest population in the world (as of 2023), and is #6 in global gross domestic product (GDP). You can read more about the opportunities and challenges of manufacturing in India, at DigiTimes here.