Indian Lighting Market Projected To Reach $6.2 Billion By 2030, With A CAGR Of 7.1%

Surya Roshni, a trusted name in the lighting and consumer durables industry, has been a pioneer in delivering innovative and high-quality solutions tailored to diverse market needs. Over the years, the company has cemented its reputation as a leader, particularly in South India, by understanding and addressing the region's unique consumer preferences. Telangana and Andhra Pradesh, two key markets for Surya Roshni, have witnessed significant growth driven by the company’s strategic initiatives and commitment to excellence.

Jitendra Agrawal, Chief Executive Officer, Lighting and Consumer Durables, Surya Roshni Limited leads efforts to drive profitable growth, expand market presence, and foster innovation. With nearly 30 years of experience in the home electrical, lighting, and consumer durables industries, Agrawal is a seasoned leader with deep expertise in managing businesses across B2C, B2B, B2G, and OEM segments.

In an exclusive interview to Bizz Buzz, Jitendra Agrawal said by focusing on energy efficiency, consumer-centric innovations, and robust distribution networks, Surya Roshni has successfully positioned itself as a go-to brand for lighting solutions. The interview sheds light on the company’s strategies, milestones, and plans that continue to drive its growth and strengthen its foothold in South India.

How is the lighting industry in South India?

The lighting industry in South India has evolved significantly over the past decade, driven by urbanisation, rising consumer awareness, and a growing preference for energy-efficient solutions. South Indian consumers, known for their discerning tastes, prioritise quality, durability, and innovation in their purchase decisions. This trend has created a competitive landscape where brands must constantly innovate to meet evolving demands.

How big is the lighting market in India and how do you see its growth potential? What will be the approximate share of South India in the total market?

The Indian lighting market is experiencing significant growth, driven by technological advancements, government initiatives, and increasing consumer awareness about energy efficiency. In 2023, the market was valued at approximately $3,864.80 million and is projected to reach $6,246.74 million by 2030, exhibiting a compound annual growth rate (CAGR) of 7.1 per cent from 2024 to 2030.

Focusing on the LED segment, the market reached $4.2 billion in 2023 and is expected to grow at a CAGR of 20.4 per cent, reaching $23.2 billion by 2032. This growth is supported by government initiatives like the UJALA scheme and the Smart Cities Mission, which promote energy-efficient lighting solutions. Regarding regional distribution, the Northern region currently holds the highest proportion of sales in India's overall market, followed by the Southern region. While specific figures for South India's market share are not detailed, it is recognized as the fastest-growing market for lighting in India. This suggests that South India's share of the total market is substantial and expanding, making it a focal point for manufacturers and investors aiming to capitalize on the region's growth potential.

Tell us how you have improved your reach?

Surya Roshni’s approach aligns well with these market dynamics. The company’s focus on expanding its distribution network and fostering strong relationships with electrical dealers and electricians has proven instrumental in penetrating both urban and semi-urban markets. By enhancing product visibility and availability, Surya Roshni ensures that consumers can access a wide range of options, simplifying their decision-making process.

Strategic collaborations and partnerships have further strengthened Surya Roshni’s presence in semi-urban and rural areas. By maintaining transparent and mutually beneficial relationships with channel partners, the company has built a foundation of trust that extends beyond urban centers. This approach has allowed Surya Roshni to expand its reach and establish a robust presence in diverse markets.

Moreover, the company’s proactive engagement with stakeholders and effective feedback mechanisms underscores its commitment to staying attuned to market demands. By incorporating insights from electricians, dealers, and consumers, Surya Roshni continuously refines its product offerings, ensuring they remain relevant and impactful.

What specific strategies has Surya Roshni employed to gain a competitive edge in Telangana and Andhra Pradesh?

Telangana and Andhra Pradesh are key markets for our consumer lighting business. We are expanding our distribution network and fostering stronger associations with electrical dealers and electricians to strengthen our position. At key dealerships, our focus is on enhancing product range visibility to simplify consumer choice and purchasing decisions. Additionally, in newer categories, we are prioritising distribution expansion to improve product availability across both states.

How has the company adapted its approach to cater to the unique needs of South Indian consumers?

The South Indian market is highly urbanised, with consumers exhibiting diverse preferences. Across the region, there is a consistent demand for high-quality, energy-efficient products that are easy to use. Our product range is designed to address both the functional and varied needs of South Indian consumers effectively.

Could you elaborate on the key milestones that have driven Surya Roshni’s exponential growth in South India over the last few years?

Surya Roshni has consistently delivered on its brand promise of durable, high-quality products. This reliability has earned us the trust of consumers and channel partners alike. Our transparent and mutually beneficial relationships with channel partners have stood the test of time, establishing us as a trusted partner in the region.

What role have strategic collaborations and partnerships played in strengthening your presence in semi-urban and rural markets?

Strategic collaborations and partnerships have been instrumental in driving our growth. I also would like to highlight our approach to transparent and win-win associations with the channel partners. This has ensured our brand remains trusted and well-positioned even in semi-urban and rural markets, allowing us to extend our reach effectively.

How does Surya Roshni ensure its LED lighting solutions meet the evolving preferences of South Indian households and businesses?

Surya Roshni remains aligned with market demands through active engagement with stakeholders. Senior leadership regularly visits various regions, ensuring a strong connection with local markets. We have established an effective feedback system that captures insights from channels, electricians, and consumers. This valuable input, validated through multiple stages, plays a crucial role in shaping the company’s new product development process.

What innovations or unique features in your product range have resonated most with consumers in the region?

I believe that the feedback from consumers has driven our innovation. For instance, when there was a demand for brighter bulbs, we were the first to introduce a 10W bulb. Similarly, the launch of higher-wattage LED battens addressed specific market needs and contributed significantly to our consumer lighting business. Generating fresh ideas is central to our mission, driving us to launch new products each quarter across diverse product lines.

What are the company's upcoming plans to further expand its market share in South India?

Our expansion plans are closely tied to the strategies outlined earlier. We aim to enhance our distribution network, strengthen relationships with key dealers and electricians, and improve product availability in newer categories to solidify our market presence.

How does Surya Roshni maintain strong consumer trust and ensure efficient customer service in such a diverse and competitive market?

We maintain a zero-tolerance approach to non-quality, ensuring that quality and customer satisfaction remain central to our manufacturing and all other processes. Our unwavering commitment to delivering on promises has been a hallmark of our consistency.

With a robust cycle of continuous improvement, we have earned the reputation of being the most trusted lighting brand. This same focus on quality has driven our success in newer categories we’ve ventured into over the past decade.