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IndexBox has just published a new report: Asia – Solar Cells and Light-Emitting Diodes – Market Analysis, Forecast, Size, Trends and Insights.
This market analysis forecasts Asia’s solar cells and light-emitting diodes market to grow at a CAGR of +3.8% in volume to 312 billion units by 2035, though value growth is slower at +1.2% CAGR to $2,026.7B. In 2024, consumption reached 207B units, led by India, China, and South Korea, while production fell sharply to 236B units after a peak. South Korea dominates in market value ($1,694B), whereas China is the largest producer and exporter. Import prices dropped significantly by -50.9%, reflecting intense competition and changing trade flows within the region.
Key Findings
Driven by increasing demand for solar cells and light-emitting diodes in Asia, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.8% for the period from 2024 to 2035, which is projected to bring the market volume to 312B units by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +1.2% for the period from 2024 to 2035, which is projected to bring the market value to $2,026.7B (in nominal wholesale prices) by the end of 2035.
Solar cells and light-emitting diodes consumption expanded rapidly to 207B units in 2024, surging by 8.9% compared with 2023. The total consumption indicated a noticeable increase from 2013 to 2024: its volume increased at an average annual rate of +4.3% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +31.7% against 2022 indices. Over the period under review, consumption reached the peak volume in 2024 and is likely to see gradual growth in the immediate term.
The revenue of the market for solar cells and light-emitting diodes in Asia dropped to $1,775.1B in 2024, waning by -14% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a remarkable increase. The level of consumption peaked at $2,064.2B in 2023, and then fell in the following year.
The countries with the highest volumes of consumption in 2024 were India (70B units), China (63B units) and South Korea (46B units), with a combined 86% share of total consumption.
From 2013 to 2024, the biggest increases were recorded for India (with a CAGR of +30.9%), while consumption for the other leaders experienced more modest paces of growth.
In value terms, South Korea ($1,694B) led the market, alone. The second position in the ranking was taken by India ($11.1B). It was followed by China.
From 2013 to 2024, the average annual growth rate of value in South Korea amounted to +15.4%. In the other countries, the average annual rates were as follows: India (+26.8% per year) and China (+3.1% per year).
In 2024, the highest levels of solar cells and light-emitting diodes per capita consumption was registered in South Korea (885 units per person), followed by Malaysia (168 units per person), Japan (117 units per person) and India (49 units per person), while the world average per capita consumption of solar cells and light-emitting diodes was estimated at 43 units per person.
From 2013 to 2024, the average annual growth rate of the solar cells and light-emitting diodes per capita consumption in South Korea stood at +8.6%. In the other countries, the average annual rates were as follows: Malaysia (-11.9% per year) and Japan (+1.1% per year).
After two years of growth, production of solar cells and light-emitting diodes decreased by -30.8% to 236B units in 2024. Overall, production, however, showed a pronounced increase. The growth pace was the most rapid in 2018 with an increase of 167% against the previous year. Over the period under review, production attained the maximum volume at 341B units in 2023, and then declined notably in the following year.
In value terms, solar cells and light-emitting diodes production reduced remarkably to $1,964.7B in 2024 estimated in export price. Over the period under review, production, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2022 with an increase of 59% against the previous year. Over the period under review, production hit record highs at $2,437.5B in 2023, and then fell remarkably in the following year.
China (138B units) constituted the country with the largest volume of solar cells and light-emitting diodes production, accounting for 59% of total volume. Moreover, solar cells and light-emitting diodes production in China exceeded the figures recorded by the second-largest producer, South Korea (44B units), threefold. The third position in this ranking was taken by Japan (27B units), with an 11% share.
From 2013 to 2024, the average annual rate of growth in terms of volume in China amounted to +8.3%. In the other countries, the average annual rates were as follows: South Korea (+8.5% per year) and Japan (-4.4% per year).
In 2024, overseas purchases of solar cells and light-emitting diodes were finally on the rise to reach 188B units for the first time since 2021, thus ending a two-year declining trend. Over the period under review, imports posted a prominent increase. Over the period under review, imports hit record highs at 275B units in 2021; however, from 2022 to 2024, imports remained at a lower figure.
In value terms, solar cells and light-emitting diodes imports reduced to $30.8B in 2024. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 21% against the previous year. The level of import peaked at $36.9B in 2022; however, from 2023 to 2024, imports remained at a lower figure.
China (97B units) and India (70B units) prevails in imports structure, together achieving 89% of total imports. It was distantly followed by Japan (10B units), comprising a 5.3% share of total imports. The following importers – Malaysia (5.1B units) and Thailand (3.5B units) – together made up 4.6% of total imports.
From 2013 to 2024, the biggest increases were recorded for India (with a CAGR of +30.9%), while purchases for the other leaders experienced more modest paces of growth.
In value terms, China ($6.3B), India ($4.7B) and Japan ($1.9B) were the countries with the highest levels of imports in 2024, with a combined 42% share of total imports.
Among the main importing countries, India, with a CAGR of +14.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.
In 2024, the import price in Asia amounted to $164 per thousand units, shrinking by -50.9% against the previous year. In general, the import price showed a deep slump. The pace of growth appeared the most rapid in 2022 when the import price increased by 93%. The level of import peaked at $335 per thousand units in 2023, and then contracted sharply in the following year.
There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Thailand ($294 per thousand units), while China ($65 per thousand units) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Thailand (+1.7%), while the other leaders experienced a decline in the import price figures.
In 2024, overseas shipments of solar cells and light-emitting diodes decreased by -15.1% to 217B units, falling for the second year in a row after two years of growth. In general, exports, however, continue to indicate resilient growth. The growth pace was the most rapid in 2018 when exports increased by 151%. Over the period under review, the exports reached the peak figure at 309B units in 2022; however, from 2023 to 2024, the exports remained at a lower figure.
In value terms, solar cells and light-emitting diodes exports fell dramatically to $64.6B in 2024. Over the period under review, exports, however, showed pronounced growth. The pace of growth was the most pronounced in 2022 when exports increased by 39% against the previous year. As a result, the exports reached the peak of $85.9B. From 2023 to 2024, the growth of the exports failed to regain momentum.
China represented the key exporter of solar cells and light-emitting diodes in Asia, with the volume of exports reaching 173B units, which was near 80% of total exports in 2024. It was distantly followed by Japan (23B units), comprising a 10% share of total exports. The following exporters – Malaysia (9.1B units) and Thailand (8.7B units) – each resulted at an 8.2% share of total exports.
Exports from China increased at an average annual rate of +10.6% from 2013 to 2024. At the same time, Thailand (+13.6%) and Malaysia (+3.3%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia, with a CAGR of +13.6% from 2013-2024. By contrast, Japan (-6.1%) illustrated a downward trend over the same period. While the share of China (+29 p.p.) and Thailand (+2.1 p.p.) increased significantly in terms of the total exports from 2013-2024, the share of Japan (-29.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, China ($34.3B) remains the largest solar cells and light-emitting diodes supplier in Asia, comprising 53% of total exports. The second position in the ranking was taken by Malaysia ($4.4B), with a 6.9% share of total exports. It was followed by Thailand, with a 4.8% share.
From 2013 to 2024, the average annual growth rate of value in China totaled +7.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (+2.7% per year) and Thailand (+28.4% per year).
The export price in Asia stood at $298 per thousand units in 2024, reducing by -8.7% against the previous year. Overall, the export price recorded a slight decline. The pace of growth appeared the most rapid in 2015 an increase of 198%. As a result, the export price attained the peak level of $478 per thousand units. From 2016 to 2024, the export prices remained at a somewhat lower figure.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Malaysia ($486 per thousand units), while Japan ($119 per thousand units) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Thailand (+13.1%), while the other leaders experienced mixed trends in the export price figures.
Source: IndexBox Market Intelligence Platform
This report provides a comprehensive view of the solar cells and light-emitting diodes industry in Asia, tracking demand, supply, and trade flows across the regional value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.
Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between exporters and importers within Asia. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the solar cells and light-emitting diodes landscape in Asia.
The report combines market sizing with trade intelligence and price analytics for Asia. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts across countries and sub-regions.
For the regional report, country profiles provide a consistent view of market size, trade balance, prices, and per-capita indicators across Asia. The profiles highlight the largest consuming and producing markets and allow direct benchmarking across peers.
The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.
All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.
The forecast horizon extends to 2035 and is based on a structured model that links solar cells and light-emitting diodes demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts within Asia.
Each country projection is built from its own historical pattern and the regional context, allowing the report to show where growth is concentrated and where risks are elevated.
Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.
Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.
This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of solar cells and light-emitting diodes dynamics in Asia.
The market size aggregates consumption and trade data at country and sub-regional levels, presented in both value and volume terms.
The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.
Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.
The report provides profiles for the largest consuming and producing countries in Asia.
Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.
Making Data-Driven Decisions to Grow Your Business
A Quick Overview of Market Performance
Understanding the Current State of The Market and its Prospects
Finding New Products to Diversify Your Business
Choosing the Best Countries to Establish Your Sustainable Supply Chain
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The Latest Trends and Insights into The Industry
The Largest Import Supplying Countries
The Largest Destinations for Exports
The Largest Producers on The Market and Their Profiles
The Largest Markets And Their Profiles
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