LEDs or light-emitting diodes are semiconductor devices that emit visible light (photons) when the electrons in the p-n junction diodes are subjected to the minimum required voltage. LEDs consist of layers of various materials such as wafer, epitaxy, and substrate. Various materials are used for manufacturing these layers such as gallium arsenide (GaAs), silicon carbide (SiC), and sapphire. LED materials in various layers of the diode are available in different chemical compositions. The choice of materials are based on the emission of the required colors in defined wavelengths, function of the diode in the end-use industry, compatibility of materials, and matching lattices. LED materials are used to manufacture LEDs, which are further used for various applications such as general lighting, automotive lighting, and backlighting. Core competencies of the companies are analyzed in terms of their key developments and strategies adopted by them to maintain their position in the market.