With the gradual popularization of vaccines in various countries, the market economy has begun to recover. Since 1Q21, the LED general lighting market demand has obviously recovered. TrendForce forecasts that the global LED lighting market will reach 38.199 billion US dollars in 2021, with an annual growth rate of 9.5%.
The main growth momentum of the general lighting market comes from four factors:
1. With the gradual popularization of vaccines in various countries, the market economy has gradually recovered, especially the rapid recovery of commercial, outdoor, and engineering lighting.
Second, the price of LED lighting products increased: With the pressure of rising raw material costs, lighting brand manufacturers continued to increase product prices by 3-15%.
3. With the support of energy-saving and emission-reduction policies in various countries around the world, in order to achieve the goal of “carbon neutrality”, LED energy-saving renovation projects have been gradually launched, and the penetration rate of LED lighting has continued to increase. According to TrendForce’s analysis, the LED lighting market penetration rate will increase to 57% in 2021.
4. Under the epidemic situation, LED lighting manufacturers are accelerating their deployment towards digital intelligent dimming and regulation of lamps. The future lighting industry will also pay more attention to the systemization of connected lighting products and the added value brought by human health lighting.