Through the rapid development of more than ten years, LED lighting products are gradually replacing traditional lighting products and become the main force of home lighting, commercial lighting, industrial lighting, and outdoor lighting. Due to the rapid increase in the cost performance of LED lighting products, the penetration rate of LED lighting products is also increasing year by year.
In 2017, the global LED lighting penetration rate reached about 40%, and LED lighting technology tends to mature. Compared with developed countries, China’s LED lighting companies have cost advantages. Compared with other developing countries, China’s LED industry chain is complete, so China has become a global LED lighting production base.
According to the data from the Institute of Advanced Industrial Science and Research LED Research (GGII), in 2017, the global LED lighting market output value reached 536 billion RMB, of which, China’s LED lighting output value reached 296.9 billion RMB, a year-on-year increase of nearly 21%, and the global ratio reached 55.40%, of which LED lighting exports exceeded US$20 billion, a year-on-year increase of more than 37%. Considering that global LED lighting penetration still has room to double, GGII expects China LED lighting market size to remain at around 15% in the next few years. Market growth, China’s LED lighting market will reach 461.4 billion RMB by 2020.