During 2018 ~ 2023, LED lighting market scale will gradually increase. LED lighting market scale will reach USD 56.6 billion in 2023. CAGR during 2018 ~ 2023 will be 9%, according to the latest research report of LEDinside.
LED lighting trends vary from region to region, and markets in Europe, Southeast Asia, and India perform well
European LED lighting market scale continuously expands, to the tune of USD 8.292 billion in 2018, with an annual growth of 9.5% and a penetration rate over 50%. In this market, lighting fixtures for commercial lighting have the greatest growth momentum, such as spotlight, filament lamp and decorative lamps.
American lighting manufacturers all achieved good revenue performance in the first half of 2018, which mainly came from American market. Cost of lighting products is expected to transfer to consumers due to the impact of US-China Trade War and rising raw material price.
The unit prices in the Japanese market are higher. Besides, due to the rebound of Japan’s economy and the impact of 2020 Tokyo Olympics, the growth of Japanese market will remain.
Southeast Asia is gradually developing into a dynamic LED lighting market. Thanks to the rapid growth of local economy, infrastructure investment and population, the demand for lighting is massive. The penetration of LED lighting in the Middle East and Africa market is rapidly increasing, and the market potential in the future is still expected.
Outlook for lighting market trend during 2019 ~ 2020: 3 major opportunities will become the revenue growth momentum for lighting manufacturers. One is lighting demand stimulated by 2020 Tokyo Olympics. The other is that the requirements of high-end lighting market is likely to rise as DLC V5.0 improves quality of light and luminous efficacy. Last, lighting manufacturers expand cross-industry to create business opportunities, which can be seen in architectural smart lighting, human centric lighting, horticultural lighting, fishing lighting, special lighting and so on.