Analysis of the status quo of the LED lighting industry
1. Rapid growth in the scale of the global market
The global LED lighting market has shown a good momentum of rapid growth. According to statistics, the output value of the global LED lighting industry will reach 738.3 billion yuan in 2020, a year-on-year increase of 7.2%. It is estimated that the output value of the global LED lighting industry is expected to reach 808.9 billion yuan in 2021, an increase of 4.1%.
2. The scale of the Chinese market has further increased
China is the largest manufacturer of LED lighting products. With the domestic LED lighting market penetration rate rapidly rising to more than 70%, LED lighting has basically become a rigid demand for lighting applications. According to statistics, the output value of China's LED lighting market has grown from 301.7 billion yuan in 2016 to 526.9 billion yuan in 2020, with an average annual compound growth rate of 14.95%. It is estimated that China's LED lighting market will reach 582.5 billion yuan in 2021.
3. The penetration rate of the domestic LED lighting industry has greatly increased
With the continuous update and iteration of LED chip technology and manufacturing process, the luminous efficiency, technical performance, product quality, and cost-effectiveness of LED lighting products have been greatly improved. At present, LED lighting products have become home lighting, outdoor lighting, industrial lighting, commercial lighting, and landscape lighting. For mainstream applications in application fields such as lighting and backlight display, the market penetration rate of LED lighting products to replace traditional lighting products continues to increase, and market demand continues to grow.
According to statistics, the domestic market penetration rate of China's LED lighting products (domestic sales volume of LED lighting products/total domestic sales volume of lighting products) has increased from 42% in 2016 to 78% in 2020, which is developing rapidly and the industry market scale has further increased.