According to the latest report by IMARC Group, titled "China LED Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the China LED market is expected to exhibit a CAGR of 21% during 2022-2027. A light-emitting diode (LED) is a light source that converts electrical energy directly into light energy. It operates for a longer duration, is durable, and offers better quality than traditional lighting technologies. LED lights provide high lumen power by consuming less power and having better service life with no flickering. These lights are a better solution than other lights, such as halogen, CFL, and incandescent lights. LEDs function at low energy input while providing high illumination, which is a significant reason they are widely deployed in outdoor and indoor settings. They also offer design flexibility and the ability to withstand frequent switching.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
China LED Market Trends:
The market in China is primarily driven by the increasing demand for highly energy-efficient lighting systems. In line with this, the easy availability of LED lamps in different color lighting combinations is positively influencing the market. Furthermore, the rising inclination toward in high-lumen low-watt products among consumers is catalyzing the market. Apart from this, strict government regulations to prevent inefficient lighting systems are contributing to the growth of the market. Moreover, LED manufacturers are concentrating on incorporating advanced features, such as Wi-Fi, occupancy sensors, and daylighting, which are driving product sales across China. Besides, the growing awareness among consumers about the benefits of LED lights, along with consumers’ shift towards green lighting solutions, is creating a positive outlook for the market. Additionally, the government of China is focused on lowering the high energy consumption, due to which they are imposing various regulations related to quality which helps them ensure consumer safety and energy consumption as well as monitor environmental issues. This, in turn, is bolstering the uptake of LED lights across the country.
- On the basis of the product type, the market has been segmented into panel lights, down lights, street lights, and tube lights, bulb, and others.
- Based on the application, the market has been categorized into commercial, residential, institutional, and industrial.
- On the basis of the installation type, the market has been classified into new and retrofit installation.
- On the basis of the region, the market has been divided into Guangdong, Jiangsu, Shandong, Zhejiang, Henan, and others.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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