China’s LED Lighting Market to Reach $7.4 Billion in 2017
China’s light-emitted diode (LED) lighting market will more than double to $7.4 billion in 2017 from $3.1 billion, as ongoing urbanization, local energy savings targets, and price cuts make the technology more appealing, according to Lux Research. Both residential and commercial segments are expected to drive LED lighting to a compound annual growth rate (CAGR) of 24%, far outpacing the 5.6% CAGR for the broader lighting market. As a result, LED lighting will grow its share of the lighting market from 9.6% to 18%.
“LED lighting has changed from expensive products outside the cost-conscious sweet spot of Chinese buyers to value-adding solutions, gaining market share and realizing sustainable growth,” said Jerrold Wang, Lux Research Associate and the lead author of the report entitled “Running to the Light: Sizing China's LED Lighting Market.”