Driven by a Virtuous Cycle of Falling Prices, Policy Support, and Energy Goals, LEDs' Share of Lighting in China Will Nearly Double to 18% in Four Years, Lux Research Says
BOSTON, MA--(Marketwired - Dec 10, 2013) - 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 will 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 titled, "Running to the Light: Sizing China's LED Lighting Market."
Lux Research studied the Chinese LED market and industry value chain to assess opportunities for global players and investors. Among their findings:
The report, titled "Running to the Light: Sizing China's LED Lighting Market," is part of the Lux Research China Innovation Intelligence service.
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Carole Jacques
Lux Research, Inc.
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carole.jacques@luxresearchinc.com