The global market value of LED lighting products is estimated to grow by 68 percent year-on-year to US$17.8 billion, with total shipments reaching 1.32 billion units next year, market researcher LEDinside said in a report yesterday.
The predicted double-digit growth in annual sales and shipments would be a result of rapidly falling LED product prices in the global market, the report said.
Currently, LED bulbs and tubes are the most popular items used to replace traditional incandescent lamps, according to the report.
So far this year, global LED bulb shipments accounted for 38 percent of total shipments of LED lighting products, while LED tube shipments made up of a 24 percent stake, LEDinside said.
As the global LED lighting penetration rate is steadily growing, demand for LED devices, especially LED lighting products combined with intelligent systems, is expected to gradually rise, the report said.
The researcher said the US market is likely to see LED lighting product shipments grow 72 percent next year from this year, and a 64 percent increase was predicted for Latin American countries.
For next year, LEDinside estimated that LED lighting product shipments would grow by 69 percent within the European market and by 86 percent in the Chinese market, according to the report.
“Although European governments do not heavily subsidize LED products, its high electricity prices and the lighting culture differences stimulate demand for commercial lighting and architectural lighting products,” the report said.
As a ban on incandescent lamps is expected to be implemented in a number of European countries, LEDinside forecast the European LED lighting market would continue to grow over the next few years.
“In terms of the Chinese market, not only are emerging LED lighting manufacturers actively extending the LED lighting market, but traditional lighting manufacturers with their own brand and channel advantages are also actively expanding LED lighting business through both online sales and stores,” LEDinside said.
The Chinese government has been playing an active role in promoting the country’s local LED industry through subsidy policies, LEDinside said.
In addition, the Chinese government is also making efforts to resolve overcapacity and business bankruptcy issues caused by excessive subsidies for upstream firms, it added.