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The LED lighting market is gradually increasing in size and is expected to reach US$56.6 billion in

The latest research report 2019 Lighting-grade packaging and LED lighting market outlook shows that the LED lighting market is gradually increasing in size from 2018 to 2023. The LED lighting market is expected to reach US$56.6 billion in 2023, with a CAGR of 9% from 2018 to 2023.

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The LED lighting market is gradually increasing in size and is expected to reach US$56.6 billion in 2023.

LED lighting trends vary from region to region, and markets in Europe, Southeast Asia, and India perform well.

The scale of the European LED lighting market continues to grow, reaching 8.292 billion US dollars in 2018, with a year-on-year growth rate of 9.5% and a penetration rate of over 50%. Among them, the growth kinetic energy of spotlights, filament lamps and decorative lamps for commercial lighting is most remarkable.

1H18 American lighting manufacturers have bright revenue performance, and the main revenue comes from the US market. Under the influence of the tariffs imposed by the Sino-US trade war and the increase in the price of raw materials, the cost is expected to be passed on to consumers.

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The Japanese market has a higher unit price and the Japanese economy is starting to pick up. The impact of the 2020 Tokyo Olympics will keep the Japanese market growing.

Southeast Asia is gradually developing into a very dynamic LED lighting market. Thanks to the rapid growth of the local economy, large investment in infrastructure and large population, there is a great demand for lighting. The penetration rate of LED lighting in the Middle East and Africa market is rapidly increasing, and the market potential in the future is still expected.

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Long-term outlook for the 2019-2020 lighting market trend, the three major opportunities will become the growth momentum of lighting manufacturers, one for the 2020 Tokyo Olympic lighting needs; the second is DLC V5.0 to improve light quality and luminous efficiency, will have the opportunity to re-emerge Improve the requirements of the high-end lighting market. In addition, the most important thing is that lighting manufacturers expand the combination of different industries to create business opportunities. Currently, there are markets such as architectural smart lighting, human lighting, plant lighting, fishery lighting, stadium lighting, and special lighting.