This represents an overall compound annual growth rate (CAGR) of 22.8% over a 6-year period. Once the time frame defined in this report is exceeded, the revenue growth rate of this part will slow down due to the intensifying cost of market competition, and the market size of LED lighting will stabilize in 2020.
Consumers’ understanding of LED lighting is confusing, and the slow decline in product sales prices is even lower than the growth rate of global GDP in 2013, which makes the overall revenue of the LED lighting industry in 2013 unsatisfactory. However, concerns about overcapacity are expected to ease by the end of 2014 as global demand grows steadily.
As the demand for LED lighting heats up, major manufacturers such as Philips, OSRAM, CREE, Acuity and GE, which play an important role in the global lighting market, have formulated their development strategies to encroach on this market share. They will gain more and more business contribution from LED rather than traditional lighting technology.
Although in the medium term, LED development prospects are bright, lighting industry players are increasingly worried about what changes will occur to the LED industry after 2020, when the replacement market demand is basically saturated. Not to mention, when the market share of LED lighting reaches 70-80% and the replacement cycle of lamps is extended, where will the LED industry go?
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