According to the newly research reported by Research And Markets, China's LED lighting market will surpass the $29 billion mark by the end of 2025.
In China, with the gradual reduction of LED lighting price, LED lighting takes great advantages in lighting market. Many Chinese LED light manufacturers increase their production capacity due to their optimal subsidy from both central and local government. The favourable government policies of China are of great benefit to the LED manufacturers and distributors to carry out their business smoothly, and will further promote the development of LED lighting market in the forecast period. In addition, the Chinese government has also implemented LED lighting standard to help produce the highest quality of the LED product.
Undoubtedly, the growing demand for LED lighting in China has stimulated the development of LED lighting market. What the Chinese LED manufacturer mainly paid attention to R&D of LED light are cost reduction, energy efficiency, and environmental protection, long life. Domestic demand for low-end LED products is high, but competition is fierce.
In China, penetration of LED lighting is growing at a rapid pace due to supportive government policies that help out LED manufacturer and distributor to a great extent. The Chinese government banned incandescent bulbs over 100 watts in the year 2012. After that, it banned 15 watts in the year 2016. In addition, China is also looking for a framework to replace the fluorescent bulb with an LED. Moreover, the National Development and Reform Commission (NDRC) and the Ministry of Finance (MOF) have taken several measures to administer subsidies for proliferating LED Lighting products.
Consistent Reduction in the Price of LED lighting products stimulates the Market to Expand
In China, technology mechanization in the LED lighting industry has increased over the period. Therefore the average price of LED lighting product has declined and reached an affordable price as compared to conventional lighting products. According to this research, the market of LED lighting product will grow during the forecast period, especially in residential segments due to the price reduction of LED.
Amid such environment, although the scale of LED lighting continues to expand, and the number of enterprises increases, many companies are small and medium-sized, whose weak strength contributes to serious homogeneity of products.
However, WELLMAX, with its 32-year global experience into the development of LED bulb products, has become LED Bulb Expert to outshine from the stiff competition. Since 2015, the company has continually launched its self-developed product series including Sunrise, Rocket, Ultron, Aero, Ballet, Classic, Bulbized Sunflower LED panel and others. Each one will surprise you and you can contact us if you want!
Source: Business Wire, June 28, 2019