China LED Market Forecast to Hit $24 Billion by 2024

By 2024, China’s LED lighting market is forecasted to reach $24 Billion. With the growth of China’s economy, demand for energy efficient LED lighting is also rising. China’s lighting industry has experienced growth and the country has become a leading world lighting consumer and producer for the last 20 years.

The mounting consumer demand for energy-efficient lighting systems, decreasing prices of LED, and high penetration of LED as a light source in the general lighting market are expected to drive the growth of the product. LED lighting has gone from a costly product outside the cost-conscious sweet-spot of Chinese buyers to a value-adding solutions, gaining market share and realizing sustainable growth. China’s lighting market is experiencing shifts from conventional lighting to LED technology.