China LED lighting market is forecast to go beyond $24 billion by the end of year 2024.
Escalating urbanization, price cuts and local energy savings targets make the technology more tempting. Lighting items are vital to the advancement of the national economy and people's livelihood. Apart from that, China's lighting industry has been on the rise and the country has become a leading world lighting consumer and producer for the past 20 years.
For promoting high-efficiency LED lighting products, National Development and Reform Commission (NDRC) and China's Ministry of Finance (MOF) had collaborated to look after interim measures on administration of financial subsidies. Actions like financial subsidies to promote LEDs lighting are working.
In the current scenario, local governments are working more proactively in implementing LED subsidies. In China, Guangdong Province, consist the largest LED industry size and has a relatively higher amount of subsidies.
In China, the commercial segment of LED lighting market dominates the LED market share compared to other segments. Other LED lighting segments such as the residential LED lighting market, industrial LED lighting market and outdoor LED lighting market is also performing well in China. Moreover, implementation of LED lighting standards in China will further shift the LED lighting towards high quality LED products.
Year over year, due to cutting edge technology and innovation in LED lighting products, the average price of LED bulbs is gradually diminishing and reaching closer to the conventional lighting products. Currently, the demand for LED lighting products, especially in residential and commercial buildings, is expanding.
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