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It's reported by the industry research that there will be a steady increase in the LED lighting market in the next few years. Experts predict a compound annual growth rate of about 9 percent from 2018 to 2023, when the market is expected to reach $56.6 billion.
The scale and penetration rate of the European LED lighting market have been reached 8.292 billion USD and 50% respectively in 2018 and continues to grow with a year-on-year growth rate of 9.5%. The spotlights, LED filaments, LED grow lights, and decorative lights are the most outstanding market segments of commercial lighting.
In the American market, the main local LED lighting suppliers have excellent achievement in the past few years. However, rising material costs due to a trade war between China and the United States could be a destabilizing factor.
Japan is one of the main high-end markets, with high requirements on product quality and relatively high unit price. LED lighting overall demand is expected to increase considerably as Japan's economic growth and the holding of the 2020 Tokyo Olympics.
Thanks to the rapid growth of the local economy and a large amount of infrastructure construction, the market in Southeast Asia is growing rapidly and will become an important part of the international market. As LED lighting popularizing rate increases in the Middle East and Africa, it's positive for a steady increase in market demand.
Look at the future, the special segment market such as intelligent lighting, healthy lighting, agricultural lighting, etc. will be the main growth points for manufacturers. Huaqiang North is the largest LED lighting market in Shenzhen, China, where our store is located. If you plant to visit China, you are welcome to visit our store and learn about our latest LED lighting products.
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