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China’s LED Lighting Market to More Than Double to $7.4 Billion in 2017

The residential and commercial segments will drive the Chinese LED lighting market to a CAGR of 24%, far outpacing the 5.6% CAGR for the broader lighting market. A report published by Lux Research says China’s LED lighting market will more than double to $7.4 billion in 2017 from $3.1 billion, as ongoing urbanization, local energy savings targets and price cuts make the technology more appealing. As a result, LED lighting will grow its share of the lighting market from 9.6% to 18%.The residential segment shows fastest growth. The Chinese residential LED market will grow from $23 million in 2013 to $310 million in 2017, a CAGR of 92%, the highest among five market segments, as average prices fall from $6.02 per fixture in ‘13 to $3.13 in ‘17.