Benefited from the promotion and support of the policies of various countries around the world, the development of the LED market has made great progress, and the penetration rate of LED lighting worldwide has shown an accelerated growth trend. According to the statistics of GGII, the global LED lighting penetration rate has reached 45.3% by the end of 2018.
The global LED lighting penetration rate has further increased, while the global LED lighting market has also shown a good trend of rapid growth. According to the statistics of the GGII, the global LED lighting output value reached 601 billion RMB in 2018, an increase of 12.1% year-on-year; it is expected that the global LED lighting industry output value will exceed 798 billion RMB by 2021.
In recent years, LED chip technology and manufacturing process, LED light source manufacturing and supporting industry manufacturing technology update iteration rapidly. As product technology continues to be updated and iterated, the incremental market for replacements continues to increase, creating a fully active market opportunity.