With the epidemic, how is the LED light market? Increase or decrease?
The global LED market is forecasted to grow by USD 96.82 billion, accelerating at a CAGR of 13.10% between 2020 and 2025.
Research group Technavio segments the market by application (general lighting, backlighting, automotive lighting, and others), geography (APAC, Europe, North America, South America, and MEA), and product (luminaires and lamps).
Governments and regulatory bodies in developed nations such as the US have implemented stringent reforms related to the use of energy. Several cities in the US such as Seattle, Minneapolis, Oklahoma City, St. Louis, Richmond, Orlando, Hartford, Milwaukee, Nashville, and Phoenix are observing high adoption of LED lights.
Similarly, the European Union has established a framework called the Ecodesign Directive, which focuses on improving the energy efficiency of products and removing inefficient lamps from the European market. Such measures are creating significant growth opportunities for vendors operating in the market.