TrensForce is positive of the global led lights market growth in the year 2024

Based on the recent market survey report by TrendForce, the total market demand for all led lights in the year 2024 will likly reach USD 60.9 billion at 4% Year-on-year percentage in the world.

In the quickly developing market of LED horicultural lighting, Chinese manufacturers have begun to stand in the mid-to-upstream supply chain of horicultural lighting,optical formula expertise, price reductions and competitions accearlate within the supply chain. However, the prices and market demand for low-end market of horicultural lights are not as flexible as those for residential and commercial lightings, the market growth cannot been seen quickly through the price reduction policy.

Facing the concerns of local food security, more and more governments are announcing policy supports to develop the smart agriculture. For example, Chinese government will increase investments on agriculture in next fives so as to promote the agricultural led lights market,Also, accelaration of urbanization, decrease in per capita arable land, aging population and shart decline rate of newborns will result in faster development of agricultural technology.More and more newest technology such as AI, sensors,drones will facilate the maturity of agricultural lighting market.In doing so, more and more new market opportunities will be seen in horticultural lights,livestock light,aquaculture light,fishery light. All of these factors will help the led horicultural lights leading on the global led lights marekt.

Compared with final products market in the downstream segment. the LED Package Market has to face increasing pressure on price reduction.The end market for led chips did not recover as well as what is expected and cause more supply-demand imbalances. Some companies including multinational players will have to exit from the LED package market. In the long run, the 2835/3030 SMD LEDs will be two important led chips on the market. The 3014 and 4014 package structures will not be mainstream because minimaturization has not been the focus on the led chips market. The recovering agricultural (horicultural) lighting market,rising market demand for commercial LED lights and automotive led lights will stimulate the expected market growth of led chips package in the year 2024 finally.