Market Trends of china outdoor led lighting Industry
Rising sport events and government efforts to refurbish the country's sports stadium would lead to an increase in LED lighting
- The number of stadiums is expected to witness growth from 129 units in 2022 to 143 units in 2030, exhibiting a CAGR of 1.4%. The sports sector has undergone a number of changes in recent years. For example, Enfis Group plc was awarded a contract in 2010 to provide LED arrays and drivers for the NBA Stadium in Guangzhou, China. Currently, in 2022, Shanghai Stadium will have a surface size of 170,000 m2, and it will have held important occasions like the 8th National Games, the 2007 Women's World Cup, and the 2008 Olympic Games. Shanghai Sansi provided an LED canopy with a display area of around 10,000 square meters for use in this refurbishment project. The installation and upgrading of LED lights will encourage their rise in the upcoming years.
- The nation supports the building of stadiums and provides investment opportunities for different sports. For instance, China has spent more than CNY 13.5 billion building sports facilities and upgrading its infrastructure and services to increase the country's participation in sports. By the end of 2020, there will be 89.7% more national sports venues than there were in 2017. For the 14th Five-Year Plan period (2021–25), the sports administration promises to open or renovate more than 1,000 sports facilities nationwide in order to increase the number of individuals who can engage in sporting events. Thus, it is anticipated that LED light sales will increase in the nation as a result of the building of new stadiums and an increase in athletic events.
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A steady birth rate is complementing the positive growth of homeowners, small and medium-sized businesses, and electric vehicles
- In 2022, China had a total population of 1,411.75 million. In China, 6.77 children were born for every 1,000 adults in 2022. With the steady growth of the youth, around 141.05 million sq. m of commercial real estate was being built each year in China in 2021. The incubation of an additional 3,000 small giant enterprises in the year was supported by the Ministry of Industry and Information Technology in March 2022. By 2025, China wants to have 1,000 single-product champion enterprises and 10,000 tiny giant businesses. The demand to use more LEDs will be driven by the growth in businesses and enterprises.
- In China's lower socioeconomic strata, as of 2019, more than 60% of residents were homeowners. In comparison to citizens of big cities, the ownership rate was substantially greater. In lower-tier cities and towns, 41% of homeowners did not have a mortgage on their home. In 2019, the average household size in rural and urban areas was 48.9 sq. m and 39.8 sq. m, respectively. The increased use of LEDs may be influenced by the rise in home purchases.
- Owing to the growing population, China had 297 million cars as of September 2021. Motor vehicle registrations totaled 8.83 million in the third quarter of 2021. In 2021, more than 85% of all electric vehicle sales took place in China. In 2021, China sold 3.3 million more electric vehicles than the rest of the world (3.0 million). With 7.8 million vehicles, China's electric car fleet continued to be the largest in the world in 2021. The requirement for additional LEDs will be facilitated by the rise in the LED lighting market in China due to the rise in the number of EVs.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Rising GDP per capita is complementing the growth in households, commercial estate, and the adoption of EVs in China's countryside
- China's energy conservation initiatives could propel the LED lighting market in the country
- The National Development and Reform Commission partners with the Ministry of Finance in China to promote LEDs in the country
- The Chinese LED market will be boosted by the increased government support for local LED chip producers
- The rising per capita income complements the growth of households
- Rising sport events and government efforts to refurbish the country's sports stadium would lead to an increase in LED lighting
