According to data from LEDinside, the LED lighting market value in 2014 will come to US$17.8 billion, and the total shipments of LED lighting products will reach 1.32 billion units, representing 68% on-year growth.

LEDinside pointed out that the global LED lighting product replacement tide is caused by falling LED product prices. With replacement lamps being the most obvious, bulbs and tubes are the most popular ones in the market, which account for 38% and 24% of LED lighting product demand in 2013, respectively. In addition, the demand for LED luminaires in the future will gradually rise, the firm said.

According to the data, the growth rate of LED lighting market demand volume in North America is expected to reach 72% in 2014. In addition, in Latin America the LED lighting market is growing rapidly, especially the LED commercial lighting market, with the growth rate of LED lighting market demand volume expected to reach 64% in 2014. The growth rate of LED lighting market demand volume in Europe is expected to reach 69% in 2014.

LEDinside also estimated the growth rate of LED lighting market demand volume in China to reach 86% in 2014.