Global LED chip prices are expected to surge by 3–5% in 2023, according to a new report from TrendForce. The price increase is being driven by a number of factors, including rising demand for LED lighting and display applications, as well as supply chain disruptions caused by the COVID-19 pandemic.
The LED lighting market is expected to grow by 10% in 2023, driven by the increasing adoption of LED lights in commercial, industrial, and residential applications. The display market is also expected to grow by 5% in 2023, as demand for LED TVs and monitors continues to rise.
In addition to rising demand, LED chip prices are also being pushed up by supply chain disruptions caused by the COVID-19 pandemic. The pandemic has caused widespread disruptions to the global supply chain, including shortages of raw materials and components. These disruptions have made it more difficult for LED chip manufacturers to meet demand, which has led to higher prices.
The price increase for LED chips is expected to boost the annual market value of the LED chip market to US$2.9 billion in 2023. This would represent a 7% increase from the market value in 2022.
TrendForce expects the LED chip market to continue to grow in the coming years. The market is expected to reach US$3.3 billion by 2025. This growth will be driven by the continued adoption of LED technology in lighting, display, and other applications.
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