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As explained in the TrendForce's article:

"TrendForce’s latest reports indicate a significant turning point for the LED lighting market in 2024, as an estimated quantity of 5.8 billion LED lamps and luminaires reach the end of their lifespan. This milestone is set to trigger a substantial wave of secondary replacements, breathing new life into the market and boosting total LED lighting demand to an impressive 13.4 billion units.

Currently, LED lamps and luminaries account for about 70% of all lighting solutions in use worldwide, narrowing the scope for replacing traditional fixtures with LED alternatives. Only specific, unique applications continue to rely on non-LED lighting, making the cost of transition increasingly expensive and suggesting that the first wave of replacement may have largely concluded. Despite a dip in shipments of LED lighting products in 2023, the decline hasn’t been drastic, thanks to the rising tide of secondary replacement demand, which has now become the LED market’s key driver."