China: Market for Solar Cells and Light-Emitting Diodes 2024

Market Size for Solar Cells and Light-Emitting Diodes in China

The Chinese market for solar cells and light-emitting diodes skyrocketed to $X in 2022, increasing by 19% against the previous year. In general, consumption, however, recorded a drastic downturn. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Production of Solar Cells and Light-Emitting Diodes in China

In value terms, solar cells and light-emitting diodes production amounted to $X in 2022 estimated in export price. In general, production, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2019 with an increase of 48%. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Exports of Solar Cells and Light-Emitting Diodes

Exports from China

After three years of growth, overseas shipments of solar cells and light-emitting diodes decreased by -17.6% to X units in 2022. Overall, exports, however, posted a resilient expansion. The pace of growth was the most pronounced in 2014 when exports increased by 120% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, solar cells and light-emitting diodes exports shrank to $X in 2022. In general, total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +71.3% against 2016 indices. The pace of growth was the most pronounced in 2021 with an increase of 41%. As a result, the exports attained the peak of $X, and then declined in the following year.

Exports by Country

Malaysia (X units) was the main destination for solar cells and light-emitting diodes exports from China, accounting for a 54% share of total exports. Moreover, solar cells and light-emitting diodes exports to Malaysia exceeded the volume sent to the second major destination, Singapore (X units), twofold. Mexico (X units) ranked third in terms of total exports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia amounted to +123.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+101.7% per year) and Mexico (+89.4% per year).

In value terms, Singapore ($X), Malaysia ($X) and the United States ($X) appeared to be the largest markets for solar cells and light-emitting diodes exported from China worldwide, with a combined 46% share of total exports.

Among the main countries of destination, Malaysia, with a CAGR of +60.0%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for solar cells and light-emitting diodes stood at $X per unit in 2022, rising by 3.8% against the previous year. Over the period under review, the export price, however, saw a abrupt shrinkage. The growth pace was the most rapid in 2018 an increase of 113% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Mexico ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+52.1%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Solar Cells and Light-Emitting Diodes

Imports into China

In 2022, after two years of growth, there was significant decline in purchases abroad of solar cells and light-emitting diodes, when their volume decreased by -18.2% to X units. Over the period under review, imports, however, showed a buoyant expansion. The growth pace was the most rapid in 2015 with an increase of 74% against the previous year. Imports peaked at X units in 2021, and then shrank notably in the following year.

In value terms, solar cells and light-emitting diodes imports fell to $X in 2022. The total import value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 41% against the previous year. As a result, imports reached the peak of $X, and then declined in the following year.

Imports by Country

In 2022, South Korea (X units) was the main solar cells and light-emitting diodes supplier to China, accounting for a approx. 100% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from South Korea totaled +63.8%.

In value terms, South Korea ($X) constituted the largest supplier of solar cells and light-emitting diodes to China.

From 2012 to 2022, the average annual rate of growth in terms of value from South Korea stood at +22.9%.

Import Prices by Country

In 2022, the average import price for solar cells and light-emitting diodes amounted to $X per unit, rising by 4.5% against the previous year. Over the period under review, the import price, however, showed a abrupt descent. The pace of growth was the most pronounced in 2017 when the average import price increased by 17%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

As there is only one major supplying country, the average price level is determined by prices for South Korea.

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to +44.9% per year.

Source: IndexBox Platform

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