The Russian market still shares a few similarities with other emerging markets, namely its reliance on government incentives to spur LED industry developments and high dependency on LED component imports.
Chinese LED manufacturers have been fairly quick in deploying market strategies in emerging markets, especially in Russia. Russia has quickly become China’s second largest LED export market, according to China Solid State Lighting Alliance latest statistics.
Economic sanctions implemented by U.S. and Europe on Russia for sending troops into Ukraine has also cast an uncertain shadow over the country's LED industry development. As the Russian Ruble value continues to spiral downwards, LED import costs have also soared. This presents certain potential challenges for the local LED industry, but might also create market opportunities for foreign manufacturers.