Japan LED lighting market to rise 17.73% by 2019

<< Go Back Posted By:administrator on Jan 15,2015in Industry News

According to the report ‘LED Lighting Market in Japan 2015-2019’, which divides the market into automotive LED lighting, LED backlighting, and general LED lighting, the Japan LED lighting market will rise at a CAGR of 17.73% over the period 2014-2019.

The report states that low consumer awareness is one of the major challenges faced by the market. Most application segments in the global LED general lighting market have a low LED penetration rate because consumers give higher preference to cost than to the quality and nature of lighting.

However, a major upcoming trend in the market is the declining ASP of LED bulbs, resulting in increased adoption in various lighting applications. The Japanese LED lighting market currently is engaged in price wars and is offering 40-watt LED bulbs and 60-watt LED bulbs at hugely lower prices. This has made LED bulbs affordable to consumers, resulting in increased adoption.

However, one of the major drivers of the market is the focus on LED standardization. LED lighting specifications and standards differ from country to country because of the absence of any specific common testing standard. This may block vendors to entering the LED lighting market in Japan.