12 January 2015

LED lighting market in Japan to grow at 17.73% CAGR to 2019

The LED lighting market in Japan will grow at a compound annual growth rate (CAGR) of 17.73% over the period 2014-2019, forecasts Technavio’s report ‘LED Lighting Market in Japan 2015-2019’, which divides the market into three application segments: automotive LED lighting, LED backlighting, and general LED lighting.

Low consumer awareness is one of the major challenges faced by the market, states the report. 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, it adds.

Nevertheless, a major upcoming trend in the market is the declining average selling price (ASP) of LED light bulbs, resulting in increased adoption in various lighting applications. Currently, the Japanese LED lighting market is engaged in price wars and is offering 40W- and 60W-replacement LED light bulbs at significantly lower prices. This has made LED light bulbs affordable to consumers, resulting in increased adoption, notes the report.

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 curtail vendors from entering the LED lighting market in Japan, the report cautions.

Key players in the Japanese LED lighting market include Cree Inc, Nichia Corp, OSRAM Opto Semiconductors GmbH, Panasonic Corp, Philips Lumileds Lighting Co, Samsung LED Co Ltd, Sharp Corp and Toshiba Lighting and Technology Corp. Other prominent vendors include Everlight Electronics, GE Lighting, Lite-On Technology, LG Innotek, Seoul Semiconductor, Toyoda Gosei and Wooree E&L.

Tags: LED market Lighting market

Visit: www.technavio.com/report/led-lighting-market-in-japan-2015-2019