Japanese LED Lights Market Doubles in Size21-12-2013
Over the past few years, Japan has seen an upsurge in energy saving awareness. After the Tohoku earthquake in 2011, the government has even proposed plans for a “green society”. LED lights products have since experienced rapid popularization becoming the poster child for this purpose. A recent survey shows the Japanese LED lights market size will undergo explosive growth in 2012 to $420.4 billion Japanese yen (US $4.2 billion),as reported by Liberty Times.
The LED lights market experience exponential growth last year according to Yano Research’s “2013 LED Lighting Market Research Findings” as published in a Japanese media source. The market this year continues to have high energy conservation demands. Driven by LED lights market’s rapid growth, it is forecasted that the market scale for general lighting products will increase.
High popularization for energy saving efficiency
The main selling point of LED lights is that they save around 40 percent more electricity than florescent bulbs with a lifespan of more than 40,000 hours, which comes to over 10 years. In highly energy conscience Japan, popularization of LED lights began much earlier than other countries with various related merchandise available on the shelves of home appliance hypermarkets.
The Chinese LED lights market in comparison has only just begun popularization this year. Chinese LED lights demands could increase in 2015 to $100 billion yen according to forecasts by market research companies. Japanese manufacturers hope to take advantage of the opportunity and take a large share of the Chinese market.
Competition is becoming fiercer with the increasing number of companies entering LED lights. Companies are straining to accelerate development of product distinction from their competitors to keep the market from transforming into pure price competition. LED lamps are no longer just lighting fixtures, but value added interior decoration pieces with aesthetic design and functional value.
Japanese LED lights manufacture Koizumi has recently released the industry’s first lighting simulation app called Virtual Lighting Design where users can pick from various locations (bedroom, entrance hall, and hallway), room size, material for flooring and walls, and more to test LED lights luminosity before deciding to purchase products.
The LED lights market is expected to continually expand, but whether companies will be able to release products with features aside from energy-efficient and long-life products will become an important condition for companies fighting for market share.