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APAC is the major producer of LED components and is home to the four major manufacturing countries: Japan, Taiwan, China, and South Korea. These countries account for an 83% share of the global LED component market.
Research and Markets noted that vendors are continuously enhancing the lighting technology for LEDs to compete with the OLEDs. This lighting advancement will enable the manufacturers to increase the efficiency and durability for the LED components. The advancement will also increase the features such as voltage, consumption, and conductivity in the end-products.
Research and Markets indicated in its report LEDs are energy saving and contain features that enhance sustainability. Hence, the Japanese government has proposed policy incentives to accelerate LED product promotion and encourage the use of LED lighting products. The government has rolled out national policies to provide tax breaks to SMEs on the purchase of energy-saving products leading to growing margins for manufacturers.
Also, many local governments, including Tokyo, and Chiyoda, have launched subsidy programs wherein companies purchasing energy-saving products in accordance with the specified standards can apply for grants to install one-fifth of the amount.
Further, the market intelligence states that the rising competition from countries such as China is one of the major challenges faced by vendors in the LED component market in Japan.
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