Japan's LED lighting market is expected to account for around 40% of the global LED lighting market from 2012-2013 with penetration rate expected to exceed the global penetration rate, according to Toshiba Lightech.
Furthermore, thanks to rapid decreases in price and market growth in Europe, the US, and China, the CAGR of the global LED lighting market from 2010-2020 to reach 31%, Toshiba Lightech adds.
According to president and CEO of Toshiba Lightech, Tooru Shibuya, the firm introduced LED light bulbs in 2009, and in 2011, the LED light bulb market output in Japan exceeded 30 million units causing rapid price falls. In 2012, LED light bulb retail prices fell below JPY2,000/unit (US$22/unit). LED lighting penetration rate is expected to reach close to 60% in 2015.