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According to reports, China's large-scale LED companies have made great strides in South Korea, and they have adopted price competitive strategies, which has caused concern among Korean companies. South Korea's domestic LED products are generally sold at a high price. Based on this, China's large-scale LED lighting company, Light Source Family (MLS) and Qinshang Optoelectronics, are optimistic about the Korean market and have taken the step of entering the Korean market. Both have sold ultra-low-cost LED lighting products in an attempt to lay a solid foundation in the Korean LED market. As early as 2012, MLS released the world's first LED bulb that sells for only $1. MLS's greatest competitiveness lies in its ability to reduce manufacturing costs through mass production. At the same time, users can enjoy lower prices when they wholesale LED chips in large quantities. Qinshang Optoelectronics chose to join the Korean partner Digisys in the Korean market and has signed a $10 million LED lighting installation agreement with ElandGroup. The Korean lighting industry is extremely shocked by the influx of Chinese companies and their good development trend. The resulting cowardly game based on price competition has been on the line. Therefore, Korean companies must take countermeasures as soon as possible to reduce product prices or adopt a premium strategy.
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