NEW YORK, Oct. 3, 2023 /PRNewswire/ -- The South Korea - LED Lighting Market size is expected to grow by USD 1.87 billion, accelerating at a CAGR of 7.4% during the forecast period. One of the primary drivers of the expansion of the LED lighting market in South Korea is the increasing demand from the automotive sector. This growth is propelled by factors such as the rising production of automobiles and advancements in technology. LED lighting is experiencing notable adoption within the South Korean automotive industry, gradually displacing halogen lights due to their energy efficiency, lightweight nature, and space-saving qualities. The report analyses the market size and growth and provides accurate predictions on the growth of the market. Request Free Sample Report
South Korea - LED Lighting Market 2023 – 2027: Key Highlights:
- The report recognizes the following as some of the key players in the LED lighting market in South Korea: Acuity Brands Inc., ams OSRAM AG, ANYLUX Co. Ltd., Backsan LNT Co. Ltd., DSE CO. LTD., Eaton Corp. Plc, Everlight Electronics Co. Ltd., Hubbell Inc., HWASHIN KOREA CO. LTD., Koninklijke Philips N.V., KOREA LED AND EQUIPMENT Co., Ltd., LG Innotek Co. Ltd., Lumileds Holding BV, Nanoleaf Canada Ltd., Nichia Corp., Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., SMART Global Holdings Inc., Zam Co. Ltd., and Zhejiang Future Lighting Co. Ltd.
- LED Lighting Market in South Korea is fragmented in nature.
- Market to observe 6.57% YOY growth in 2023.
South Korea - LED Lighting Market 2023 – 2027: Market Dynamics:
Trends
- Interior lighting known as ambient lighting enhances the cabin's aesthetics.
- Initially introduced in luxury vehicles, ambient lighting has expanded to mid-sized and entry-level models.
- Light pipes, light rings, LED pin spotlights, and diffuser lenses are integral components of ambient lighting, integrated into various parts of the vehicle interior.
- LEDs are increasingly adopted for cabin ambient lighting due to their small size and energy efficiency, commonly used in cup holders, door panels, and map pockets.
- Colored low-intensity overhead lighting, especially illuminating the gear stick, is gaining popularity.
Challenges
- LED lighting faces a significant challenge due to its limited thermal tolerance, with energy loss being a problem compared to incandescent lamps.
- LEDs exposed to high temperatures, moisture, and hazardous industrial environments experience reduced lighting efficiency.
- High temperatures and confined spaces negatively affect LED light output and lifespan, especially in industrial settings.
- The high internal temperature of LED drivers in industrial facilities can surpass safe limits, leading to LED driver failures.
The report also covers information on the upcoming trends and challenges. Explore detailed information by purchasing report
South Korea - LED Lighting Market 2023 – 2027: Key Segments:
The market is segmented by Application (Residential, Commercial, Industrial, Outdoor, and Others) and Product (LED lamps and LED luminaires).
The residential segment is expected to experience substantial expansion during the forecast period. Notably, it outpaces other sectors like commercial, industrial, outdoor, and others in terms of growth within the South Korea LED market. This growth is primarily attributed to the rise in urban population, leading to an increased adoption of LED lighting. Furthermore, consumer emphasis on fashionable and customized lighting for home decor further contributes to the positive trajectory of this segment.
Get a glance at the market contribution of the segments, Request Free Sample Report
Related Reports:
LED Lighting Market in North America: The LED lighting market in North America is projected to grow by USD 5.81 billion with a CAGR of 9.1% during the forecast period 2021 to 2026.
Brazil LED (Light Emitting Diode) Lighting Market: The Brazil LED (light emitting diode) lighting market is estimated to grow at a CAGR of 11.64% between 2022 and 2027. The size of the market is forecasted to increase by USD 1,651.14 million.
LED Lighting Market In South Korea Scope |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.4% |
Market growth 2023-2027 |
USD 1.87 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
6.57 |
Regional analysis |
South Korea |
Performing market contribution |
APAC at 100% |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acuity Brands Inc., ams OSRAM AG, ANYLUX Co. Ltd., Backsan LNT Co. Ltd., DSE CO. LTD., Eaton Corp. Plc, Everlight Electronics Co. Ltd., Hubbell Inc., HWASHIN KOREA CO. LTD., Koninklijke Philips N.V., KOREA LED AND EQUIPMENT Co., Ltd., LG Innotek Co. Ltd., Lumileds Holding BV, Nanoleaf Canada Ltd., Nichia Corp., Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., SMART Global Holdings Inc., Zam Co. Ltd., and Zhejiang Future Lighting Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
TOC:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Sizes
- Five Forces Analysis
- Market Segmentation by Application
- Market Segmentation by Product
- Market Segmentation by Geography
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, & Trends
- Company Landscape
- Company Analysis
- Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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