South Korea - LED Lighting Market size to increase by USD 1.87 billion during 2022-2027 | The increasing demand from the automotive sector drives the market growth - Technavio

NEW YORK, Nov. 8, 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.

TOC:

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Sizes
5. Five Forces Analysis
6. Market Segmentation by Application
7. Market Segmentation by Product
8. Market Segmentation by Geography
9. Customer Landscape
10. Geographic Landscape
11. Drivers, Challenges, & Trends
12. Company Landscape
13. Company Analysis
14. Appendix

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