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The South Korea LED Lighting Market size is estimated to increase by USD 1,872.11 million between 2022 and 2027, growing at a CAGR of 7.4%. The growth of the market depends on several factors, such as the need for LED lighting in hazardous areas, the growing demand from the automotive sector, and the growing number of households and urbanization.
South Korea LED Lighting Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
One of the key factors driving South Korea LED lighting market growth is the growing demand from the automotive sector. Some of the key factors that are significantly fuelling the growth of the automotive industry in South Korea are the increase in automotive production and technological advancements. LED lighting is witnessing significant growth in the automotive sector in South Korea where these lights are cannibalizing the share of halogen lights as they are energy-efficient, lightweight, and consume less space.
Moreover, there is a significant penetration of LED technology from high-end cars to mid-range and low-range cars due to its increased adoption for exterior lighting, especially headlamps. Additionally, there is an increasing focus on advanced LED lighting solutions and their increasing penetration in the automobile industry. Hence, such factors are positively impacting the South Korea - LED lighting market. Therefore, it is expected to drive the market growth during the forecast period.
The interior lighting that is used to enhance the appearance of the cabin is referred to as ambient lighting. The ambient lighting concept was initially introduced to luxury vehicles and then expanded to o mid-sized and entry-level models. light pipes, light rings, LED pin spotlights, and diffuser lenses are mainly used in ambient lighting and are integrated into the vehicle's console, door panels, instrument panels, and seat frames.
Moreover, there is an increasing adoption of LEDs for ambient lighting in modern vehicles, especially in cabins due to their small size and lower energy consumption. These lightings are essentially used in cup holders, door panels, and map pockets. Furthermore, there is a growing popularity for Colored low-intensity overhead lighting that illuminates the gear stick. Hence, such factors are positively impacting the South Korea - LED lighting market. Therefore, it is expected to drive the market growth during the forecast period.
One of the significant challenges associated with LED lighting is its limited thermal tolerance. There is a considerable energy loss in incandescent lamps as the majority of power consumed is dissipated in the form of heat. Additionally, the exposition of LEDs to high temperatures, high moisture, and other hazardous environments, especially in industrial areas leads to a reduction in the lighting efficiency of LEDs.
Moreover, LEDs can have a severe effect on its light output and lifespan when subjected to high temperatures and enclosed spaces. Due to The high temperature in industrial facilities and manufacturing plants, it leads to a high internal temperature of n LED driver above the case temperature (Tc) point. As a result, it leads to the failure of LED drivers. Hence, such factors are negatively impacting the South Korea - LED lighting market. Therefore, it is expected to hinder the market growth during the forecast period.
The residential segment is estimated to witness significant growth during the forecast period. There is significant growth in the residential segment in the South Korea LED market when compared to other sectors such as commercial, industrial, outdoor, and others. One of the main factor that is fuelling the significant growth is the increase in urban population which in turn increase the use of LED lighting. Additionally, there is a growing focus by consumers on trendy and personalized lights for home decoration which is positively impacting the growth of this segment.
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The residential segment was the largest segment and was valued at USD 1,434.60 million in 2017. In addition, there is a growing popularity for the LED lighting market in regions such as Busan and Seoul, especially in residential applications due to the increasing number of smart cities and rising smart home penetration in the country. Some of the main smart cities in South Korea include Daegu, Daejeon, Bucheon, Seoul, Busan, and Anyang. Due to the rising number of smart cities, several market players are offering LED lighting systems to these cities. As a result, it will fuel the demand for LED lighting as several data centers will replaced with LED lights instead of conventional lights. Factors such as cost benefits, energy savings, and reduced carbon emissions coupled with health benefits include reducing stress, anxiety, and headaches through LED lights. is expected to fuel the growth of this segment which in turn will drive the South Korea LED market growth during the forecast period.
Product Segment Analysis:
Based on the product, the segment is classified into LED lamps and LED luminaires. There is a significant growth of the LED lamps segment in terms of revenue when compared to other segments in South Korea. The increasing adoption of the LED lamps segment in South Korea is mainly due to factors such as energy efficiency and declining requirements for traditional lighting across various sectors. The main application areas of LED lamps include lighting in places such as churches, retail outlets, restaurants, and hotels in South Korea. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the South Korea LED lighting market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Acuity Brands Inc: The company offers LED lighting products such as Retrofit LED lighting for commercial down lighting, residential down lighting, and Strip lighting through its brand Lithonia Lighting.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
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.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The South Korea LED lighting market experiences growth driven by factors such as illumination strength, energy efficiency requirements, and the rise of LED manufacturers. With a focus on energy usage and environmental concerns, LED lighting emerges as a preferred choice over alternative options like high-intensity discharge and fluorescent bulbs. Moreover, advancements in technologies like Internet-of-Things (IoT), Light Fidelity (Li-Fi), and Light Detection and Ranging (LiDAR) systems contribute to enhanced network connectivity and human-centric lighting experiences, particularly in areas such as patient treatment and overall illumination standards.
The South Korea LED lighting market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest market growth and trends and growth opportunities from 2017 to 2027.
South Korea LED Lighting Market Scope |
|
Report Coverage |
Details |
Page number |
135 |
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 1872.11 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.57 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, 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 forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the 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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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