South Korea - LED Lighting Market by Application and Product - Forecast and Analysis 2023-2027

Published: Oct 2023 Pages: 135 SKU: IRTNTR74599

South Korea LED Lighting Market Analysis Report 2023-2027

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.

What will be the Size of the South Korea LED Lighting Market During the Forecast Period?

South Korea LED Lighting Market Forecast 2023-2027

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South Korea LED Lighting Market Dynamics

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. 

Driver - Growing demand from the automotive sector

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.

Trends - Growing popularity of ambient lighting in automobiles

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.

Challenge - Limited thermal tolerance of LEDs

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.

South Korea LED Lighting Market Segmentation by Application and Product

Application Segment Analysis: 

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.

Who are the Major South Korea LED Lighting Market Companies?

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.  

Market Analyst Overview

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.

Segment Overview

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. 

  • Application Outlook (USD Million, 2017 - 2027)
    • Residential
    • Commercial
    • Industrial
    • Outdoor
    • Others
  • Product Outlook (USD Million, 2017 - 2027)
    • LED lamps
    • LED luminaires

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

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What are the Key Data Covered in this South Korea LED Lighting Market Research Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
  • Precise estimation of the size of the market size and its contribution to the parent market
  • Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
  • Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
  • Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive market analysis and report on the factors that will challenge the market research and growth of market vendors

We can help! Our analysts can customize this market research report to meet your requirements. Get in touch

1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
    • Exhibit 06: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 07: Parent market
    • Exhibit 08: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 09: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 10: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 11: Chart on South Korea - Market size and forecast 2022-2027 ($ million)
      • Exhibit 12: Data Table on South Korea - Market size and forecast 2022-2027 ($ million)
      • Exhibit 13: Chart on South Korea: Year-over-year growth 2022-2027 (%)
      • Exhibit 14: Data Table on South Korea: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 LED lighting market in South Korea 2017 - 2021
      • Exhibit 15: Historic Market Size – Data Table on led lighting market in south Korea 2017 - 2021 ($ million)
    • 4.2 Application Segment Analysis 2017 - 2021
      • Exhibit 16: Historic Market Size – Application Segment 2017 - 2021 ($ million)
    • 4.3 Product Segment Analysis 2017 - 2021
      • Exhibit 17: Historic Market Size – Product Segment 2017 - 2021 ($ million)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 18: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 24: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Application

    • 6.1 Market segments
      • Exhibit 25: Chart on Application - Market share 2022-2027 (%)
      • Exhibit 26: Data Table on Application - Market share 2022-2027 (%)
    • 6.2 Comparison by Application
      • Exhibit 27: Chart on Comparison by Application
      • Exhibit 28: Data Table on Comparison by Application
    • 6.3 Residential - Market size and forecast 2022-2027
      • Exhibit 29: Chart on Residential - Market size and forecast 2022-2027 ($ million)
      • Exhibit 30: Data Table on Residential - Market size and forecast 2022-2027 ($ million)
      • Exhibit 31: Chart on Residential - Year-over-year growth 2022-2027 (%)
      • Exhibit 32: Data Table on Residential - Year-over-year growth 2022-2027 (%)
    • 6.4 Commercial - Market size and forecast 2022-2027
      • Exhibit 33: Chart on Commercial - Market size and forecast 2022-2027 ($ million)
      • Exhibit 34: Data Table on Commercial - Market size and forecast 2022-2027 ($ million)
      • Exhibit 35: Chart on Commercial - Year-over-year growth 2022-2027 (%)
      • Exhibit 36: Data Table on Commercial - Year-over-year growth 2022-2027 (%)
    • 6.5 Industrial - Market size and forecast 2022-2027
      • Exhibit 37: Chart on Industrial - Market size and forecast 2022-2027 ($ million)
      • Exhibit 38: Data Table on Industrial - Market size and forecast 2022-2027 ($ million)
      • Exhibit 39: Chart on Industrial - Year-over-year growth 2022-2027 (%)
      • Exhibit 40: Data Table on Industrial - Year-over-year growth 2022-2027 (%)
    • 6.6 Outdoor - Market size and forecast 2022-2027
      • Exhibit 41: Chart on Outdoor - Market size and forecast 2022-2027 ($ million)
      • Exhibit 42: Data Table on Outdoor - Market size and forecast 2022-2027 ($ million)
      • Exhibit 43: Chart on Outdoor - Year-over-year growth 2022-2027 (%)
      • Exhibit 44: Data Table on Outdoor - Year-over-year growth 2022-2027 (%)
    • 6.7 Others - Market size and forecast 2022-2027
      • Exhibit 45: Chart on Others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 46: Data Table on Others - Market size and forecast 2022-2027 ($ million)
      • Exhibit 47: Chart on Others - Year-over-year growth 2022-2027 (%)
      • Exhibit 48: Data Table on Others - Year-over-year growth 2022-2027 (%)
    • 6.8 Market opportunity by Application
      • Exhibit 49: Market opportunity by Application ($ million)
      • Exhibit 50: Data Table on Market opportunity by Application ($ million)

    7 Market Segmentation by Product

    • 7.1 Market segments
      • Exhibit 51: Chart on Product - Market share 2022-2027 (%)
      • Exhibit 52: Data Table on Product - Market share 2022-2027 (%)
    • 7.2 Comparison by Product
      • Exhibit 53: Chart on Comparison by Product
      • Exhibit 54: Data Table on Comparison by Product
    • 7.3 LED lamps - Market size and forecast 2022-2027
      • Exhibit 55: Chart on LED lamps - Market size and forecast 2022-2027 ($ million)
      • Exhibit 56: Data Table on LED lamps - Market size and forecast 2022-2027 ($ million)
      • Exhibit 57: Chart on LED lamps - Year-over-year growth 2022-2027 (%)
      • Exhibit 58: Data Table on LED lamps - Year-over-year growth 2022-2027 (%)
    • 7.4 LED luminaires - Market size and forecast 2022-2027
      • Exhibit 59: Chart on LED luminaires - Market size and forecast 2022-2027 ($ million)
      • Exhibit 60: Data Table on LED luminaires - Market size and forecast 2022-2027 ($ million)
      • Exhibit 61: Chart on LED luminaires - Year-over-year growth 2022-2027 (%)
      • Exhibit 62: Data Table on LED luminaires - Year-over-year growth 2022-2027 (%)
    • 7.5 Market opportunity by Product
      • Exhibit 63: Market opportunity by Product ($ million)
      • Exhibit 64: Data Table on Market opportunity by Product ($ million)

    8 Customer Landscape

    • 8.1 Customer landscape overview
      • Exhibit 65: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    9 Drivers, Challenges, and Trends

    • 9.1 Market drivers
      • 9.2 Market challenges
        • 9.3 Impact of drivers and challenges
          • Exhibit 66: Impact of drivers and challenges in 2022 and 2027
        • 9.4 Market trends

          10 Vendor Landscape

          • 10.1 Overview
            • 10.2 Vendor landscape
              • Exhibit 67: Overview on Criticality of inputs and Factors of differentiation
            • 10.3 Landscape disruption
              • Exhibit 68: Overview on factors of disruption
            • 10.4 Industry risks
              • Exhibit 69: Impact of key risks on business

            11 Vendor Analysis

            • 11.1 Vendors covered
              • Exhibit 70: Vendors covered
            • 11.2 Market positioning of vendors
              • Exhibit 71: Matrix on vendor position and classification
            • 11.3 Acuity Brands Inc.
              • Exhibit 72: Acuity Brands Inc. - Overview
              • Exhibit 73: Acuity Brands Inc. - Business segments
              • Exhibit 74: Acuity Brands Inc. - Key news
              • Exhibit 75: Acuity Brands Inc. - Key offerings
              • Exhibit 76: Acuity Brands Inc. - Segment focus
            • 11.4 ams OSRAM AG
              • Exhibit 77: ams OSRAM AG - Overview
              • Exhibit 78: ams OSRAM AG - Business segments
              • Exhibit 79: ams OSRAM AG - Key offerings
              • Exhibit 80: ams OSRAM AG - Segment focus
            • 11.5 ANYLUX Co. Ltd.
              • Exhibit 81: ANYLUX Co. Ltd. - Overview
              • Exhibit 82: ANYLUX Co. Ltd. - Product / Service
              • Exhibit 83: ANYLUX Co. Ltd. - Key offerings
            • 11.6 Backsan LNT Co. Ltd.
              • Exhibit 84: Backsan LNT Co. Ltd. - Overview
              • Exhibit 85: Backsan LNT Co. Ltd. - Product / Service
              • Exhibit 86: Backsan LNT Co. Ltd. - Key offerings
            • 11.7 DSE CO. LTD.
              • Exhibit 87: DSE CO. LTD. - Overview
              • Exhibit 88: DSE CO. LTD. - Product / Service
              • Exhibit 89: DSE CO. LTD. - Key offerings
            • 11.8 Eaton Corp. Plc
              • Exhibit 90: Eaton Corp. Plc - Overview
              • Exhibit 91: Eaton Corp. Plc - Business segments
              • Exhibit 92: Eaton Corp. Plc - Key news
              • Exhibit 93: Eaton Corp. Plc - Key offerings
              • Exhibit 94: Eaton Corp. Plc - Segment focus
            • 11.9 Everlight Electronics Co. Ltd.
              • Exhibit 95: Everlight Electronics Co. Ltd. - Overview
              • Exhibit 96: Everlight Electronics Co. Ltd. - Business segments
              • Exhibit 97: Everlight Electronics Co. Ltd. - Key offerings
              • Exhibit 98: Everlight Electronics Co. Ltd. - Segment focus
            • 11.10 HWASHIN KOREA CO. LTD.
              • Exhibit 99: HWASHIN KOREA CO. LTD. - Overview
              • Exhibit 100: HWASHIN KOREA CO. LTD. - Product / Service
              • Exhibit 101: HWASHIN KOREA CO. LTD. - Key offerings
            • 11.11 LG Innotek Co. Ltd.
              • Exhibit 102: LG Innotek Co. Ltd. - Overview
              • Exhibit 103: LG Innotek Co. Ltd. - Business segments
              • Exhibit 104: LG Innotek Co. Ltd. - Key news
              • Exhibit 105: LG Innotek Co. Ltd. - Key offerings
              • Exhibit 106: LG Innotek Co. Ltd. - Segment focus
            • 11.12 Lumileds Holding BV
              • Exhibit 107: Lumileds Holding BV - Overview
              • Exhibit 108: Lumileds Holding BV - Product / Service
              • Exhibit 109: Lumileds Holding BV - Key offerings
            • 11.13 Nichia Corp.
              • Exhibit 110: Nichia Corp. - Overview
              • Exhibit 111: Nichia Corp. - Product / Service
              • Exhibit 112: Nichia Corp. - Key offerings
            • 11.14 Samsung Electronics Co. Ltd.
              • Exhibit 113: Samsung Electronics Co. Ltd. - Overview
              • Exhibit 114: Samsung Electronics Co. Ltd. - Business segments
              • Exhibit 115: Samsung Electronics Co. Ltd. - Key news
              • Exhibit 116: Samsung Electronics Co. Ltd. - Key offerings
              • Exhibit 117: Samsung Electronics Co. Ltd. - Segment focus
            • 11.15 Seoul Semiconductor Co. Ltd.
              • Exhibit 118: Seoul Semiconductor Co. Ltd. - Overview
              • Exhibit 119: Seoul Semiconductor Co. Ltd. - Product / Service
              • Exhibit 120: Seoul Semiconductor Co. Ltd. - Key offerings
            • 11.16 SMART Global Holdings Inc.
              • Exhibit 121: SMART Global Holdings Inc. - Overview
              • Exhibit 122: SMART Global Holdings Inc. - Business segments
              • Exhibit 123: SMART Global Holdings Inc. - Key offerings
              • Exhibit 124: SMART Global Holdings Inc. - Segment focus
            • 11.17 Zhejiang Future Lighting Co. Ltd.
              • Exhibit 125: Zhejiang Future Lighting Co. Ltd. - Overview
              • Exhibit 126: Zhejiang Future Lighting Co. Ltd. - Key offerings

            12 Appendix

            • 12.1 Scope of the report
              • 12.2 Inclusions and exclusions checklist
                • Exhibit 127: Inclusions checklist
                • Exhibit 128: Exclusions checklist
              • 12.3 Currency conversion rates for US$
                • Exhibit 129: Currency conversion rates for US$
              • 12.4 Research methodology
                • Exhibit 130: Research methodology
                • Exhibit 131: Validation techniques employed for market sizing
                • Exhibit 132: Information sources
              • 12.5 List of abbreviations
                • Exhibit 133: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              INFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases

              DATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts

              REPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape

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              Key Questions Answered

              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?

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