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South Korea LED Lighting Market to witness 7.4% CAGR growth, Segmentation by Application (Residential, Commercial, Industrial, Outdoor, and Others) and Product (LED lamps and LED luminaires)- TechnavioNEW YORK, Feb. 20, 2024 /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. 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. Request Free Sample Report.
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.
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.
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:
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
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