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The booming LED lamps market estimation in South Korea from 2023 to 2027

The LED market outlook in south Korea
It is estimated that the LED lights market size in South Korea will grow at a CAGR of 7.4% from 2023 to 2027, whose total market volume will increase by USD 1,872.11 million. The market growth arises from the need for led lights in marine areas, automotove sector, more and more households and urbanization.

The increasing market demand from automotive sectors results from rising production of vehicles and developments in technology.Also, the penetration of LED lamps covers not only high end cars but also mid-range and cheap low-end cars because of increased application of exterior LED headlamps.Meanwhile,interior ambient lights are often usd to enhance the apperance of cabin, which were introduced to luxury vehicles at the beginning, and then to mid-sized and entry-
level models. Light pipes,light rings,LED spotlights and diffuser lens are already integrated into console,door panels,instrument panel and seat frames in a vehicle. Nowadays, colored low-intensity overhead lights are more popular to installed to illuminate the gear stick.

The largest market share is of residential segment, which keeps growing fast in regions such as such as Busan ,Seoul,Daegu, Daejeon, Bucheon,Anyang, especially in residential applications owning to increasing number of smart cities and rising smart homes.LED lights are installed on large scale because of several factors such as cost benefits,energy savings,health benefits of reducing stress,anxiety,headaches. 

Based on the product, the market segment is classified into LED lamps and LED luminaires.  The increasing installations of the LED lamps in South Korea is mainly due to factors such as energy efficiency and less requirements for halogen or other traditional lighting across various sectors. The residential LED lamps are often installed in churches, retail outlets, restaurants, and hotels. 

Many major market players are adopting various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to keep their market presence strong.

Some of the major market players in south Korea are:

Acuity Brands Inc,
ANYLUX Co. Ltd., 
Backsan LNT Co. Ltd.,
Eaton Corp. Plc, 
Everlight Electronics Co. Ltd., 
Hubbell Inc., 
Koninklijke Philips N.V.,
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.,

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