Lamps & Lighting - South Korea

South Korea

In South Korea, the revenue in the Lamps & Lighting market is projected to reach US$966.50m in 2024.
This market is anticipated to experience an annual growth rate of 2.84% (CAGR 2024-2029).
When compared to other countries worldwide, in the United States leads with the highest revenue generated in 2024, which amounts to US$31,960m.
In terms of per capita figures, in South Korea generates revenues of US$18.68 per person in 2024.
South Korea's fascination with smart technology has led to an increasing demand for innovative and high-tech lighting solutions in the lamps & lighting market.

Key regions: Brazil, China, Denmark, United Kingdom, Worldwide

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Analyst Opinion

The Lamps & Lighting market in South Korea is experiencing significant growth, driven by customer preferences for energy-efficient and smart lighting solutions.

Customer preferences: South Korean consumers are increasingly demanding energy-efficient lighting solutions, as they seek to reduce their electricity consumption and lower their carbon footprint. LED lighting, in particular, has gained popularity due to its long lifespan and low energy consumption. Additionally, consumers are also showing a preference for smart lighting systems that can be controlled remotely through smartphones or voice assistants. This allows for greater convenience and customization of lighting settings.

Trends in the market: One of the key trends in the South Korean Lamps & Lighting market is the adoption of LED technology. LED lighting offers several advantages over traditional incandescent and fluorescent lighting, including energy efficiency, longer lifespan, and better quality of light. As a result, LED lighting is becoming the preferred choice for both residential and commercial applications. The market is also witnessing a shift towards smart lighting systems, which offer advanced features such as color-changing capabilities and integration with other smart home devices.

Local special circumstances: South Korea has set ambitious targets to reduce greenhouse gas emissions and increase energy efficiency. The government has implemented various policies and initiatives to promote the use of energy-efficient lighting solutions, including subsidies and tax incentives. This has further fueled the demand for LED lighting in the country. Additionally, South Korea has a strong manufacturing base for lighting products, which allows for competitive pricing and a wide range of options for consumers.

Underlying macroeconomic factors: The South Korean economy has been growing steadily, which has contributed to the increased purchasing power of consumers. As disposable incomes rise, consumers are willing to invest in high-quality lighting solutions that offer long-term cost savings. Furthermore, the growing trend of urbanization in South Korea has led to an increase in construction activities, creating a demand for lighting products in the residential, commercial, and industrial sectors. The government's focus on smart city development has also created opportunities for the adoption of smart lighting systems. In conclusion, the Lamps & Lighting market in South Korea is witnessing growth due to customer preferences for energy-efficient and smart lighting solutions. The adoption of LED technology and the demand for smart lighting systems are key trends in the market. Local special circumstances, such as government initiatives and a strong manufacturing base, are further driving the market. The underlying macroeconomic factors, including economic growth and urbanization, also play a significant role in the development of the market.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.