Lamps & Lighting - South Korea | Statista Market Forecast

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 2.85% (CAGR 2024-2029).
When compared to other countries worldwide, United States leads with the highest revenue generated in 2024, which amounts to US$32bn.
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.

Definition:

The Lamps & Lighting segment covers different types of lamps and lights found inside buildings to provide light to carry out activities. This segment includes table and floor lamps, chandeliers, ceiling lights as well as other lamps and light fittings commonly found indoors. Candles, consumer electronics, and household appliances are not included in this segment.

Structure:

The Lamps & Lighting segment is divided into three subsegments:

The Table & Floor Lamps subsegment covers lighting fixtures designed to provide task or ambient lighting to indoor spaces. These lamps typically consist of a base, a stem, and a lampshade and contribute to the overall decor of a room while providing functional lighting.
The Ceiling Lights & Chandeliers subsegment refers to lighting fixtures that are mounted on ceilings to provide ambient lighting. These fixtures range from simple to elaborate lighting fixtures and are available in a variety of styles, sizes, and materials to suit different interior design tastes.
The Light Bulbs and Fittings subsegment includes products such as light bulbs, sockets, and other accessories used to provide and control lighting in indoor spaces.

Additional Information:

The Lamps & Lighting segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Chandeliers, wall, and ceiling lights
Standing lamps
Decoration lighting such as Christmas tree lighting
Light bulbs and fittings

Candles
Consumer electronics
Household appliances

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.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories 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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

From homeware to office furniture, even expanding over to pet care, the furniture industry is all-encompassing and ever-growing. Be it homes, schools, offices, or even outdoors, furniture is what gives a room its function and purpose.