South Korea - LED Lighting Market size to increase by USD 1.87 billion during 2022-2027

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.

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. 

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.