London, 19 June 2015: Technavio, the independent tech-focused global research firm, has published a report on the LED lighting market in South Korea 2015-2019, which is expected to grow at a CAGR of 22.99% during the forecast period of 2014-2019.
One of the major factors stimulating growth of this market is the unavailability of incandescent lamps in this region. The South Korean government has banned the usage and production of incandescent lamps as it is not energy efficient. Market growth is also dependent on the demand from the automotive sector as many companies are looking for smart and innovative solutions for their head, tail, and side lamps.
“Providing superior lighting services along with innovative products and solutions is gaining traction in this market. The declining average selling price of LED lamps stems from the presence of a good mix of high-, medium-, and low-end products in the market,” says Faisal Ghaus, Vice President of Technavio.
“The high-end products are generally sold to commercial and industrial customers, which account for 30% of the overall LED demand, whereas low-end LED products are sold to household or residential customers and account for 70% of demand.”
Key Market Drivers:
- Shift to Energy-Efficient Lighting Sources.
- Ban on Incandescent Lamps.
- Improvement in Supply Chain.
- Growth in Real Estate Market (housing projects).
Key Market Trends:
- Falling ASP of LED lamps.
- Shift in Demand from Superior to Low-end LED Products.
- Demand for Energy-Efficient and Eco-Friendly Lighting Sources.
- Technological Innovations.
Key Market Vendors:
- Cree Inc.
- LG Innotek
- Lumileds
- Nichia Corp.
- Osram Licht AG
- Samsung Engineering Co., Ltd.
- Seoul Semiconductor Co., Ltd
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
