The sales of automotive lighting in Korea is predicted to expand at a sluggish CAGR of 2.4% through 2033. The automotive lighting industry in Korea is predicted to experience remunerative opportunities, with an estimated revenue generation of USD 1,279.0 million by 2033, up from USD 1,007.8 million in 2023.
Key providers of automotive lighting solutions in Korea are expected to build premium brand awareness by constructing a business structure that is future-oriented. In addition to this, players in Korea are attempting to draw a wider customer base over the next decade. They aim to achieve this by establishing a comparative advantage over competitors for consistent sales growth. Companies are also working toward discovering and nurturing future-oriented technologies to advance the automotive lighting industry in Korea.
Industry players are also developing LED lamps that match the changing demand for cars. The boon of using LEDs in automobiles includes energy saving and improved light efficiency. Automakers are overcoming the limitations associated with automobile interior lamps by introducing ultra-compact products. In the following years, research and development activities by automotive lighting manufacturers are expected to bring about new innovations to Korea.
Attributes | Details |
---|---|
Industry Size of Automotive Lighting in Korea (2023) | USD 1,007.8 million |
Expected Industry Size of Automotive Lighting in Korea (2033) | USD 1,279.0 million |
Forecast CAGR between 2023 to 2033 | 2.4% |
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Leading Vehicle | Passenger Cars |
---|---|
Value Share (2023) | 74.7% |
The passenger cars segment is estimated to account for a value share of 74.7% in 2023. The following factors are augmenting passenger car manufacturers to invest in automotive lighting:
Leading Application Segment | Headlights |
---|---|
Value Share (2023) | 59.3% |
The headlights segment is expected to occupy a value share of 59.3% in 2023. Given below are the leading factors yielding growth in this segment:
Key providers of automotive lighting in Korea are providing a complete range of automotive lighting, including interior lighting, adaptive lighting systems, and LED headlights. These players are investing substantial funds to ramp up their manufacturing capabilities. Industry participants are also developing innovative and sophisticated products to raise their presence in the automotive lighting industry. Additionally, they are opting for mergers and acquisitions to widen their reach and customer base.
Companies are implementing research and development activities to introduce new lighting innovations in Korea. In line with this, industry players are funding the integration of new technologies to improve the visibility and capabilities of automotive lighting.
Key Developments Noticed in the Automotive Lighting Industry in Korea
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Attribute | Details |
---|---|
Estimated Industry Size in 2023 | USD 1,007.8 million |
Projected Industry Size by 2033 | USD 1,279.0 million |
Anticipated CAGR between 2023 to 2033 | 2.4% CAGR |
Historical Analysis of Demand for Automotive Lighting in Korea | 2018 to 2022 |
Demand Forecast for Automotive Lighting in Korea | 2023 to 2033 |
Report Coverage | Industry Size, Industry Trends, Analysis of Key Factors Influencing Automotive Lighting Adoption in Korea, Insights on Korea Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Regional Korea Providers |
Key Companies Profiled |
LG Innotek; Samsung Electronics; Seoul Semiconductor; DH Lighting; Namyung Lighting; Backsan LNT; ANYLUX; DSE CO.; KOREA LED AND EQUIPMENT; HWASHIN KOREA; LX Pantos Logistics; Seino Logix |
The anticipated CAGR for the automotive lighting industry in Korea through 2033 is 2.4%.
The demand for automotive lighting in Korea is likely reach US$ 1,279.0 million by 2033.
Investment in research and innovations is expected to drive future growth.
Passenger car are accounting for significant sales of automotive lighting in Korea.
Headlights are likely to remain a key supporter of automotive lighting businesses’ revenue.
Market Size (2023) | USD 9.1 billion |
---|---|
Market Projected Size (2033) | USD 17.1 billion |
Value CAGR (2023 to 2033) | 6.7% |
Projected Forecast Value (2023) | USD 37.1 billion |
---|---|
Projected Forecast Value (2033) | USD 69 billion |
CAGR (2023 to 2033) | 6.4% |
Expected Market Value (2023) | USD 37.1 billion |
---|---|
Anticipated Forecast Value (2033) | USD 69 billion |
Projected CAGR (2023 to 2033) | 6.4% |
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