Press release
Automotive LED Lighting market is estimated to grow at a CAGR of 8.92% during the period 2017-2024
LED light is a semiconductor which releases energy in the form of light when activated. LED lights are more efficient, power saving and durable than halogen or xenon light. When an electric voltage is supplied to p and n junction through leads, electrons started to come together and release energy in the form of light. It offers various other advantages over other lights such as long lasting life and less CO2 emission. Automotive LED lights are considered as an important part of modern automobiles. Traditionally, automotive LED lights were used as back lights but due to their better lighting system and power efficiency, nowadays they are used as headlights over the xenon and halogen light. Rising growth of automobile industry across the globe has fostered the growth of automotive LED lighting system. The stringent government regulation and policies regarding the usage of xenon and halogen automotive lights has led to higher demand for LED lights. The key trend driving the automotive LED lighting market is innovation and development in LED technology.
On 7 may, 2017, Osram, one of the leading manufacturers of automotive LED lights, announced flexible OLED’s for vehicle lighting. Further, on 31st January, Magneti Marelli, one of the key companies, announced their investment of USD 35 million for an automotive lighting facility in Independence Township (MI).
Market Size and Forecast
The global automotive LED lighting market is anticipated to reach USD 21.56 billion witnessing a CAGR of 8.92 % over the forecast period 2017-2024. Asia-Pacific accounted for the highest market share in the terms of volume in overall global market. The market is expected to continue its dominance over the forecast period. Further, it is anticipated to maintain its dominance owing to the heavy demand for cost effective automotive LED lights and increasing automobile production. The presence of automotive LED lighting manufacturing industries in Japan is expected to bolster the automotive LED light market over the forecast period.
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The market of global automotive LED light is led by Asia-Pacific followed by Europe and North America. Europe is expected to showcase a significant rise in automotive LED light over the forecast period owing to the development of technologically advance LED lights used in luxury cars. Moreover, presently Europe and Asia (mainly Japan) accounts for more than 80% market share of the global automotive LED lighting market.
Market Segmentation
Our in-depth analysis segmented the global automotive LED market in the following segments:
By Vehicle Type:
Passenger Car
Light Commercial Vehicle (LCV)
Heavy Commercial Vehicle (HCV)
By Adaptive Lighting:
Front Adaptive Lighting
Rear Adaptive Lighting
Ambient Adaptive Lighting
By Position:
Exterior ( front, rear and side)
Interior
By Region
Automotive LED lighting market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, South Korea & Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis
Middle East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis
Growth Drivers and Challenges
Rising concern about energy efficiency and expanding sales of automotive vehicles is predicted to trigger the growth of global automotive LED lighting market. The need for cost effective, better lighting system and less power consumption are some of the key factors driving the LED market in automotive. Moreover, rising demand and sales of lightweight vehicles are one of key factors fueling the demand for global automotive LED market.
Further, government legislations such as putting ban on the use halogen and xenon light is expected to augment the growth of the automotive LED market.
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However, high cost of new technologically advanced LED lights is projected to dampen the growth of global automotive LED light market. Moreover, xenon and halogen automotive lights have captured the largest market share of global automotive LED market system.
Key players
SG Automotive
Mercedes Benz
Osram Licht AG
Magneti Marelli S.P.A
Koninklijke Philips N.V.
Stanley Electric Co.Ltd
Pilot Automotive
BROS International Co., Limited
Zizala Lichtsysteme Gmbh
Koito Manufacturing Co.Ltd
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The Global Automotive LED lighting market is segmented as follows:
By Vehicle Type Market Size & Y-O-Y Growth Analysis
By Adaptive Lighting Market Size & Y-O-Y Growth Analysis
By Position Market Size & Y-O-Y Growth Analysis
By Region Market Size & Y-O-Y Growth Analysis
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.
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