Global Automotive Interior LED Lighting Market Anticipated to Grow US$ 670 million by 2022-end

Recently, a novel report developed using proven research methodologies at the headquarters of Fact. MR has identified various prominent factors and trends prompting market growth of automotive interior led lighting market. The study is titled as “Automotive Interior LED Lighting Market Forecast, Trend Analysis & Competition Tracking: Global Review 2017 to 2022”, which deeply analyses the global market trends, with historical data from 2016 and 2017, and projections of compound annual growth rates (CAGRs) during the mentioned forecast of 2017-2022. For the benefit of the readers, the report concludes with a special focus on the detailed profiles of the major vendors in the global automotive interior led lighting market.

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Automotive manufacturers are seeking out new ways of differentiating their products in this era of cutthroat competition and an effective way to do so is with automotive interior LED lighting. The automotive interior LED lighting market is characterized by a small number of companies with high barriers to entry. Although consumers have shown a preference for Interior LED lighting, the high price of this technology acts as a major barrier to widespread adoption. In addition, LED lighting is dependent on the temperature in the operating environment. Extreme heat could lead to LED lighting failure, making it challenging to incorporate in automotive interiors that face a large range of temperature variations across different terrains.

According to Fact.MR, the automotive interior LED lighting market is expected to be worth over US$ 670 million in 2022 – recording a sluggish CAGR of 2.9%.

1. The high price of automotive interior LED lighting made compact carmakers shy away from this technology for some time. However, the consumer demand has compelled them to incorporate it in their products and this segment now contributes nearly a third of the revenue share in the automotive interior LED lighting market. Compact cars are extremely popular in Europe and APEJ and both these regions are anticipated to cross US$ 50 million by the end of the forecast period

2. The mid-sized segment represents a quarter of the revenue share by vehicle type in the automotive interior LED lighting market. This segment is likely to be worth almost US$ 165 million by end 2022, making it imperative for key stakeholders to target it. On the other hand, the premium passenger car segment has a marginal contribution to the automotive interior LED lighting market and it is likely to decline over the study period

3. Commercial vehicles are usually not the first that come to mind when one thinks of the automotive interior LED lighting market. Nonetheless, the light and heavy commercial vehicle segment combined have a revenue share slightly over a quarter of the automotive interior LED lighting market. Therefore, major players in the automotive interior LED lighting market can ignore this vital segment at their own peril

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Heads-Up Display a Niche in the Automotive Interior LED lighting market

A heads-up display as its name suggests, provides all the necessary information that occupants could possibly need directly on the windscreen and it is typically on the driver’s side. This is largely the preserve of high end premium and luxury vehicles which is why Europe contributes the largest share to the heads-up display market in the automotive interior LED lighting market. The continent has a longstanding heritage in luxury cars and this segment is on track to exceed US$ 6 million by the end of the forecast period.

Dashboard Lighting Attractive in Automotive Interior LED Lighting Market

The dashboard lighting segment accounts for a third of the revenue share by product type in the automotive interior LED lighting market. Customers have shown a strong preference for interior LED lighting on the dashboard as this is often the first touch point in the vehicle and where companies can incorporate their greatest design flourishes in the automotive interior LED lighting market. A market opportunity exceeding US$ 210 million by the end of the forecast period makes it extremely lucrative for all key stakeholders.

Ambient Lighting a Close Second in Automotive Interior LED Lighting Market

The ambient lighting segment represents a quarter of the revenue share in the automotive interior LED lighting market. Ambient lighting across the vehicle dramatically transforms its look, making it very appealing to customers. Once reserved for luxury and premium passenger cars, it has slowly but surely made its way to compact cars as well. Companies may wish to target the North America ambient lighting market as the continent is predicted to record the highest CAGR of 3.8% from 2017 to 2022.

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About Fact.MR

Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized automotive market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.

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This release was published on openPR.