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Automotive LED Lighting Market (2017–2021) revenue is observed to be US$ 22.3 Bn
Light-emitting diode (LED) is a semiconductor based lighting technology. Automotive LED lightings are used in interiors or exteriors of modern vehicles for signaling, lighting, and to enhance aesthetic appeal of the vehicle. Low power consumption, environment-friendly, and longer lifespan are some advantages of LED lightings.
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Global Automotive LED Lighting Market: Market Dynamics
Increasing importance for road safety and rising demand for energy-efficient lighting solutions for automobiles are major factors driving growth of the global automotive LED lighting market. In addition, increasing sales of luxury cars and premium vehicles is another factor driving growth of the target market.
Moreover, some prominent automakers are using LED lighting technology to give special look and brand identity to their vehicles. For instance, Audi, a well-known automotive brand, was the first to fully equip its car Audi R8 with LED lighting for headlights, curve lights, all weather lights, and full beam headlights. Increasing adoption of adaptive LED lighting by luxury cars is the current trend observed in the market, which is expected to drive growth of the global market to a significant extent over the forecast period.
Increasing adoption of automotive LASER lighting technology by luxury cars is a key factor restraining growth of the global automotive LED lighting market. In addition, high cost of automotive LED lightings is another factor expected to hamper growth of the global market to a certain extent.
However, development of cost-effective automotive LED lighting system for mid-segment & low-segment passenger cars is expected to create potential business opportunities for major manufacturers and aftermarket players operating in the global market over the forecast period.
Global Automotive LED Lighting Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global automotive LED lighting market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global automotive LED lighting market is expected to expand at a CAGR of 10.5% during the forecast period.
Global Automotive LED Lighting Market: Segmental Snapshot
The market report has been segmented on the basis of application, sales channel, vehicle type, and region. The application segment includes exterior and interior. Sales channel segment includes original equipment manufacturer (OEM) and aftermarket. Vehicle type segment includes passenger vehicles and commercial vehicles. The regions covered in the market analysis are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By application: The exterior segment is estimated to register a CAGR of over 10%, thereby accounting for highest revenue share among the application segments, over the forecast period.
By sales channel: The original equipment manufacturer (OEM) segment is estimated to account for highest revenue share among the sales channel segments, and is expected to register a CAGR of over 10% over the forecast period.
By vehicle type: The passenger cars segment is estimated to account for highest revenue share among the vehicle type segments, and is expected to register highest CAGR during next 10 years.
By region: The market in Asia Pacific accounted for highest revenue share in the global automotive LED lighting market in 2016, and is expected to record highest CAGR between 2017 and 2026.
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Global Automotive LED Lighting Market: Competitive Analysis
The research report on the global automotive LED lighting market includes profiles of major companies such as HELLA GmbH & Co. KGaA, Magneti Marelli S.p.A., Valeo SA., Koito Manufacturing Co. Ltd., Lumberg Holding GmbH & Co. KG, Stanley Electric Co., Ltd., Philips Lighting NV, Osram Licht AG, Toyoda Gosei Co., Ltd., and Neolite ZKW Lightings Pvt. Ltd.
Automotive LED Lighting Market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2017-2026 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global automotive LED lighting market for 2017-2026.
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