Press release
Automotive LED Light Market: Vehicle Headlamps to Remain the Leading Application || Key Players: Valeo SA, Imasen Electric Industrial Co., Ltd., Texas Instruments, Nichia Corporation, and General Electric Company.
Traditionally utilized as back lights in vehicles, automotive LED lights are now being adopted for headlights, replacing xenon light, and halogen light. This is mainly attributed to their properties such as better lighting system, and higher power efficiency. LED lighting systems are gaining higher preference in vehicles, with their rising popularity among car owners across the globe. Automobile manufacturers are shifting their concentration towards provision of safety and comfort to customers, coupled with rising production of hybrid as well as electric vehicles integrated with high-quality LED lights. In order to effectively differentiate themselves in the global market, and gain a competitive edge, leading players are focusing on developing innovative systems with cost-effective solutions.
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Extension of LEDs in automotive lighting systems is expected to have a higher potential, with improvements in LED modules, and advent of new technologies, for example – organic LEDs (OLEDs) producing homogenous light. One of the predominant market players, Osram has recently announced its new flexible OLED for automotive lighting systems. The aforementioned factors might fuel expansion of the global automotive LED light market.
For effectively differentiating from leaders, and gaining additional share in automotive LED light market, the manufacturers are mainly concentrating on innovative developments, and cost-effective solutions. Potential for automotive LED light market growth will further extend, with improved LED modules, and introduction of new technologies such as organic LEDs (OLEDs) that produce homogenous light. Osram, one of the leading market players, recently made an announcement of its flexible OLED lighting systems for vehicles. These factors will influence growth of the automotive LED light market.
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Robust expansion of the automotive sector, coupled with soaring sales of lightweight vehicles, rising focus on energy efficiency, and stringent government policies & regulations concerning utilization of halogen and xenon automotive lights has also fuelled expansion of the automotive LED light market. However, high cost remains a major restraint for automotive LED light market growth, such as their application in headlamps. Currently, the high prices of automotive LED lights affects their aftermarket sales, especially across developing economies including India, China, and South Africa.
Accounting for over one-third share of the automotive LED light market, Asia-Pacific excluding Japan (APEJ) will continue to be the most attractive region in the automotive LED light market, in terms of revenues. Europe is expected to be the second most lucrative region in the automotive LED light market, with sales expanding at a CAGR of 8.5% through 2022.
Competition Tracking
Key players listed in the Fact.MR’s automotive LED light market report include OSRAM Licht AG, HELLA KGaA Hueck & Co., Koito Manufacturing Co., Ltd., Stanley Electric Co., Ltd., Koninklijke Philips N.V., Valeo SA, Imasen Electric Industrial Co., Ltd., Texas Instruments, Nichia Corporation, and General Electric Company.
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