Press release
Global Automotive Exterior LED Lighting Market Overview by Recent Opportunities, Growth Size, Regional Analysis and Forecasts to 2028
The global automotive exterior LED lighting market is anticipated to grow at a considerable CAGR of 8.7% during the forecast period (2022-2028). Automotive exterior LED lightings are an essential integrated component of automotive that is useful for better visibility at night and for enhancing the aesthetic look of vehicles. The major factor attributing to the growth of the global automotive exterior LED lighting market includes the increasing number of motor vehicle production across the globe. According to the 2021 Production Statistics report published by the International Organization of Motor Vehicle Manufacturers (OICA), around 80 million motor vehicles were produced across the globe in 2021. Among these, around 23 million commercial vehicles were manufactured and around 57 million passenger cars were produced in 2021. Thus, increasing the demand for exterior LED lighting for motor vehicles.The application of exterior LED lighting is also increasing in automotive due to several benefits provided by the LED type of exterior lights in motor vehicles. The benefits include reduced energy consumption, increased life span, low-heat output, easy installation, availability in different colors, and many others. Thus, propelling the growth of the global automotive exterior LED lighting market.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instances-
• In November 2020, Hella KGaA developed a new range of compact work lights. Hella is a global automotive component supplier specially designed the new compact work light for working on cars. The new compact work lights can be placed on the surface of the car and used while working on the car enhancing the work area around the car.
• In January 2020, Marelli SpA and XenomatiX signed a joint development agreement. Under this agreement, both the company will jointly work on developing LiDAR solutions for vehicles.
• In September 2019, Osram launched a new light called "Enviyos". Enviyos is the hybrid LED light specially designed for installation in a car's LED headlamps with the special feature of HD projections on the road to warn other vehicles.
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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Type
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Hella KGaA & Co., Marelli SpA, Valeo, Stanley Electric Co. Ltd., and Koito Manufacturing Co. Ltd., among others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
A full report of Global Automotive Exterior LED Lighting Market is available at:
https://orionmarketreports.com/global-automotive-exterior-led-lighting-market/109842/
Global Automotive Exterior LED Lighting Market Report by Segment
By Type
• Headlamps
• Fog Lamps
• Taillights
• Others
By Application
• Passenger Vehicles
• Commercial Vehicles
Company name: Orion Market Reports
Contact person: Mr. Anurag Tiwari
Email: info@orionmarketreports.com
Contact no: +91 780-304-0404
About us:
Orion Market Reports (OMR) endeavors to provide exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.
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