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A Comprehensive Analysis of the Rapidly Growing Automotive LED Lighting Market: A Detailed Report on Market Trends and Key Players - Hyundai Mobis, Hella KGaA Hueck & Co., Koito Manufacturing Co Ltd
Automotive LED Lighting Market
Automotive LED Lighting Market Size, Growth Rate, And Forecast
The global automotive LED lighting market size is expected to grow from $17.59 billion in 2022 to $18.85 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global automotive LED lighting market size is expected to reach $24.29 billion in 2027 at a CAGR of 6.5%.
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Automotive LED Lighting Market Drivers
The increase in global traffic accidents is expected to propel the growth of the automotive LED lighting market going forward. Traffic accidents refer to any injury caused by a crash of a vehicle partially or entirely on a public road and are a leading cause of death among people. Automotive LED lighting is used to prevent road accidents by increasing the vehicle's visibility on the road, making it easier for others to spot and avoiding the head-on collisions that occur due to poor visibility. For instance, in January 2023, according to the Centers for Disease Control and Prevention(CDC) report, a US-based national public health agency, each year around 1.35 million people dies on roadways around the world. Moreover, every day almost 3,700 people are killed globally in crashes involving unsafe vehicles such as non-LED lighting vehicles. Further, the U.S. death rate due to accidents or vehicle crashes was 2.3 times higher than the average rate for 28 other high-income countries which increased in 2020 and 2021. Therefore, an increase in global traffic accidents is driving the growth of the automotive LED lighting market.
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Automotive LED Lighting Market Segments
• By Propulsion Type: Internal Combustion Engine (ICE), Electric, Other Propulsion Types
• By Vehicle Type: Passenger Car, Light Commercial Vehicle (LCV), Bus, Other Vehicle Types
• By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
• By Application: Exterior Lighting, Interior Lighting
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the automotive led lighting market.
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Automotive LED Lighting Market Key Players
Major competitors in the automotive LED lighting market are Hyundai Mobis, Hella KGaA Hueck & Co., Koito Manufacturing Co Ltd., Marelli Holdings Co. Ltd., Osram Licht AG, Stanley Electric Co. Ltd., Valeo, ZKW Group.
The Business Research Company's "Global Automotive LED Lighting Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Automotive LED Lighting Market Include:
1. Executive Summary
2. Automotive LED Lighting Market Characteristics
3. Automotive LED Lighting Market Trends And Strategies
4. Automotive LED Lighting Market - Macro Economic Scenario
5. Automotive LED Lighting Market Size And Growth
………………
27. Automotive LED Lighting Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automotive LED Lighting Market
29. Automotive LED Lighting Market Future Outlook and Potential Analysis
30. Appendix
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