Press release
Automotive LED Lighting Market Top Companies, Share, Key Drivers, Industry Insights And Outlook By 2032
Automotive LED Lighting Market Analysis
The Business Research Company's Automotive LED Lighting Global Market Report 2023 identifies increase in global traffic accidents as the major driver for the automotive LED lighting market's growth in the forecast period. 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.
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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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.
A key trend in the automotive LED lighting market includes product innovations. Major companies operating in the automotive LED lighting market are introducing innovative products to sustain their position in the market. For instance, in October 2022, Hyundai mobiles a South Korean-based automotive supplier company launched 'Lighting grille' technology which makes use of LED lighting. This provides a moving grille that features active flaps for better aerodynamics or engine cooling. This includes unique features such as auto-driving mode and it can display various scenarios, such as autonomous driving mode, EV charging mode, welcome light and emergency warning light, compared to other technological products.
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The automotive LED lighting market is segmented -
1) By Propulsion Type: Internal Combustion Engine (ICE), Electric, Other Propulsion Types
2) By Vehicle Type: Passenger Car, Light Commercial Vehicle (LCV), Bus, Other Vehicle Types
3) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
4) 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.
The Business Research Company's "Global Automotive LED Lighting Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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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
……..
26. Africa Automotive LED Lighting Market
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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