Press release
Automotive LED Lighting Market Analysis, Size, Share, Trends, Growth And Forecast To 2033
Automotive LED Lighting Market
The automotive led lighting market size is expected to see strong growth in the next few years. It will grow to $26.6 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to advancements in autonomous vehicles, innovations in adaptive lighting, electric vehicle (ev) expansion, demand for connected cars, rising focus on energy efficiency. Major trends in the forecast period include adoption of oled technology, rise of electric and hybrid vehicles, innovations in design and form factors, sustainability and efficiency, enhanced safety features.
Market Overview -
Automotive LED lighting refers to specialized LED lighting in automobile vehicles that facilitate crystal clear light on traveling, energy efficient night visibility and a long-predicted lifetime lighting.
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Surge In Global Traffic Accidents Propels Growth In The Automotive Led Lighting Market
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 2021. Therefore, an increase in global traffic accidents is driving the growth of the automotive LED lighting market.
Competitive Landscape -
Major companies operating in the automotive led lighting market report 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, Magneti Marelli S.p.A, Mercedes-Benz, Samsung Electronics Co. Ltd., Toyota Motor Corporation, Changzhou Xingyu Automotive Lighting System Co. Ltd., Everlight Electronics Co. Ltd., LG Electronics Inc, Nichia Corporation, Seoul Semiconductor Co. Ltd., SL Corporation, General Electric Company, Koninklijke Philips N V, Hyundai Mobis Co. Ltd., Denso Corporation, Federal-Mogul Corporation, Grupo Antolin, Continental AG, Varroc Lighting Systems, DEPO Auto Parts Ind Co. Ltd., Flex-N-Gate Corporation, Lumax, Guangzhou Loyo Electronic Factory, TYC Brother Industrial .
Technological Advancements In The Automotive Led Lighting Market
Technological advancements are a key trend gaining popularity in the automotive LED lighting markets. Major companies operating in the automotive LED lighting market are introducing technologically advanced 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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Key Segments -
The automotive led lighting market covered in this report 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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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