Press release
Automotive LED Drivers Industry to See Robust Expansion, Valued at $26.05 Billion by 2029
Automotive LED Drivers
What Is the Projected CAGR for the Automotive LED Drivers Market from 2024 to 2025?
In recent times, the market size of automotive led drivers has experienced an exponential expansion. It is predicted that it will increase from its current value of $9.98 billion in 2024 to about $12.15 billion in 2025, growing at a compound annual growth rate (CAGR) of 21.7%. The significant growth during the historic period is a result of factors such as rising vehicle electrification, growing customer demand for cutting-edge features, regulatory push towards energy efficiency, OEM efforts towards green solutions, and heightened safety and visibility standards.
What are the Expected Market Size and CAGR for Automotive LED Drivers by 2029?
In the coming years, the market size of automotive led drivers is anticipated to experience significant growth, reaching $26.05 billion in 2029 with a compound annual growth rate (CAGR) of 21.0%. The expected growth in this period is attributable to factors such as the escalating adoption of electric vehicles, the increasing demand for advanced driver assistance systems, expansion of the automotive industry, and heightened demand for energy-efficient lighting. Major foreseeable trends for this period include advancements in LED driver technology, integration of intelligent lighting systems, traditional lighting technologies, the creation of compact drivers, as well as collaborations and partnerships.
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Which Factors Are Driving the Global Automotive LED Drivers Market Expansion?
Anticipated growth in the automotive industry is predicted to drive the expansion of the automotive LED driver market. The automotive sector comprises all aspects of motor vehicle creation, from design and development to manufacturing, marketing, and sales. It's a large and dynamic sector, inclusive of a variety of businesses and services, such as automobile manufacturing and parts supply, dealerships, and aftermarket service provision. Boosting this sector's growth are factors like ride-sharing services, car-sharing platforms, and mobility-as-a-service (MaaS) solutions. Automotive LED drivers, vital elements in contemporary vehicles, guarantee the smooth and trusty functioning of LED lighting systems for a range of uses, like headlights, taillights, interior lighting, safety system, and exterior accent lighting. For example, the International Organization of Motor Vehicle Manufacturers, a France-based trade association, reported that a total of 85.10 million cars and commercial vehicles were produced in 2022, a number that rose to 93.55 million in 2023. Additionally, the European Automobile Manufacturers' Association (ACEA), a Belgium-based automobile industry body, reported in May 2023 that 85.4 million motor vehicles were globally produced in 2022, reflecting a 5.7% increase from 2021. As such, it is this expansion in the automotive sector that is catalyzing the growth of the automotive LED driver market.
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Which Segment Currently Holds the Largest Share of the Automotive LED Drivers Market?
The automotive led drivers market covered in this report is segmented -
1) By Product Type: Single Channel Drivers, Dual Channel Drivers, Other Product Types
2) By Supply Type: Constant Current, Constant Voltage
3) By Application: Passenger Cars, Commercial Vehicles, Other Applications
Subsegments:
1) By Single Channel Drivers: Constant Current Single Channel Drivers, Pulse Width Modulation (PWM) Single Channel Drivers, Integrated Single Channel Drivers
2) By Dual Channel Drivers: Constant Current Dual Channel Drivers, PWM Dual Channel Drivers, Integrated Dual Channel Drivers
3) By Other Product Types: Multi-Channel Drivers, Programmable LED Drivers, Digital LED Drivers, High-Power LED Drivers, RGB LED Drivers
Which Major Trends Are Shaping the Future of the Automotive LED Drivers Industry?
In the automotive LED drivers market, main players are concentrating on the creation of advanced smart multichannel LED controllers. These are aimed at boosting energy efficiency, ensuring precise control of light output, facilitating integration with sophisticated lighting systems, and allowing for dynamic lighting functionalities like adaptive headlights and adjustable interior lighting. A smart multichannel LED controller is a sophisticated electronic instrument that manages multiple LED channels or clusters of LEDs separately within a lighting setup. For example, in October 2022, Melexis, a Belgian firm specializing in micro-electronic semiconductor solutions, released the MLX81143 LED driver, the latest member of the MeLiBu family. It consists of 21 LED drivers and enhances the entire system's power management. The MLX81143 offers a broad dimming range, making it possible to adjust brightness optimally for either daytime or nighttime conditions, an essential feature for ensuring visibility and comfort in different driving scenarios.
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Which Key Players Dominate the Automotive LED Drivers Industry Globally?
Major companies operating in the automotive LED drivers market are Samsung Electronics Co. Ltd., Texas Instruments Inc., STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors N.V., Analog Devices Inc., Renesas Electronics Corporation, ON Semiconductor Corp., Microchip Technology Inc., Signify N.V., Rohm Co. Ltd., Maxim Integrated Products Inc., Diodes Incorporated, Monolithic Power Systems Inc., Melexis Technologies NV, Allegro Microsystems LLC, OSRAM GmbH, Power Integrations Inc., Cree Inc., ABLIC Inc., Lumileds Holding B.V., Richtek Technology Corporation, HLI Solutions Inc., ACE LEDS, Xidas IoT Inc.
What Are the Fastest-Growing Regions in the Automotive LED Drivers Market?
Asia-Pacific was the largest region in the automotive LED drivers market in 2024. The regions covered in the automotive LED drivers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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