Press release
Automotive Interior LED Lighting Market is expected to reach a value US$ 670 million by 2022
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Setting foot in the automotive interior LED lighting market today is considered a blue ocean strategy as there are comparatively few contestants that have divided the market amongst themselves. Even though consumers have expressed a preference for these modern day marvels, the high cost of LED’s is a major restraint challenging the long term growth prospects of the automotive interior LED lighting market. In addition to this, LED lighting is highly dependent on the temperature of the operational environment. Overheating could lead to automotive interior LED failure and this is especially relevant in today’s age of global warming that has affected both emerging and developed markets equally.
LED stands for light emitting diode technology and they are increasingly used as an alternative to halogen bulbs in the automotive interior LED lighting market. LED lights are used in almost all lighting applications indoors and outdoors today ranging from automotive interior lighting all the way to horticulture.
5 Projections on Automotive Interior LED Lighting Market
· The high price of automotive interior LED lighting made compact carmakers shy away from this technology for some time. However, the consumer demand has compelled them to incorporate it in their products and this segment now contributes nearly a third of the revenue share in the automotive interior LED lighting market. Compact cars are extremely popular in Europe and APEJ and both these regions are anticipated to cross US$ 50 million by the end of the forecast period
· The mid-sized segment represents a quarter of the revenue share by vehicle type in the automotive interior LED lighting market. This segment is likely to be worth almost US$ 165 million by end 2022, making it imperative for key stakeholders to target it. On the other hand, the premium passenger car segment has a marginal contribution to the automotive interior LED lighting market and it is likely to decline over the study period
· Commercial vehicles are usually not the first that come to mind when one thinks of the automotive interior LED lighting market. Nonetheless, the light and heavy commercial vehicle segment combined have a revenue share slightly over a quarter of the automotive interior LED lighting market. Therefore, major players in the automotive interior LED lighting market can ignore this vital segment at their own peril
· The 12V segment dominates the automotive interior LED lighting market with a revenue share nearing 2/3rd in term of volts. A market opportunity just under US$ 440 million in 2022 should be large enough for all the companies to compete in. The 14V segment occupies the balance 1/3rd revenue share. Companies would do well to focus on Europe and APEJ in the 14V segment of the automotive interior LED lighting market
· The dashboard light segment is the most important in the automotive interior LED lighting market by product type and should remain so for the foreseeable future. The dashboard is usually the first touch point for vehicle occupants and it makes sense for manufacturers to embellish it with attractive LED interior lighting. Both APEJ and Europe are on track to push past US$ 50 million in end 2022 and companies in the automotive interior LED lighting market are advised to take this into consideration
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Dashboard Lighting Attractive in Automotive Interior LED Lighting Market
The dashboard lighting segment accounts for a third of the revenue share by product type in the automotive interior LED lighting market. Customers have shown a strong preference for interior LED lighting on the dashboard as this is often the first touch point in the vehicle and where companies can incorporate their greatest design flourishes in the automotive interior LED lighting market. A market opportunity exceeding US$ 210 million by the end of the forecast period makes it extremely lucrative for all key stakeholders.
Ambient Lighting a Close Second in Automotive Interior LED Lighting Market
The ambient lighting segment represents a quarter of the revenue share in the automotive interior LED lighting market. Ambient lighting across the vehicle dramatically transforms its look, making it very appealing to customers. Once reserved for luxury and premium passenger cars, it has slowly but surely made its way to compact cars as well. Companies may wish to target the North America ambient lighting market as the continent is predicted to record the highest CAGR of 3.8% from 2017 to 2022.
Heads-Up Display a Niche in the Automotive Interior LED lighting market
A heads-up display as its name suggests, provides all the necessary information that occupants could possibly need directly on the windscreen and it is typically on the driver’s side. This is largely the preserve of high end premium and luxury vehicles which is why Europe contributes the largest share to the heads-up display market in the automotive interior LED lighting market. The continent has a longstanding heritage in luxury cars and this segment is on track to exceed US$ 6 million by the end of the forecast period.
Competition Tracking
The Fact.MR report on the automotive interior LED lighting market has analyzed the major players that compete in the automotive interior LED lighting market. Some of them are HELLA KGaA Hueck & Co, OSRAM Licht AG, Magneti Marelli Spa, Koito Manufacturing Co., Stanley Electric, Koninklijke Philips N.V, Valeo SA, Ichikoh Industries Ltd, Changzhou Xingyu Automotive Lighting Systems Co., and Texas Instruments.
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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized automotive market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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