Automotive LED Lighting Market by Application, Vehicle Type, and Geography - Forecast and Analysis 2022-2028
automotive LED lighting market analysis considers sales from both exterior lighting and interior lighting applications. Our analysis study also considers finds the sales of automotive LED lighting in APAC, Europe, North America, South America, and MEA. In 2018, the exterior lighting segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the introduction of several regulations regarding the safety of vehicles will play a significant role in the exterior lighting segment to maintain its market position. Also, our global automotive LED lighting market report looks at factors such as the use of LEDs in automotive intelligent lighting system applications, growing popularity of ambient lighting in automobiles, and incorporation of energy-efficient solutions in automobiles. However, rising prices of raw materials, adoption of laser lighting in automobiles, and development of halogen headlights with improved visibility may hamper the growth of the automotive LED lighting industry over the forecast period.
Global Automotive LED Lighting Market: Overview
Use of LEDs in automotive intelligent lighting system applications
LEDs have become an essential component in automotive intelligent lighting systems, including taillights, brake lights, and other energy-efficient as well as compact headlights. LEDs not only offer aesthetic lighting for vehicles but are also cost-effective. As a result, major automotive OEMs are offering glare-free lighting, high-definition lighting, and homogenous lighting to meet the evolving needs of automated driving technology. Furthermore, the fact that LEDs help taillights and brake lights to operate at different brightness levels makes them a significant lighting technology for the rear intelligent lighting system. This use of LEDs in automotive intelligent lighting system applications will lead to the expansion of the global automotive LED lighting market at a CAGR of over 10% during the forecast period.
Growing popularity of adaptive lighting systems
Adaptive lighting systems are increasingly being adopted in modern vehicles owing to their additional safety and comfort features. The LED technology is one of the crucial enablers for efficient and reliable operating of these systems. Also, several vendors in the market are enabling automotive OEMs to offer adaptive lighting systems, particularly for the automotive industry. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global automotive LED lighting market during the forecast period 2019-2023, click here.
With the presence of several major players, the global automotive LED lighting market is highly fragmented. robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading automotive LED lighting manufacturers, that include Hella GmbH & Co. KGaA, Hyundai Mobis Co. Ltd., KOITO Manufacturing Co. Ltd., LG Electronics Inc., Magna International Inc., Magneti Marelli SpA, OSRAM GmbH, Stanley Electric Co. Ltd., Valeo SA, and Varroc Group.
Also, the automotive LED lighting market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.