Global automotive
LED lighting market is expected to grow at a significant CAGR of 20.64%
in the upcoming period as the scope and its applications are rising enormously
across the globe. Automotive LED lighting is an important part of modern
automobiles that give an unmistakable modern look. It provides superior
functionality and comfortable ambiance in the vehicle. This two-lead
semiconductor light source allows pedestrians and drivers to see a vehicle
presence, the direction of travel, position, the speed of travel, and the size
of the vehicle.
The factors that are playing a major role in
the growth of automotive LED lighting market are growing sales of automotive
vehicles, increasing concern regarding energy efficiency, cost-efficient
lighting, and growing demand for lightweight vehicles. However, strict
government policy against use of xenon and halogen light may restrain overall
market growth in the years to come. Automotive LED lighting market is segmented
based on vehicle type, adaptive lighting, position, application, and region.
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Heavy commercial vehicle (HCV),
passenger car, and light commercial vehicle (LCV) are the vehicle types that
could be explored in automotive LED lighting in the forecast period. Based on
adaptive lighting, ambient adaptive lighting, front adaptive lighting, rear
adaptive lighting, and others could classify automotive LED lighting in the
forecast period.
Interior and exterior is a lighting
position that could be explored in automotive LED lighting in the forecast
period. Exterior position sector comprises side lighting, front lighting, and
rear lighting. The exterior lighting sector accounted for the substantial
market share of automotive LED lighting and is estimated to lead the overall
market in the years to come. The market may be categorized based on
applications like motorcycle lighting, car lighting, truck lighting, and others
that could be explored in automotive LED lighting in the forecast period.
Globally, Asia Pacific accounted for
the significant market share of automotive LED lighting in terms of volume and
is estimated to lead the overall market in the years to come. The reason behind
the overall market growth could economic development in growing countries like
India and China, high automobile production, and high demand for cost-effective
automotive LED lights. In addition, the presence of key manufacturers in Japan
may boost overall market growth in this region.
Europe and North America are also
estimated to have a positive influence on future growth. Europe is the second
largest region with significant market share. The aspects that may be ascribed
to the growth comprise growing use of technologically enhanced LED lights in
luxury cars. However, North America is estimated to grow at the highest CAGR in
the forecast period.
The key players of automotive LED
lighting market are Koito Manufacturing Co.Ltd, SG Automotive, Zizala
Lichtsysteme Gmbh, Mercedes Benz, BROS International Co., Limited, Osram Licht
AG, Magneti Marelli S.P.A, Stanley Electric Co.Ltd., Koninklijke Philips N.V.,
and Pilot Automotive. These players are concentrating on inorganic growth to
sustain themselves amidst fierce competition.
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