Light emitting diode (LED) is a semiconductor that releases light energy when activated. LED lights, when compared to halogen or xenon lights, are more efficient, durable, power-efficient and ambient oriented lights. These are also environment friendly and emit less carbon dioxide. Traditionally, LED lights were used for backlights. However, owing to the above-mentioned advantages, these are used for headlights, indicators, and for interiors as well. LED lighting is considered an important part of modern automobiles, and have redefined aesthetics for passenger and commercial vehicles.
The global automotive LED lighting market is estimated to value US$ 3.3 Bn in 2016, and is projected to register a CAGR of 10.5% in terms of value during forecast period 2017–2026. The first five-year (2017–2021) cumulative revenue is projected to be US$ 22.3 Bn, and is expected to increase significantly to US$ 36.7 Bn, over the latter part of the five-year forecast period (2022-2026).
The global automotive LED lighting market revenue is expected to expand at a lucrative CAGR over the forecast period. Growing importance towards road safety and preference for energy efficient and brighter light for better visibility in vehicles is a major factor driving growth of the automotive LED lighting market. In addition, increasing demand for cost effective lighting systems by passenger and commercial vehicles is another major factor driving growth of the global automotive LED lighting market.
Moreover, some prominent automakers are using LED lighting technology to give special look and brand identity to their vehicles. For instance, Audi, a well-known automotive brand, was the first to fully equip its car Audi R8 with LED lighting for headlights, curve lights, all weather lights, and full beam headlights. Increasing adoption of adaptive LED lighting by luxury cars is the current trend observed in the market, which is expected to drive growth of the global market to a significant extent over the forecast period.
Increasing adoption of automotive LASER lighting technology by luxury cars is a key factor restraining growth of the global automotive LED lighting market. In addition, high cost of automotive LED lightings is another factor expected to hamper growth of the global market to a certain extent. However, development of cost-effective automotive LED lighting system for mid-segment & low-segment passenger cars is expected to create potential business opportunities for major manufacturers and aftermarket players operating in the global market over the forecast period.
The global automotive LED lighting market is segmented on the basis of vehicle type, sales channel, application, and region.
Global Automotive LED Lighting Market: Segmental Snapshot
The market report has been segmented on the basis of application, sales channel, vehicle type, and region. The application segment includes exterior and interior. Sales channel segment includes original equipment manufacturer (OEM) and aftermarket. Vehicle type segment includes passenger vehicles and commercial vehicles. The regions covered in the market analysis are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By application: The exterior segment is estimated to register a CAGR of over 10%, thereby accounting for highest revenue share among the application segments, over the forecast period.
By sales channel: The original equipment manufacturer (OEM) segment is estimated to account for highest revenue share among the sales channel segments, and is expected to register a CAGR of over 10% over the forecast period.
By vehicle type: The passenger cars segment is estimated to account for highest revenue share among the vehicle type segments, and is expected to register highest CAGR during next 10 years.
By region: The market in Asia Pacific accounted for highest revenue share in the global automotive LED lighting market in 2016, and is expected to record highest CAGR between 2017 and 2026.
Europe market is expected to witness exponential rise in terms of growth and demand for automotive LED lights over the forecast period, owing to technological advancements and increasing adoption of LED lights in luxury cars. Increasing disposable income in developed countries and demand for advanced lighting systems by consumers using passenger and commercial vehicles and various product features such as DRL (Daytime running lamp) system and µAFS LED headlights are expected to drive growth of the automotive LED lighting market in this region.
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Adoption of energy efficient lighting systems such as LED in passenger vehicles, coupled with increasing automotive production in countries such as UK, Germany, and Italy are some factors expected to support growth of the automotive LED lighting market in Europe. For instance, according to the IOMVM (International Organization of Motor Vehicle Manufacturers) in 2016, the production of vehicles in UK was increased by 8.05% as compared to previous year.
Key players operating the global automotive LED lighting market include HELLA GmbH & Co. KGaA, Magneti Marelli S.p.A., Valeo SA., Koito Manufacturing Co. Ltd., Lumberg Holding GmbH & Co. KG, Stanley Electric Co., Ltd., Philips Lighting NV, Osram Licht AG, Toyoda Gosei Co., Ltd., and Neolite ZKW Lightings Pvt. Ltd