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Automotive LED Lighting market : Global Demand Analysis & Opportunity Outlook 2024

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Extensive insights into the Growth of Automotive LED Lighting Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Global Automotive LED Lighting market Overview

LED light is a semiconductor which releases energy in the form of light when activated. LED lights are more efficient, power saving and durable than halogen or xenon light. When an electric voltage is supplied to p and n junction through leads, electrons started to come together and release energy in the form of light.  It offers various other advantages over other lights such as long lasting life and less CO2 emission. Automotive LED lights are considered as an important part of modern automobiles. Traditionally, automotive LED lights were used as back lights but due to their better lighting system and power efficiency, nowadays they are used as headlights over the xenon and halogen light. Rising growth of automobile industry across the globe has fostered the growth of automotive LED lighting system. The stringent government regulation and policies regarding the usage of xenon and halogen automotive lights has led to higher demand for LED lights. The key trend driving the automotive LED lighting market is innovation and development in LED technology.

On 7 may, 2017, Osram, one of the leading manufacturers of automotive LED lights, announced flexible OLED’s for vehicle lighting. Further, on 31st January, Magneti Marelli, one of the key companies, announced their investment of USD 35 million for an automotive lighting facility in Independence Township (MI).

Market Size and Forecast

The global automotive LED lighting market is anticipated to reach USD 21.56 billion witnessing a CAGR of 8.92 % over the forecast period 2017-2024. Asia-Pacific accounted for the highest market share in the terms of volume in overall global market. The market is expected to continue its dominance over the forecast period.  Further, it is anticipated to maintain its dominance owing to the heavy demand for cost effective automotive LED lights and increasing automobile production. The presence of automotive LED lighting manufacturing industries in Japan is expected to bolster the automotive LED light market over the forecast period.

Automotive LED Lighting Market Graph

The market of global automotive LED light is led by Asia-Pacific followed by Europe and North America. Europe is expected to showcase a significant rise in automotive LED light over the forecast period owing to the development of technologically advance LED lights used in luxury cars. Moreover, presently Europe and Asia (mainly Japan) accounts for more than 80% market share of the global automotive LED lighting market. CLICK TO DOWNLOAD FREE SAMPLE REPORT

Market Segmentation

Our in-depth analysis segmented the global automotive LED market in the following segments:

By Vehicle Type:

  • Passenger Car
  • Light Commercial Vehicle (LCV)
  • Heavy Commercial Vehicle (HCV)

By Adaptive Lighting:

  • Front Adaptive Lighting
  • Rear Adaptive Lighting
  • Ambient Adaptive Lighting

By Position:

  • Exterior ( front, rear and side)
  • Interior

By Region

Automotive LED lighting market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

Rising concern about energy efficiency and expanding sales of automotive vehicles is predicted to trigger the growth of global automotive LED lighting market. The need for cost effective, better lighting system and less power consumption are some of the key factors driving the LED market in automotive. Moreover, rising demand and sales of lightweight vehicles are one of key factors fueling the demand for global automotive LED market. Further, government legislations such as putting ban on the use halogen and xenon light is expected to augment the growth of the automotive LED market.

However, high cost of new technologically advanced LED lights is projected to dampen the growth of global automotive LED light market. Moreover, xenon and halogen automotive lights have captured the largest market share of global automotive LED market system.

Key players

  • SG Automotive
  • Mercedes Benz
  • Osram Licht AG
  • Magneti Marelli S.P.A
  • Koninklijke Philips N.V.
  • Stanley Electric Co.Ltd
  • Pilot Automotive
  • BROS International Co., Limited
  • Zizala Lichtsysteme Gmbh
  • Koito Manufacturing Co.Ltd

 


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