Automotive LED Lighting Market to Register the Growth at a CAGR of 20.64% during the Forecast Period 2018-2023
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.
- Koito Manufacturing
- Magneti Marelli
- Varroc Group
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.
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Report contents include
- Analysis of the automotive led lighting market including revenues, future growth, market outlook
- Historical data and forecast
- Regional analysis including growth estimates
- Analyzes the end user markets including growth estimates.
- Profiles on automotive led lighting including products, sales/revenues, and market position
- Market structure, market drivers and restraints.