According to a new report published by K D Market Insights, titled, Demand for “Automotive LED Lighting Market Insights, Trends, Opportunity & Forecast, 2020–2025,” the global automotive LED lighting market size is anticipated to witness exponential growth during the forecast period i.e. 2020–2025. The escalating production & sales of automobiles across the globe, the growing auto manufacturers’ focus on customer comfort and safety, the increasing production of new vehicles equipped with LED lights, the ongoing optical innovations in automotive LED technologies and the surging focus on energy efficiency are the primary factors contributing towards the growth of the global automotive LED lighting market.
Additionally, the low cost of the LEDs coupled with their energy efficient and long lasting attributes, the soaring adoption of LED lightings in two wheelers to four wheelers and the amplifying market trend of integrating lights with Advanced Driver Assistance System (ADAS) into autonomous vehicles are expected to further create ample growth opportunities for the global automotive LED lighting market during the forecast period.
The Asia- Pacific region is expected to account for the most dominant position in the global automotive LED lighting market over the forecast period. It is also estimated that the region will attain the highest CAGR in the market during the forecast period owing to the rapidly expanding automotive industry and the growing LED penetration in the region. The European region followed by the North American region is expected to account for the second largest share in the market by the end of the forecast period i.e. 2020–2025. This can be attributed to the surging demand for automotive LED lightings and the increasing automotive production coupled with the proliferating adoption of energy efficient lighting sources such as LED in the region.
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According to sales channel, the OEM segment is anticipated to attain the highest CAGR in the market over the forecast period of 2020–2025.
The global automotive LED lighting market is segmented into position, vehicle type, sales channel and region. Based on position, the market is bifurcated into front, rear, side and interior. Based on vehicle type, it is classified into passenger car, light commercial vehicle and heavy commercial vehicle. Based on sales channel, it is classified into OEM.
The global automotive LED lighting market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).
Key Insights of Automotive LED Lighting Market
- On the basis of sales channel, the OEM segment is anticipated to attain the highest CAGR in the market over the forecast period of 2020–2025.
- On the basis of region, Asia- Pacific is expected to account for the most dominant position in the global automotive LED lighting market over the forecast period. It is also estimated that the region will attain the highest CAGR in the market during the forecast period.
- On the basis of region, Europe followed by North America is expected to account for the second largest share in the market by the end of the forecast period i.e. 2020–2025.
Some of the major automotive LED lighting companies profiled in the report include Magneti Marelli S.p.A., Osram, HELLA GmbH & Co. KGaA, Stanley Electric Co. Ltd., Valeo, ZKW Group, Koito Manufacturing Co. Ltd., Toyota Boshoku Corporation, Koninklijke Philips N.V. and SG Automotive.
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