According to a new report published by Allied Market Research, titled, โAutomotive LED Lighting Market,” The automotive led lighting market was valued at $16 billion in 2021, and is estimated to reach $32.2 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031.
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Increase in the implementation of government regulations, rise in automobile production, and growing emphasis toward road safety have boosted the growth of the global automotive lighting market. On the contrary, fluctuating prices of raw materials and high cost of LED lights hinder the market growth. However, increased application in light commercial vehicles and rise in demand for advanced technology in vehicles are expected to open lucrative opportunities for the market players in the coming years.
Covid-19 scenario-
- The outbreak of Covid-19 severely impacted the global automotive lighting industry, as several automotive industries have stopped their operations or delayed their projects to curb the spread of the virus.
- Due to the imposed lockdown across the globe, automobile & transportation activities came to halt, thus affecting the automotive industry across the globe.
- Due to the pandemic the global supply chain has disrupted and various manufacturing industries have halted their production activities, thus hampering the global automotive lighting market.
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The prominent key factors that drive growth of the automotive LED lighting market are growth in emphasis toward road safety, increase in demand for advanced technology in vehicle, and rise in implementation of electronic systems in vehicle. Increase in adoption of LED in automotive lighting is observed globally. Though the prices of LED lights are presently high, low-energy consumption and longer life span are factors that are expected to increase the demand for these lights. However, ongoing R&D activities are anticipated to diminish the prices of LED lights in future; thereby, providing lucrative opportunities for the market growth. Presently, companies such as Koito Manufacturing Co. Ltd., Stanley Electric, Hella, and others provide automotive LED lights in various shapes for various automotive applications.
The global automotive LED lighting market is segmented on the basis of position, sales channel, vehicle type, propulsion type, and region. By position, it is divided into front, rear, side, and interior. By sales channel, it is bifurcated into OEM and aftermarket. By vehicle type, it is categorized into passenger cars, and commercial vehicles. By propulsion type, it is fragmented into ICE, electric, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The Key players that operate in thisย automotive LED lightingย market include APTIV, Denso Corporation, Federal-Mogul Corporation (Tenneco Inc.), Grupo Antolin, HELLA GmbH & Co. KGaA, Hyundai Mobis, Koito Manufacturing Co., Ltd., Koninklijke Philips N.V., Marelli Holdings Co., Ltd., NXP Semiconductors, Osram GmbH, Robert Bosch GmbH, Stanley Electric Co., Ltd., Valeo, and ZKW.
KEY FINDINGS OF THE STUDY
- By position, the side segment is expected to register a significant growth during the forecast period.
- By sales channel, the aftermarket segment is projected to lead the global automotive LED lighting market
- By vehicle type, the commercial vehicle segment is projected to lead the global automotive LED lighting market
- By propulsion type, the electric segment is projected to lead the global automotive LED lighting market
- Region-wise, LAMEA is anticipated to register the highest CAGR during the forecast period.
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