Yahoo Finance Automotive LED Lighting Market Predicted to Reach USD 27,030 Million, Growing at a CAGR of 5.40% by 2030 - Report by Market Research Future (MRFR)
Automotive LED Lighting Market In-Depth Analysis
New York, US, Aug. 16, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Automotive LED Lighting Market Analysis by By Position, By Vehicle Type, By Adaptive Lighting - Forecast 2030” valuation is poised to reach USD 27,030 million by 2030, registering 5.40% CAGR throughout the forecast period (2022–2030).
Automotive LED Lighting Market Overview
LED is a device converting electrical energy into light. Based on the requirements, LEDs come in a wide range of colors, patterns, and sizes. The standard LED has a cylindrical shape. Several global producers deploy LED illumination in headlamps as it offers energy-efficient light sources and a longer life cycle. LED lighting is deployed in various applications such as side lamps, market lamps, interior reading lights, and brake lights. The global market for automotive LED lighting has recorded massive growth in recent years. The market's growth is attributed to the factors such as constant technological developments, rising sales of automobiles across the globe, etc.
Automotive LED Lighting Market Report Scope:
Report Metric | Details |
Market Size by 2030 | USD 27,030 Million |
CAGR | 5.40% |
Base Year | 2021 |
Forecast Period | 2022-2030 |
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Market USP Covered
Market Drivers
The global market for automotive LED lighting has exhibited enormous growth in the last few years. The market's growth is attributed to factors such as an increase in LED adaption, emphasis on road safety, and stringent lighting regulations.
Market Restraints
On the other hand, the high cost of implementation may impede the market's growth.
Automotive LED Lighting Market Segments
Among all the vehicle types, the premium vehicle segment is anticipated to record the maximum growth across the global market for automotive LED lighting over the review timeframe. These lights are generally deployed with LED lights because of the advantages of high aesthetic value, more adaptive features, and low power consumption. Furthermore, LED headlights have a low impact on the user on the other side compared to xenon lights; therefore, the technology is adopted broadly in the market. The growing number of recently manufactured vehicles deployed with LED lighting systems is anticipated to boost the segment's growth over the assessment timeframe.
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Among all the end-users, the passenger car segment is projected to dominate the global market for automotive LED lighting over the coming years. The primary factor causing an upsurge in the segment's growth is the penetration of advanced lighting in the passenger vehicle compared to other vehicles, including trucks, buses, and LCVs. Furthermore, the growing sales of passenger vehicles and consumers' desire to pay more for cars are likely to boost the demand for the segment. The year-on-year production growth is projected to drive the segment's growth during the review timeframe.
Automotive LED Lighting Market Regional Analysis
The global market for automotive LED lighting is studied across five major regions: Europe, North America, Latin America, Asia-Pacific, and the Middle East & Africa.
According to the analysis reports by MRFR, the Asia- Pacific region is anticipated to dominate the global market for automotive LED lighting over the coming years. The primary factor causing an upsurge in the regional market's growth is the fast-growing automotive industry in emerging economies such as South Korea, China, and India.
North America and Europe's automotive LED lighting market is projected to register substantial growth over the assessment timeframe. The market's growth is driven mostly by the growing automotive production coupled with the adoption of energy-efficient lighting sources like LED. Furthermore, the government enforcing lesser CO2 emissions is also likely to cause a market demand surge over the coming years.
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COVID-19 Impact
The global COVID-19 outbreak has had a massive impact on the majority of the industry sectors across the globe in recent times. The global health crisis has affected public health and has had a massive impact on global financial and industrial activities. The pandemic has spread to almost 215 countries across the globe and has had a severe influence on economic growth across all these geographical regions. Some of the most affected market areas across the globe include automobiles, hospitality, travel, etc. Like any other industry sector, the automotive LED lighting market also witnessed a significant loss of revenue in recent years. The government announced the implementation of partial or complete lockdowns to curb the spread of the disease. The social distancing norms and travel restrictions have caused significant disruption of supply chain networks for several market areas. The labor shortage and the scarcity of raw materials have made the market players face significant unexpected challenges such as a fall in demand, loss of revenues, and supply chain disruption.
On the other hand, in the second half of the pandemic, the industry started picking up the pace with a slight growth in demand from various regions worldwide. Furthermore, the players across the globe are making heavy investments in the research and development activities to launch innovative products, which in turn may boost the growth of the market over the coming years. In addition, the growing trend of electric vehicles across the globe may boost the growth of the market over the assessment timeframe. On the other hand, the organizations are taking several measures to fight the negative impacts of the pandemic. With the world economy getting back on track, the global market for automotive LED lighting is anticipated to record positive growth over the review timeframe.
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Automotive LED Lighting Market Competitive Analysis
Dominant Key Players on Automotive LED Lighting Market Covered are:
Zizala Lichtsysteme Gmbh (Austria)
Osram Licht AG (Germany)
Tata Motors Limited (India)
Magneti Marelli S.P. A (Italy)
Toyota Motor Corporation (Japan)
Koito Manufacturing Co.Ltd (Japan)
Mercedes-Benz (Germany)
Hyundai Group (South Korea)
Koninklijke Philips N.V. (Netherlands)
Stanley Electric Co.Ltd (Japan)
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