Automotive LED Lighting Market Overview
LED light, a semiconductor, emits light energy when it is activated. Compared to halogen or xenon light, LED lights are more durable, power-saving, and efficient. LED lights offer a range of advantages compared to other lights, such as less CO2 emissions and long-lasting life. Automotive LED lights are an integral part of modern automobiles. The electric voltage supplied to the p&n junction of an LED through leads brings electrons together, resulting in the release of light of energy.
According to Market Research Future (MRFR), the global Automotive LED Lighting Market is projected to reach USD 20 Billion with a CAGR of 9% from 2016 to 2022 (forecast period). The report evaluates the effects of the COVID-19 pandemic on the global Automotive LED Lighting Market and provides a reliable estimate of the predicted fluctuations in demand over the forecast period.
Key Players
The industry giants in the Automotive LED Lighting Market are Osram Licht AG (Germany), Magneti Marelli S.P.A (Italy), Stanley Electric Co.Ltd (Japan), Koito Manufacturing Co.Ltd (Japan), Mercedes-Benz (Germany), Koninklijke Philips N.V. (Netherlands), Tata Motors Limited (India), Hyundai Group (South Korea), Toyota Motor Corporation (Japan), Zizala Lichtsysteme Gmbh (Austria) among others.
Market Dynamics
The market for automotive light-emitting diode lighting is rising due to the low cost of LED lighting and efficient working. LEDs are small solid light bulbs that are highly energy-efficient and long-lasting. The long life of the LED lamps was initially attractive, but low brightness and high cost meant that they were usually restricted for use in dashboards.
In addition to the technical advancement of vehicles, automated LED lighting is one of them. Increased use of these can be seen from two to four-wheelers. The adoption of this is rising day by day. It can be fixed in the front, rear side, and interior of the vehicles. The LED lighting ability is to improve overall plant productivity. By connecting advanced lighting controls to industrial automation systems, LED lighting can save costs and time, offer business intelligence data, reduce waste and redundancies, and enhance plant operations.
Market Segmentation
The global Automotive LED Lighting Market has been segmented into position, vehicle type, and adaptive lighting.
By position, the global Automotive LED Lighting Market has been segmented into front, rear, side, and interior.
By vehicle type, the global Automotive LED Lighting Market has been segmented into passenger car, light commercial vehicles (LCV), and heavy commercial vehicles (HCV).
By adaptive Lighting, the global Automotive LED Lighting Market has been segmented into front adaptive lighting, rear adaptive lighting, and ambient adaptive lighting.
Regional Analysis
The regional analysis of the global Automotive LED Lighting Market is being studied for regions such as the Asia Pacific, Americas, Europe, and the Rest of the World.
The Asia Pacific region is expected to show substantial growth in the Automotive LED Lighting Market due to the fast-growing automotive industry in developing countries such as India, China, and South Korea. Europe and North America are set to dominate the market for LED lighting in terms of demand. Growing automotive production, coupled with the adoption of energy-efficient lighting sources such as LEDs, is driving the development of the automotive lighting industry in the European region. Government enforcing to lesser CO2 emissions from the vehicle is also driving the LED market in the region.
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