The global automotive LED lighting market is segmented into position such as interior and exterior. Among these segments, exterior automotive LED light segment is expected to occupy top position in overall automotive LED lighting market during the forecast period. This can be attributed to rising installation of LED headlamps, LED fog lights and LED rear lights in automobiles. Apart from this, growing need of efficient and better lighting system is anticipated to fuel the growth of the global automotive LED lighting market.
Global automotive LED lighting market is expected to flourish at a significant CAGR of 8.92% during the forecast period. Moreover, the global automotive LED lighting market is expected to garner USD 21.56 Billion by the end of 2024. High utilization of led lights for interior application such as displaying indicator light, back lights and other lights are rapidly developing the market of automotive LED lighting. Further, innovation in automotive lighting is expected to strengthen the growth of automotive LED lighting market in the upcoming years.
Asia Pacific dominated the overall automotive LED lighting market and is expected to continue its dominance over the forecast period. This can be attributed to robust growth of automotive industry in the region. Apart from this, rising demand for vehicle design differentiation among new generation is anticipated to boost the demand for automotive LED lighting. Europe is making significant contribution in the market share of global automotive LED lighting market. Presence of premium car manufacturers and high penetration rate of LED lightings in luxury cars are two major factors spurring the demand for automotive LED lightings in the region.
Growing Demand for Vehicle Design Differentiation
Increasing demand for vehicle designed with stylish interior and exterior lights are propelling the growth of the automotive LED lighting market. Apart from this, rising preference for LED lighting by OEMs and drivers owing to its cost effectiveness, high performance and energy saving concerns is believed to accelerate the growth of automotive LED lighting market during the forecast period.
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Technological Advancements in Automotive LED lighting
Development of innovative LED headlamps is anticipated to be the dynamic factor behind the growth of the automotive LED lighting market during the forecast period. Moreover, growing LED light application such as front light bending, enhanced night vision and head up displays are anticipated to bolster the growth of the automotive LED lighting market.
Although, high cost of advanced LED lights and high penetration of alternatives such as xenon and halogen lights is likely to dampen the growth of automotive LED lighting market during the forecast period.
The report titled “Automotive LED Lighting Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global automotive LED lighting market in terms of market segmentation by vehicle type, by adaptive lighting, by position and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global automotive LED lighting market which includes company profiling of SG Automotive, Mercedes Benz, OSRAM Automotive, Magneti Marelli S.p.A., Philips Automotive, Stanley Electric Co.Ltd., Zizala Lichtsysteme Gmbh, Koito Manufacturing Co.Ltd., Pilot Automotive and BROS International Co., Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive LED lighting market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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