LED light, a semiconductor, releases light energy when it is activated. Compared to halogen, or, xenon light, LED lights are more durable, power saving, and efficient. LED lights offer various advantages compared to other lights, such as less CO2 emission, and long-lasting life.
Automotive LED lights form an imperative part of modern automobiles. An electric voltage supplied to p & n junction of an LED via leads brings electrons together, resulting into release of light of energy.
Automotive LED lights market has been driven by traditional use of these lights as back lights, however they were gradually adopted for headlights over halogen, and xenon light, on the back of their power efficiency and better lighting system. Automotive LED light market continues to gain ground with their increasing preference in vehicles.
Growth of the automotive LED light market is further influenced by the auto manufacturers’ focus on the customer comfort and safety, with the rise in production of electric and hybrid vehicles equipped with LED lights.
For effectively differentiating from leaders, and gaining additional share in automotive LED light market, the manufacturers are mainly concentrating on innovative developments, and cost-effective solutions.
Potential for automotive LED light market growth will further extend, with improved LED modules, and introduction of new technologies such as organic LEDs (OLEDs) that produce homogenous light.
Osram, one of the leading market players, recently made an announcement of its flexible OLED lighting systems for vehicles. These factors will influence growth of the automotive LED light market.
Robust expansion of the automotive sector, coupled with soaring sales of lightweight vehicles, rising focus on energy efficiency, and stringent government policies & regulations concerning utilization of halogen and xenon automotive lights has also fuelled expansion of the automotive LED light market.
However, high cost remains a major restraint for automotive LED light market growth, such as their application in headlamps. Currently, the high prices of automotive LED lights affects their aftermarket sales, especially across developing economies including India, China, and South Africa.
A recent study by Fact.MR estimates the global automotive LED light market to register an impressive CAGR during the forecast period 2017 to 2022. Global automotive LED light market is expected to surpass revenues worth US$ 6,000 Mn by 2022-end.
Automotive LED Light Market: Vehicle Headlamps to Remain the Leading Application
Automotive LED lights are expected to find the largest application in headlamps of vehicles, with sales poised to exceed US$ 1,000 Mn in revenues by 2022-end. Brake lights are expected to be the second most lucrative application in the automotive LED light market.
In addition, automotive LED light sales for application in brake lights and sidelights are projected to register a parallel expansion at 8.7% CAGR through 2022.
Although aftermarket will continue to be the largest sales channel in the automotive LED light market, sales in OEM are anticipated to exhibit a comparatively higher CAGR through 2022.
Sales of automotive LED lights in aftermarket will account for over three-fourth revenue share of the market throughout the forecast period.
Accounting for over one-third share of the automotive LED light market, Asia-Pacific excluding Japan (APEJ) will continue to be the most attractive region in the automotive LED light market, in terms of revenues.
Europe is expected to be the second most lucrative region in the automotive LED light market, with sales expanding at a CAGR of 8.5% through 2022.
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Key players listed in the Fact.MR’s automotive LED light market report include
- OSRAM Licht AG
- HELLA KGaA Hueck & Co.
- Koito Manufacturing Co., Ltd.
- Stanley Electric Co. Ltd.
- Koninklijke Philips N.V.
- Valeo SA
- Imasen Electric Industrial Co., Ltd.
- Texas Instruments
- Nichia Corporation
- General Electric Company.
(Additional information, including cross-sectional data and country-wise analysis & forecast is available in the report)
Major factors impacting growth of the automotive LED light market include expansion of automobile industry, surging sales of lightweight vehicles across the globe, focus on energy efficiency, and soaring LED penetration.
This Fact.MR report discusses key prospects for growth of global automotive LED light market during the forecast period, 2017-2022, offering pragmatic insights to lead market players towards devising & implementing informed strategies.
The scope of the report is to analyze the global automotive LED lights market for the period 2017-2022 and give readers an accurate, unbiased analysis.
Automotive LED light manufacturers, suppliers, and stakeholders in the overall automotive market can benefit from the insights offered in this report. The comprehensive analysis offered in the report can also be of interest to leading automotive journals and trade magazines.
The report begins with a concise summary of the global automotive LED lights market. This executive summary sets the tone for the rest of the report, giving users the scope of the report.
The executive summary includes important facts and statistics on the global automotive LED lights market.
The next section is an overview of the global automotive LED lights market. This includes the introduction to the market and a standard definition of the product – automotive LED light.
In this section, year-over-year growth and market value is offered to readers. Year-over-year growth gives readers a broader picture on growth patterns during the forecast period.
The next section of the report offers a thorough description of the latest macroeconomic factors that have a bearing on the global automotive LED lights market.
Considering the interconnectedness of the automotive LED light market to global automotive market and, in general, the global economy, readers will get valuable insights on how international developments impact this market.
In a bid to keep readers up-to-date on the latest developments in the global automotive LED lights market, the report offers readers a roundup of the latest trends impacting the market.
As the automotive sector is ever-evolving, staying abreast with latest trends and developments is paramount to formulating key business strategies. Information on supply chain, cost structure, pricing analysis, raw material sourcing, and list of distributors are offered to readers in this section.
Considering the wide scope of global automotive LED light market, Fact.MR’s report offers a segment-wise analysis and forecast.
The global automotive LED light market is categorized into – application, sales channel, and region. In this section, the report renders an in-depth country-wise forecast on each parameter pertaining to automotive LED lights.
The concluding section of the report profiles companies operating in the global automotive LED lights market. Companies of all sizes, including market leaders, established players, and market entrants are profiled in this section. The competitive intelligence offers information on company overview and other important parameters, such as product offerings and key financials.
Fact.MR is committed to offer unbiased and independent market research solutions to its clients. Each market report of Fact.MR is compiled after months of exhaustive research.
We bank on a mix of tried-and-tested and innovative research methodologies to offer the most comprehensive and accurate information. Our main sources of research include,
- Primary research
- Secondary research
- Trade research
- Focused interviews
- Social media analysis
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