Automotive LED Light Market
Automotive LED Light Market Analysis by Application (Headlamp, DRL, Sidelights, Turning Lights, CHMSL, Tail Light, Break Light), by Sales Channel (OEM, Aftermarket), by Region - Global Forecast 2022-2032
Global Automotive LED Light Market Outlook
The global automotive LED light market is estimated at USD 6.4 Billion in 2022 and is forecast to surpass USD 14.7 Billion by 2032, growing at a CAGR of 8.6% from 2022 to 2032.
Base Year Value (2021A)
USD 6.1 Billion
Estimated Year Value (2022E)
USD 6.4 Billion
Projected Year Value (2032F)
USD 14.7 Billion
Global Growth Rate (2022-2032)
Europe Market Share in 2021
Europe Growth Rate (2022-2032)
Collective Value Share (China, USA, Germany and India) 2021: Top 4 Countries
Top 5 Companies Market Share in 2021
Key Companies Profiled
The global automotive LED light market held around 17.1% share in the global automotive lighting market during 2021 which is projected to grow at a CAGR of around 6.2% during the assessment period of 2022-2032.
However, automotive LED light industry has witnessed significant growth in the last half-decade due to increased demand for luxury automotive vehicles consumption globally. The rising human population may drive the demand in the coming years.
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2017-2021 Global Automotive LED Light Market Outlook in Comparison to 2022-2032 Growth Forecast
The automotive LED light industry vale has witnessed a significant increase of nearly 5.6% CAGR during 2017 & 2021. The global automotive LED light market has created an absolute $ opportunity of around USD 1.4 Billion in the last half-decade. It is considered to offer an absolute $ opportunity of almost USD 3.5 Billion and USD 5.8 Billion amidst short-term (2022-27) and long-term (2022-2032) respectively.
Moreover, the North American automotive LED light market holds around 20% market share in the global automotive LED light market which is anticipated to fail in gaining 59 BPS with the growth of 7.9% CAGR. Besides, the United States automotive LED light market is the leading contributor in the regional market with more than one-third market share.
Moreover, the East Asian automotive LED light market holding second-largest or 1/4th market share in the global automotive LED light market in 2022. It is estimated to provide an absolute $ opportunity of around USD 1.8 Billion amid the forecast period.
Further, the Chinese automotive LED light market has acquired nearly 1/3rd market share in the East Asian market. It is projected to move ahead at a CAGR of 7.1% and generate an absolute $ opportunity during the assessment period.
In addition, South Asia & Oceania automotive LED light market has grown significantly in the half-decade. It has gained nearly 1/4th market share in the global automotive LED light market at a CAGR of 8.8%. Besides, South Asia & Oceania is projected to gain 291 BPS and generate an absolute $ opportunity of around USD 1.7 Billion during the forecast years.
As per segmental analysis, the applications of automotive LED light in Headlamp grew 1.4X in the last five years and it is anticipated to expand by 2.1X in forecast years. Moreover, the sidelights are likely to mount at 9.5% CAGR and offer an absolute $ opportunity of nearly USD 1.2 Billion during the forecast period.
Fact.MR projects the automotive LED light market is projected to note the growth of 8.6% CAGR throughout 2022 & 2032 in contrast to a CAGR of 5.6% with which it grew from 2017 to 2021.
What is Global Automotive Scenario?
The global sector is currently in a period of stabilization, with sustained sales sustaining growth for suppliers and OEMs. However, in an industry undergoing one of the most profound transformations, the future appears to be bleak. The auto industry has always been intensely competitive, with OEMs in the United States, Germany, and Japan relying on incremental updates to maintain their position.
Automotive LED Lighting to Showcase Lucrative Growth Opportunities in the Imminent Future
There have been numerous criticisms regarding inadequate visibility along the roads particularly in the nighttime when it becomes challenging to view other vehicles approaching from the distance. Nearly half of the fatal vehicle accidents take place at the night.
Further, LED lightings in automotive has facilitated the users to endure a safer motor journey providing significant visibility that can be derived from the automotive LED lighting in the headlights. The Automotive LED lighting market is anticipated to showcase robust growth over the forecast period owing to their better power efficiency and longer life cycles as compared to the conventional HID lights.
The shifting consumer base towards LED lights majorly influences the contemporary growth trends of the automotive LED lighting market due to the hard-hitting impact of LED lighting in the automotive. In addition, the synergies between advanced driver assistance systems and their growing popularity and penetration among the middle-class population along with burgeoning demand for LED lights in numerous automotive applications is driving the automotive LED lighting market.
This study assesses trends, promoting the growth of each market sector on a global scale, and provides inherent takeaways that will be extremely beneficial to other potential market participants in the automotive LED lighting market.
Organic LEDs to Establish Their Dominance in Automotive LED Lighting Market in the Upcoming Years
The automotive LED lighting market is anticipated to grow significantly due to the increasing utilization of LEDs in the vehicle ranging from energy-efficient solutions to creative and fancy installations. An enormous potential has been observed in the market for automotive LED lighting which is most likely to expand its horizons with the introduction of new technologies such as OLEDs (organic LEDs).
Organic LEDs produce homogeneous light gravelling a new pathway for market growth. Moreover, the penetration of LED lighting into the interior automotive lights segments such as indicator lights in the car body, backlighting LED displays, etc. provide ample opportunities for the product in the global market.
An Adaptive Approach to Modern-day Research Needs
What is the North American Automotive LED Light Market Scenario?
The North American automotive LED light market covers country-level analysis for the U.S. and Canada. The U.S automotive LED light market is expected to grow significantly along the forecast period wherein the interior automotive LED lighting segment is dominant in terms of volume whereas the exterior automotive LED lighting segment is dominant in terms of value over the forecast period.
North America is the 4th largest market shareholder which has generated tremendous growth opportunities with the growth of 6.5% CAGR in the last half-decade. It is likely to grow at the CAGR of 7.6% and offer absolute dollar opportunities of nearly USD 1.6 Billion by the end of 2032.
Which Region holds for More Higher Demand for automotive LED light?
The Asia Pacific markets have been bifurcated into two key markets such as East Asian LED light market and South Asia & Oceania LED light market. South Asia and Oceania automotive LED light market is the most lucrative market from the growth as well as profit perception. India has captured more than 1/3rd market share of the regional market and is likely to grow at the CAGR of 9.3% and generate substantial absolute dollar opportunity.
Which Application of Automotive LED Light is expected to be the significant Contributor through the Assessment Period?
Two leading segments of the global automotive LED light market i.e. Headlamp and Break Light which collectively holds for over 40% of the market share in terms of value, is likely to imitate steady CAGR of 10.3% and 9.5% respectively throughout the forecast period and continue its dominance in application segment for automotive LED light.
A positive attitude for all the segments is projected in the global automotive LED light market, generating a healthy market environment for investments, due to obstinately rising penetration of automotive LED light among potential end-use industries.
Which Sales Channel Industry is poised to Show lucrative Growth in Automotive LED Light Market?
The automotive OEMs are comprehensively embracing automotive LED lighting in recent days. The automotive manufacturers are primarily focused upon the comfort as well as the safety of the consumer fueling the demand for the global automotive LED lighting market in the imminent future. The emergence of electric vehicles as an automotive revolution, majorly equipped with high quality LED lighting systems is one of the factors driving the market.
Further, aftermarket sales channel is projected to grow at 8.2% CAGR during the forecast period. This is estimated to lose 52 BPS amid 2022 & 2032.
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Competitive Landscape: Top Companies in Automotive LED Light Market
The market composition for automotive LED light includes majorly international players like Koninklijke Philips N.V. and General Electric Company. These players aree keeping their dominance in the market.
The spread of LEDs in the general lighting sector has ushered in a new era of severe competition, shrinking net profitability, increasingly homogeneous goods, and business models. The industry's innovation has stalled. To deal with such market constraints, several companies have shifted their focus to specialist lighting sectors, such as automotive lighting, which has a higher entry barrier and higher earnings.
Fact.MR has provided detailed information about price points of top manufacturers of automotive LED light market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
For instance: On 1st October 2021, General Electric Company has partnered with True Value. True Value is the only hardware channel distributor of GE.
Global Automotive LED Light Market Segments
By Application, Global Automotive LED Light Market is segmented as:
- Turning Lights
- Tail Light
- Break Light
- Interior Illumination Light
- Interior Indication Light
By Sales Channel, Global Automotive LED Light Market is segmented as:
By Region, Global Automotive LED Light Market is segmented as:
- North America
- Latin America
- East Asia
- South Asia & Oceania
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