While aesthetic appeal and flexibility of design remain the most conspicuous advantages automotive exterior LED lighting renders, improved safety and enhanced energy efficiency are expected to predominantly dictate adoption of automotive exterior LED lighting in the near future.
Moreover, the growth outlook of global automotive exterior LED lighting market is foreseen to gain a major boost through the next few years, from the recent cut down of LED prices.
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According to a new research report released by Fact.MR, the global automotive exterior LED lighting market is likely to observe sluggish growth over the next five-year assessment period, possibly approaching the valuation of US$ 1.2 Bn by 2024 end.
“The key players in automotive exterior LED lighting market will maintain the research spotlight on input voltage, temperature, and vibration, as these parameters dictate the tests and standards. Passive expansion of automotive exterior LED lighting market will prominently be the result of the complexity to meet stringent safety regulations established by government authorities,” says the expert research analyst, Fact.MR.
Besides growing expansion of the application base of automotive exterior LED lighting beyond headlamps, increasing necessity for complete replacement of conventional incandescent lighting is anticipated to drive adoption of automotive exterior LED lighting at a global level.
Superior endurance and energy efficiency of automotive exterior LED lighting over traditional xenon or halogen lighting systems will enable the former to maintain an edge in years to come.
Osram has been an active innovator in the automotive exterior LED lighting space; the recent premium Retrofits range by Osram includes rear indicator lights, front and back indicator lights, parking and marker lights, brake lights, tail light, number plate lights – traversing white, red, and amber colored LED lamps.
Front light, estimated for the revenue of over US$ 200 Mn by 2024 end, is presumed to maintain the lead over other product types throughout the forecast period. Losing a significant value share from almost one-fifth of the total market revenue share registered in 2017, front light is likely to see a declining scenario towards the end of projection period.
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Parking lights are however projected climb up slightly in terms of market value share in the automotive exterior LED lighting market, reaching nearly US$ 140 Mn by 2024 end.
Among the various vehicle type categories in the global automotive exterior LED lighting market, compact passenger cars are poised to reach the valuation in excess of US$ 300 Mn by 2024 end, and Europe will remain the largest market generating demand for automotive exterior LED lighting for installation in compact passenger cars.
Though projected for a sluggish CAGR over 2017-2022, Europe’s automotive exterior LED lighting market is slated to remain dominant over other regional markets for automotive exterior LED lighting. Poor growth of European market is attributed to volatile economic conditions that have been impacting industries across the continent in recent years.
Developing economies in Asian rim are most likely to uplift the prospects for automotive exterior LED lighting, attributed to affordable prices and increasing purchasing power of consumers.
With more than 3% CAGR slated for the five-year assessment period, OEMs in the automotive exterior LED lighting market are expected to reach around US$ 500 Mn by 2024 end.
While OEMs recorded a value share of over one-third in the total global automotive exterior LED lighting market in 2017, it is likely that they will exhibit higher attractiveness during the course of examination owing to visibly growing collaborative activities in the automotive exterior LED lighting market landscape.
As indicated by the global automotive exterior LED lighting market report, revenue sales of automotive exterior LED lighting systems through aftermarket will witness a decline over the course of assessment.
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While Fact.MR’s global automotive exterior LED lighting market report offers in-depth analysis of strategic profiles of the most significant competitors in automotive exterior LED lighting market, some of the key players include Osram Licht AG, Hella KGaA Hueck & Co., Koito Manufacturing Co., Ltd., and Magneti Marelli S.p.A.
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