The report offers actionable and valuable insights on the Automotive LED Light market. The latest report by Fact.MR provides details on the present scenario of the Automotive LED Light market across various regions along with the historic data and forecast of the Automotive LED Light market. The report also includes information on the sales and demand of Automotive LED Light across various industries and regions. Market dynamics including latest trends, challenges, growth opportunities, and drivers for is also provided in the Automotive LED Light market report.
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Fact.MR, in its new research report, projects the global market for automotive LED lights to exhibit an impressive expansion over the forecast period 2017-2022. Revenues from the global automotive LED light market are expected to exceed US$ 6,000 Mn by the end of 2024.
Traditionally utilized as back lights in vehicles, automotive LED lights are now being adopted for headlights, replacing xenon light, and halogen light. This is mainly attributed to their properties such as better lighting system, and higher power efficiency. LED lighting systems are gaining higher preference in vehicles, with their rising popularity among car owners across the globe.
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Automobile manufacturers are shifting their concentration towards provision of safety and comfort to customers, coupled with rising production of hybrid as well as electric vehicles integrated with high-quality LED lights. In order to effectively differentiate themselves in the global market, and gain a competitive edge, leading players are focusing on developing innovative systems with cost-effective solutions.
Extension of LEDs in automotive lighting systems is expected to have a higher potential, with improvements in LED modules, and advent of new technologies, for example – organic LEDs (OLEDs) producing homogenous light. One of the predominant market players, Osram has recently announced its new flexible OLED for automotive lighting systems. The aforementioned factors might fuel expansion of the global automotive LED light market.
Other factors propelling growth of the market include stringent policies and regulations imposed by the governments regarding utilization of halogen and xenon lights, rising emphasis on energy efficiency, surging sales of lightweight vehicles, and expansion of the automotive industry. In contrast, high prices of LED lights will continue to be a major restraining factor for growth of the market. High cost of LED lights currently affects their sales in the aftermarket, particularly across the developing countries such as South Africa, India, and China.
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7 Key Estimations on Future of Global Automotive LED Light Market
- In terms of revenues, aftermarket will continue to be the most lucrative sales channel in the global market, with sales poised to account for more than three-fourth share of the market during 2017 to 2024.
- Sales of automotive LED lights in OEM will register a comparatively faster expansion than that in the aftermarket through 2024.
- Asia-Pacific excluding Japan (APEJ) is expected to retain its dominance in the market, and revenues from the market in this region will account for over one-third market share during the forecast period.
- Europe is anticipated to remain the second most lucrative region for growth of the automotive LED light market, and poised to expand at 8.5% CAGR through 2024.
- Headlamps are expected to be the most attractive application segment of automotive LED lights. Revenues from sales of automotive LED lights for headlamps will surpass US$ 1,000 Mn by 2024-end.
- Automotive LED light sales for application in sidelights, and brake lights are estimated to exhibit a similar CAGR through 2024.
- Key players participating in the market include General Electric Company, Nichia Corporation, Texas Instruments, Imasen Electric Industrial Co., Ltd., Valeo SA, Koninklijke Philips N.V., Stanley Electric Co., Ltd., Koito Manufacturing Co., Ltd., HELLA KGaA Hueck & Co., and OSRAM Licht AG.
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The Automotive LED Light Market research answers important questions, including the following:
- Why Automotive LED Light Market players are focusing on the business expansion in region?
- Which regulatory authorities have granted approval to the application of Automotive LED Light Market
- What are the pros and cons of the Automotive LED Light Market the environment?
- Why players are targeting the production of segment?
- What are the strategies implemented by emerging players in the global Automotive LED Light Market?
The Automotive LED Light Market report serves the readers with the following data:
- In-depth analysis of supply-side and demand-side trends.
- Direct and indirect impacts of the growth of relevant markets on the Automotive LED Light
- Importance of segment in various regions.
- Accurate Y-o-Y growth of the global Automotive LED Light
- Consumption trends among individuals across the globe.
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