This industry research report includes a detailed segmentation of the global automotive LED lighting market by application type (interior lighting and exterior lighting). It also outlines the market shares for key regions such as the APAC, EMEA, and the Americas. The leading vendors analyzed in this report are Hella, Koito, Magneti Marelli, and Valeo.
Technavio’s market research analysts estimate the global automotive LED lighting market to grow at a CAGR of 18% between 2016 and 2020. The introduction of innovative technologies to bolster safety and performance along with declining component prices will augment the sales of automotive LED lighting products during the forecast period. APAC dominates the global market for automotive LED lighting, accounting for 45% of the overall market share. Factors like the presence of growing economies, rising population, rising disposable income of the middle class, and changing consumer lifestyles, can be attributed to the growing demand for automotive LEDs in the region.
The new market research report from Technavio provides a breakdown and analysis of the automotive LED lighting segments by technology.
“Of late, the automotive LED lighting market is witnessing growing importance of lighting in vehicle design. The use of lighting in automobiles will play a critical role in the decision-making process for end-users. Since the LED lights used in automobiles are similar in terms of product design, many car manufacturers are seeking ways to differentiate their products by developing innovative energy-saving and ambient lighting techniques. The advent of such technologies will boost the market for premium vehicles during the estimated period,” says Siddarth Jaiswal, Lead Analyst, Automotive, Technavio Research
Technavio’s market research analysts have estimated the exterior lighting segment to be the largest market segment during the forecast period. Much of this segment’s growth can be attributed to the revenue generated from the sale of car accessories like headlamps, rear lamps, fog lamps, and side lamps. Furthermore, the manufacturers’ the growing focus on safety norms and lowering costs will aid in the growth of this market segment during the predicted period.
The key vendors in the global automotive LED lighting market include Hella, Koito, Magneti Marelli, and Valeo. This market is highly fragmented with the presence of many global and regional vendors. The market is highly dependent on automobile sales and is driven by the increase in automotive production. The market has seen constant innovations and development of new products, which has resulted in intense competition among the automotive lighting manufacturers.
A more detailed analysis is available in the Technavio report, Global Automotive LED Lighting Market 2016-2020.
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