Automotive Led Lighting Market To Sustain A Significant 10.5% CAGR By 2026

New York City, NY: Sept 12, 2019 – Published via (Wired Release) – Light-emitting diode (LED) is a semiconductor based lighting technology. Automotive LED lightings are used in interiors or exteriors of modern vehicles for signaling, lighting, and to enhance aesthetic appeal of the vehicle. Low power consumption, environment friendly, and longer lifespan are some advantages of LED lightings.

The first five-year (2017–2021) cumulative revenue is projected to be US$ 22.3 Bn, and is expected to increase significantly to US$ 36.7 Bn, over the latter part of the five-year forecast period (2022-2026). The global automotive LED lighting market is estimated to value US$ 3.3 Bn in 2016 and is projected to register a CAGR of 10.5% in terms of value during the forecast period 2017–2026.

Increasing importance for road safety and rising demand for energy-efficient lighting solutions for automobiles are major factors driving growth of the global automotive LED lighting market. In addition, increasing sales of luxury cars and premium vehicles is another factor driving growth of the target market.

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Global Automotive LED Lighting Market: Market Forecast

The comprehensive research report comprises a complete forecast of the global automotive LED lighting market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global automotive LED lighting market is expected to expand at a CAGR of 10.5% during the forecast period.

Global Automotive LED Lighting Market: Segmental Snapshot

The market report has been segmented on the basis of application, sales channel, vehicle type, and region. The application segment includes exterior and interior. Sales channel segment includes original equipment manufacturer (OEM) and aftermarket. Vehicle type segment includes passenger vehicles and commercial vehicles. The regions covered in the market analysis are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

By application: The exterior segment is estimated to register a CAGR of over 10%, thereby accounting for highest revenue share among the application segments, over the forecast period.

By sales channel: The original equipment manufacturer (OEM) segment is estimated to account for highest revenue share among the sales channel segments, and is expected to register a CAGR of over 10% over the forecast period.

By vehicle type: The passenger cars segment is estimated to account for highest revenue share among the vehicle type segments, and is expected to register highest CAGR during next 10 years.

By region: The market in Asia Pacific accounted for highest revenue share in the global automotive LED lighting market in 2016, and is expected to record highest CAGR between 2017 and 2026.

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Global Automotive LED Lighting Market: Competitive Analysis

The research report on the global automotive LED lighting market includes profiles of major companies such as HELLA GmbH & Co. KGaA, Magneti Marelli S.p.A., Valeo SA., Koito Manufacturing Co. Ltd., Lumberg Holding GmbH & Co. KG, Stanley Electric Co., Ltd., Philips Lighting NV, Osram Licht AG, Toyoda Gosei Co., Ltd., and Neolite ZKW Lightings Pvt. Ltd.

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