Automotive Led Lighting Market By Vehicle Type (Passenger Cars, Commercial Cars) By Sales Channel (OEM, Aftermarket) By Application (Exterior Lighting, Interior Lighting) and Region - Global Forecast to 2026
20 February 2018
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. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2026. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global automotive led lighting market report has been segmented on the basis of vehicle type, sales channel, application, and region.
Light emitting diode (LED) is a semiconductor that releases light energy when activated. LED lights, when compared to halogen or xenon lights, are more efficient, durable, power-efficient and ambient oriented lights. These are also environment friendly and emit less carbon dioxide. Traditionally, LED lights were used for backlights. However, owing to the above-mentioned advantages, these are used for headlights, indicators, and for interiors as well. LED lighting is considered an important part of modern automobiles, and have redefined aesthetics for passenger and commercial vehicles.
Global Automotive Led Lighting Market Dynamics:
Increasing growth in the automobiles industry has led to high demand for automotive LED lighting globally. Stringent government regulations regarding use of halogen and xenon lights in the recent past has fostered demand for LED lights. Advanced and innovative developments on LED lights over traditional halogen and xenon lights is key factor driving growth of the global automotive LED lighting market. Other factors fueling growth of the global automotive LED lighting market include rising sales of premium, luxury and mid-segment vehicles worldwide, increasing importance of energy-saving, changing preferences for ambient lighting, and high disposable income among consumers in developed and developing countries.
Despite high projected scope for growth of the global automotive LED lighting market due to various positive factors, certain restraining factors remain to consider. Key factors challenging growth of the global automotive LED lighting market include low sales of vehicles in some countries. In addition, high costs involved in LED research and development is hampering growth of the market. However, efforts by major manufacturers to differentiate their products in terms of design, cost-effectiveness, versatility, and new ambient LED techniques to strengthen their respective customer bases is expected to boost market growth.
Global Automotive Led Lighting Market Analysis:
Market analysis by vehicle type:
Among the two vehicle type segments, the passenger vehicle segment in the global automotive LED lighting market is estimated to account for major revenue share of over 60% in 2017, and is expected to continue its dominance over the forecast period. The commercial vehicle segment is expected to register moderate growth, owing to adoption of xenon lights from bus, trucks and other vehicles. In addition, cost-effectiveness of automotive LED lighting technology which enables wide scale of adoption is a key factor driving growth of the LED lighting in commercial vehicle segment.
Market analysis by sales channel:
Among the two sales channel type segments, the OEM segment in the global automotive LED lighting market is estimated to account for major share of over 70% in 2017 in terms of revenue, owing to increasing preference for pre-installed LED lighting, especially in developed countries.
Market analysis by application:
Among the application segments, exterior lighting and interior lighting, the exterior lighting segment is estimated to account for more than 80% in 2016 in the global market.
Market analysis by region:
Asia Pacific market is expected to account for major share of over 30% in 2017 in terms of revenue contribution to the global automotive LED lighting market, followed by Europe and North America respectively.
Increasing government initiatives, and overall low vehicle production cost, demand for energy efficient, bright light with higher durability LED lights is expected to support growth of the automotive LED lighting market in Asia Pacific.
Increasing preference for LED lighting among passenger-car owners in countries in this region, owing to product features such as less electricity and better visibility is expected to result in increasing demand for LED lighting in Asia Pacific. In addition, presence of prominent market players through partnership and acquisition in this region is expected to boost growth of the Asia Pacific automotive LED lighting market.
Technological advancements such as development of safety lighting features namely, adaptive headlights and taillights and matrix led systems, where a camera mounted behind rear-view mirror detects the headlights or tail-lights of the vehicles and relays this information to an electronic responsive control unit. Increasing integration of such lighting products into vehicle styling is providing great opportunities to manufacturers operating in this region, especially in the market in India.
Rising preference by pre-owned car owners for aftermarket solutions in Asia Pacific region and presence of prominent players such as Changzhou Xingyu Automotive Lighting System Co, Ltd., TYC Brother Industrial Co., Ltd., etc. is expected to boost growth of automotive LED lighting market in Asia Pacific.
Japan is the leading market, and contributes majority revenue share to the Asia Pacific automotive LED lighting market.
Europe market is expected to witness exponential rise in terms of growth and demand for automotive LED lights over the forecast period, owing to technological advancements and increasing adoption of LED lights in luxury cars. Increasing disposable income in developed countries and demand for advanced lighting systems by consumers using passenger and commercial vehicles and various product features such as DRL (Daytime running lamp) system and µAFS LED headlights are expected to drive growth of the automotive LED lighting market in this region.
Adoption of energy efficient lighting systems such as LED in passenger vehicles, coupled with increasing automotive production in countries such as UK, Germany, and Italy are some factors expected to support growth of the automotive LED lighting market in Europe. For instance, according to the IOMVM (International Organization of Motor Vehicle Manufacturers) in 2016, the production of vehicles in UK was increased by 8.05% as compared to previous year.
Global automotive LED lighting market segmentation by vehicle type:
- Passenger Cars
- Commercial Cars
Global automotive LED Lighting Market segmentation by sales channel:
Global automotive LED Lighting Market segmentation by application:
- Exterior Lighting
- Interior Lighting
Global automotive LED Lighting Market segmentation by region:
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
- 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.
- 1.0 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.2 Executive Summary
- 2.2.1 Market Snapshot, By Vehicle Type
- 2.2.2 Market Snapshot, By Sales Channel
- 2.2.3 Market Snapshot, By Application
- 2.2.4 Market Snapshot, By Region
- 2.2.5 Prudour Opportunity Map Analysis
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