Automotive LED Lighting Industry Planning, Innovation to See Modest Growth Through 2023


Posted February 4, 2020 by Millerpeet

Automotive LED Lighting Market, By Position (Front, Rear, Side, Interior), By Vehicle Type (Passenger Car), By Adaptive Lighting - Forecast 2022.

 
The amplifying use of automobiles in commercial and personal uses is expected to create a favorable impetus for the automotive LED lights. Market reports associated to the automobile industry have been offered by Market Research Future which produces reports on other industry verticals that intend to study the current market scenarios better. The market is predicted to achieve 9% CAGR growth while accumulating levels worth USD 20 billion by the conclusion of the forecast period.

The cost advantages offered by incorporating LED lighting in automobiles is increasing the adoption rates positively. The long life in terms of its usage is expected to motivate the progress of the market in the future. Moreover, factors such as less power consumed by LEDs, instant switch on and off along with their environmentally friendly features are expected to boost the automotive LED lighting market encouragingly.

Segmental Analysis

The segmentation analysis of the automotive LED lighting industry is segmented on the basis of position, vehicle type, adaptive lighting, and region. Based on the position, the automotive LED lighting market is segmented into rear, front, side, and interior. Based on vehicle type, the automotive LED lighting market is segmented into light commercial vehicle (LCV), passenger car, heavy commercial vehicle (HCV). Based on adaptive lighting, the automotive LED lighting market segments comprise of rear adaptive lighting, front adaptive lighting, and ambient adaptive lighting. The regions included in the automotive LED lighting market are the Asia Pacific, the Americas, Europe and the rest of the world.

Detailed Regional Analysis

The regional based evaluation of the automotive LED Lighting market comprises of regions such as the Asia Pacific, the Americas, Europe and the rest of the world. The Asia Pacific region is the leading region in the market due to the rapidly mounting automotive industry in developing countries such as South Korea, China, and India that are expected to display significant development in the automotive LED lighting market. The European and North American region are predicted to control the LED lighting market in terms of the demand generated. The growing automotive production coupled with the adoption of energy efficient lighting source such as LEDs is directing the development of the automotive lighting industry in the European region. Besides, governments are enforcing regulations related to proper visibility from cars to ensure on-road safety is anticipated to drive the LED market in the region.

Competitive Analysis

The competitive viewpoint for the market is expected to expand considerably in the approaching period. The market contestants find themselves in a favorable place with the ability to deal with the speed of change. The perceived tendency for the market’s advance has enhanced following the improved approachability to encouraging aspects of the market. The advances in the market are expected to be encouraged by the escalation in investments and product developments. The chances for growth in the market are demonstrating ample area for progress in the forecast period. The competitors are avidly tackling the challenges to development and are making strategies that can lead to an advantageous overall effect on the market's growth. The market pros are making efforts to establish strong value chains that can bring in amplified profits.

The important competitors functioning in the automotive LED lighting market are Magneti Marelli S.P.A (Italy), Tata Motors Limited (India), Zizala Osram Licht AG (Germany), Koito Manufacturing Co.Ltd (Japan), Mercedes-Benz (Germany), Stanley Electric Co.Ltd (Japan),Koninklijke Philips N.V. (Netherlands), Toyota Motor Corporation (Japan), Hyundai Group (South Korea), Lichtsysteme Gmbh (Austria) among others.

Industry Updates:

March 2019 Eaton Corp. plc is planning to spin off its lighting business into a self-regulating, publicly traded company and trade off its automotive fluid conveyance business by the end of 2019. The business, which manufactures LED lighting and controls, has yearly sales of approximately $1.7 billion. Eaton stated in the announcement that it plans to conclude the spinoff by the end of 2019. The lighting business would have its U.S. offices in Atlanta and would have roughly around 5,000 employees worldwide.
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Tags automotive led lighting
Last Updated February 4, 2020