Portland, OR, July 25, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global automotive LED lighting market garnered $16.0 billion in 2021, and is estimated to generate $32.2 billion by 2031, manifesting a CAGR of 7.4% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Car LED Lighting Market Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $16.0 billion |
| Market Size in 2031 | $32.2 billion |
| CAGR | 7.4% |
| No. of Pages in Report | 362 |
| Segments covered | Position, sales channel, vehicle type, propulsion type, and region. |
| Drivers | Growth in emphasis toward road safety Increase in demand for advanced technology in vehicle, Surge in implementation of electronic systems in vehicle |
| Opportunities | Rise in implementation of government regulations Increase in demand for electric vehicles |
| Restraints | High cost of LED lights |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global automotive LED lighting market, owing to implementation of global lockdown and ban on import–export of essential raw material items for most of 2020, and few months in 2021.
- Global reduction in automotive sales and decrease in utilization of automotive, owing to lockdowns and restrictions, hampered the market growth.
- Automotive LED lightings need to be replaced after a specific period of their operating life cycle and travel restrictions impacted demand for the replacement of automotive LED lightings.
- However, the automotive intelligent lighting system market has a huge scope of growing in the post-pandemic, due to factors such as the rising demand in autonomous and semi-autonomous vehicles, technological advancement in automotive lighting, and growing demand for automobile safety features from consumer-end.
The research provides detailed segmentation of the global automotive LED lighting market based on position, sales channel, vehicle type, propulsion type, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on position, the rear segment held the highest share in 2021, accounting for nearly one-third of the global automotive LED lighting market, and is expected to continue its leadership status during the forecast period. However, the side segment is expected to register the highest CAGR of 8.6% from 2022 to 2031.
Based on propulsion type, the ICE segment accounted for the highest share in 2021, contributing to more than four-fifths of the global automotive LED lighting market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the electric segment is expected to manifest the highest CAGR of 12.0% from 2022 to 2031.
Based on sales channel, the OEM segment accounted for the highest share in 2021, holding more than 90% of the global automotive LED lighting market, and is expected to continue its leadership status during the forecast period. However, the aftermarket segment is estimated to grow at the highest CAGR of 14.4% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to nearly half of the global automotive LED lighting market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the LAMEA region is expected to manifest the fastest CAGR of 9.5% during the forecast period. The research also analyzes regions including North America and Europe.
Leading market players of the global automotive LED lighting market analyzed in the research include APTIV, Denso Corporation, Federal-Mogul Corporation (Tenneco Inc.), Grupo Antolin, HELLA GmbH & Co. KGaA, Hyundai Mobis, Koito Manufacturing Co., Ltd., Koninklijke Philips N.V., Marelli Holdings Co., Ltd., NXP Semiconductors, Osram GmbH, Robert Bosch GmbH, Stanley Electric Co., Ltd., Valeo, and ZKW.
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The report provides a detailed analysis of these key players of the global automotive LED lighting market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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