New York, US, May 11, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Automotive LED lighting market Research Report Information by Adaptive Lighting, Region, Vehicle Type, and Position - Forecast Till 2030", the global Automotive LED lighting market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 5.40%. The reports further predict the market will acquire nearly USD 27,030 Million by the end of 2030.
Automotive LED lighting Market Overview:
LED refers to a device converting electrical energy into light. Cantered on the needs, LEDs come in a large range of patterns, colors, and sizes. The regular LED is cylindrical. Several global producers deploy LED illumination in headlamps as it offers energy-efficient light sources and a longer life cycle. The global Automotive LED lighting industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the low cost of the LED and its efficient working of it. LEDs are small, solid light bulbs that are highly energy efficient and long-lasting.
Competitive Analysis
The list of leading players across the global market for automotive LED lighting includes companies such as:
- Zizala Lichtsysteme Gmbh (Austria)
- Osram Licht AG (Germany)
- Tata Motors Limited (India)
- Magneti Marelli S.P. A (Italy)
- Toyota Motor Corporation (Japan)
- Koito Manufacturing Co.Ltd (Japan)
- Mercedes-Benz (Germany)
- Hyundai Group (South Korea)
- Koninklijke Philips N.V. (Netherlands)
- Stanley Electric Co.Ltd (Japan)
- Among others.
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The long life of LED lamps was primarily attractive; on the other hand, high cost and low brightness meant that they were usually limited to use in dashboards. In addition, the technological development in vehicles and the growing consumption of these are also projected to impact the market performance over the coming years positively.
Automotive LED Lighting Market USP Covered
Market Drivers
The global Automotive LED lighting industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the low cost of the LED and its efficient working of it. LEDs are small, solid light bulbs that are highly energy efficient and long-lasting. The long life of LED lamps was primarily attractive. On the other hand, high cost and low brightness meant they were usually limited to dashboards.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
Automotive LED Lighting Market Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2030: USD 27,030 Million 2032: Significant Value |
| CAGR during 2023-2032 | 5.40% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, By End Market, By Application, By Vehicle type |
| Key Market Opportunities | Automated LED lighting |
| Key Market Dynamics | Low cost of the LED Efficient working of it |
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COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Automotive LED lighting market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Automotive LED Lighting Market Segment Analysis
Among all the technologies, the halogen segment is anticipated to secure the top position across the global market for automotive LED lighting over the coming years. Low purchasing & replacement costs, along with easy availability, are considered the primary parameters supporting the development of the segment. They are available in various dimensions and are cost-effective and easy to substitute. On the other hand, excessive heat loss while light radiation has raised awareness for energy efficiency, causing the lowered usage of halogen.
Among all the application areas, the headlamps segment is anticipated to secure the leading position across the global market for automotive LED lighting over the coming years. These also include DSL/fog lights. Dynamic growth and developments have transformed the headlamps segment. The growing use of LEDs in headlamps compared with xenon and halogen is also considered one of the crucial parameters supporting the development of the segment across the globe. Adaptive headlights are an active safety feature developed to enhance the drivers' visibility in low light conditions.
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Automotive LED Lighting Market Regional Analysis
The global Automotive LED lighting market is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the Asia-Pacific region is anticipated to ensure the top position across the global Automotive LED lighting market over the assessment period. The rapidly growing automotive industry in emerging economies such as South Korea, China, and India is considered the primary parameter supporting the performance of the regional market. Moreover, the rapid growth in the urban population across the region is also anticipated to enhance the performance of the regional market over the review timeframe.
The European regional market for Automotive LED lighting is anticipated to showcase substantial development over the coming years. The vital parameter supporting the development of the regional market is the rapidly growing automotive sector across the region. Furthermore, the governments across the region are enforcing lesser CO2 emissions from the vehicles, which in turn is also projected to influence the development of the regional market over the review timeframe.
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The North American regional market for Automotive LED lighting is predicted to display considerable development over the review timeframe. The rapidly growing automotive production is considered the main parameter supporting regional market development. Furthermore, the adoption of energy-efficient lighting sources such as LED is another crucial parameter backing the performance of the regional market.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
