Dublin, May 18, 2023 (GLOBE NEWSWIRE) -- The "Automotive LED Lighting Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global automotive LED lighting market is expected to grow from $17.59 billion in 2022 to $18.85 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The automotive LED lighting market is expected to reach $24.29 billion in 2027 at a CAGR of 6.5%.
The increase in global traffic accidents is expected to propel the growth of the automotive LED lighting market going forward. Traffic accidents refer to any injury caused by a crash of a vehicle partially or entirely on a public road and are a leading cause of death among people. Automotive LED lighting is used to prevent road accidents by increasing the vehicle's visibility on the road, making it easier for others to spot and avoiding the head-on collisions that occur due to poor visibility.
For instance, in January 2023, according to the Centers for Disease Control and Prevention(CDC) report, a US-based national public health agency, each year around 1.35 million people dies on roadways around the world. Moreover, every day almost 3,700 people are killed globally in crashes involving unsafe vehicles such as non-LED lighting vehicles. Further, the U.S. death rate due to accidents or vehicle crashes was 2.3 times higher than the average rate for 28 other high-income countries which increased in 2020 and 2021. Therefore, an increase in global traffic accidents is driving the growth of the automotive LED lighting market.
Product innovations are a key trend gaining popularity in the automotive LED lighting markets. Major companies operating in the automotive LED lighting market are introducing innovative products to sustain their position in the market. For instance, in October 2022, Hyundai mobies a South Korean-based automotive supplier company launched 'Lighting grille' technology which makes use of LED lighting. This provides a moving grille that features active flaps for better aerodynamics or engine cooling. This includes unique features such as auto-driving modeand it can display various scenarios, such as autonomous driving mode, EV charging mode, welcome lightand emergency warning light, compared to other technological products.
In September 2021, Toyota Motor Corporation, a Japan-based multinational automotive manufacturing company acquired Renovo Motors Inc., for an undisclosed amount. Through this acquisition, Toyota Motor Corporation aims to transform worldwide mobility and bring together world-class talent and expertise in automated driving technology, next-generation mappingand vehicle operating systems. Renovo Motors Inc. is a US-based company that operates an automotive technology platform.
North America was the largest region in the automotive LED lighting market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the automotive LED lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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Description:
Where is the largest and fastest growing market for automotive led lighting? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive led lighting market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
1) By Propulsion Type: Internal Combustion Engine (ICE); Electric; Other Propulsion Types
2) By Vehicle Type: Passenger Car; Light Commercial Vehicle (LCV); Bus; Other Vehicle Types
3) By Sales Channel: Original Equipment Manufacturer (OEM); Aftermarket
4) By Application: Exterior Lighting; Interior Lighting
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $18.85 billion |
| Forecasted Market Value (USD) by 2027 | $24.29 billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Automotive LED Lighting Market Characteristics
3. Automotive LED Lighting Market Trends And Strategies
4. Automotive LED Lighting Market - Macro Economic Scenario
5. Automotive LED Lighting Market Size And Growth
6. Automotive LED Lighting Market Segmentation
7. Automotive LED Lighting Market Regional And Country Analysis
7.1. Global Automotive LED Lighting Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Automotive LED Lighting Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
A selection of companies mentioned in this report includes
- Hyundai Mobis
- Hella KGaA Hueck & Co.
- Koito Manufacturing Co Ltd.
- Marelli Holdings Co. Ltd.
- Osram Licht AG
- Stanley Electric Co. Ltd.
- Valeo
- ZKW Group
- Magneti Marelli S.p.A
- Mercedes-Benz
- Samsung Electronics Co. Ltd.
- Toyota Motor Corporation
- Changzhou Xingyu Automotive Lighting System Co Ltd.
- Everlight Electronics Co. Ltd.
- LG Electronics Inc.
- Nichia Corporation
- Seoul Semiconductor Co Ltd.
- SL Corporation
For more information about this report visit https://www.researchandmarkets.com/r/oo9dfh
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