Pune, India — 02/02/2018 — The report “Automotive Led Lighting Market by Application (Exterior Lighting, and Interior Lighting), Vehicle Type (Passenger cars, LCV, Bus, and Others)”, the automotive LED lighting market is expected to reach USD 9.64 Billion by 2023 expanding at a CAGR of 18.2%. Factors driving the growth of this market include Evolution of new advanced lighting systems, increasing concerns about vehicle safety initiated by the government regulations include growth in the demand for automotive vehicles, and increase in automotive production.
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Exterior Lighting has dominated Automotive Led Lighting market in 2023
By Application, the automotive LED lighting market is classified into Exterior Lighting, Interior Lighting. The Exterior Lighting segment is expected to lead the global automotive LED lighting in 2018. The growth of this segment is attributed to revenue generated from sales of headlamps, rear lamps, fog lamps, and side lamps. Moreover, the demand for exterior LED lighting is expected to remain high over the next few years as vehicle manufacturers across all geographies are gradually focusing on safety standards and lowering costs.
Passenger cars segment has dominated the Automotive LED Lighting market in 2023
On the basis of Vehicle Type, the automotive LED lighting market is categorized into passenger cars, LCV, bus, and others. The passenger cars segment is estimated to account for the largest share of the global automotive LED lighting market during the forecast period. Key players use semiconductor technology to maximize advantage and offer emerging next-generation LED platforms to the customer, which ultimately upsurges cost efficiency.
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Asia-pacific is the largest Automotive LED Lighting market
Based on region, the automotive LED lighting market is segmented into Americas, Europe, Asia-Pacific, and ROW. Asia-Pacific is the largest automotive LED lighting market and it is driven by high growth from China and India. These markets are among the largest markets for automotive production. Moreover growing population, growing disposable income of the middle class, and changing consumer lifestyles is likely to augment the demand for automobiles over the next six years, as a result the demand for automotive LED lighting is likely to surge over the next 6 years.
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Companies profiled in the report
The report profiles some of the key companies in the automotive LED lighting market include Hella, Magneti Marelli S.P.A, Valeo, Koito Manufacturing Co. Ltd., Lumberg Holding, Stanley Electric, SG Automotive, Mercedes Benz, Koninklijke Philips N.V., and Osram Licht AG.
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