The automotive LED lighting market 2020 is expected to earn higher revenues. The use of LEDs in the automotive industry is expected to increase substantially. This, the market is anticipated to witness an upswing in terms of revenue growth. In a report circulated by Market Research Future MRFR, the global automotive LED lighting market is anticipated to strike 9% CAGR across the assessment period 2016 to 2022. The size of the market for automotive LED lighting is projected to reach USD 20 Bn mark by the close of 2022.
LED lighting has come a very long way in the penetration of the automotive industry. It has gained popularity owing to its effectiveness in low visibility situations. Governments are promoting the adoption of these lights in automobiles through implementation of safety regulations. It is presumed to boost growth rate of the automotive LED lighting market in the upcoming years. Rising road accidents are further prompting growth of the market. This trend is presumed to perpetuate in the years to come, thus, facilitating the expansion of the automotive LED lighting market.
LED lights are well-known for their low emissions. It facilitates in minimizing wastage, thus, reducing emissions. It is another factor prognosticated to support the proliferation of the automotive LED lighting market in the upcoming years. In addition, the power consumption requirement of these lights is relatively lower, which is presumed to expand the market in the coming years. Automakers are focusing on the enhancement of passenger experience. It is likely to boost demand for ambient lighting in the near future. This is supposed to further generate demand across automotive LED lighting market. However, high cost can restrict market growth in the upcoming years.
Based on position, the automotive LED lighting market has been segmented into front, rear, side, and interior.
Based on vehicle type, the automotive LED lighting market has been segmented into passenger car, light commercial vehicle (LCV), and heavy commercial vehicle (HCV).
Based on adaptive lighting, the automotive LED lighting market has been segmented into front adaptive lighting, ambient adaptive lighting, and rear adaptive lighting.
The geographical analysis of the global automotive LED lighting market is included in this report for offering detailed information. Regional segments covered for the purpose are - Americas, Asia Pacific, Europe, and the Rest of the World (RoW). These segments are narrowed down for further assessed based on countries. APAC resonates potential due to the rapid growth rate of the automotive industry in the region. Increasing sales of automobiles are prognosticated to catapult the automotive LED lighting market on upward trajectory. Europe is also likely to augment rapidly due to the the presence of major automakers in the region. The region has a highly developed industry which is anticipated to lead market proliferation in the upcoming years. North America is supposed to witness rising demand for automobiles. Increasing sales of high end cars in the region is projected to catalyze expansion of the automotive LED lighting market.
Semtech Corporation (U.S.), NWave Technologies (London), LORIOT (Switzerland), SIGFOX (France), Cisco Systems (U.S.), WAVIoT (U.S.), Actility (France), Senet, Inc. (U.S.), Weightless SIG (U.K),AT&T Inc. (Germany), Ingenu (U.S.), Huawei Technologies Co. Ltd. (China), Link Labs Inc. (U.S.), Telefonica SA (Spain), Qualcomm Inc. (U.S.), and Vodafone Group Plc. (U.K) are few of the players of the automotive LED lighting market. These players are investing in innovations to offer aesthetic appeal to automobiles. It is anticipated to intensify competition and elevate market value in the upcoming years. Growth strategies expected to be witnessed include, but are not limited to, collaborations, mergers and acquisitions, agreements, partnerships, and strategic alliances.