Light emitting diode (LED) is a semiconductor that releases light energy when activated. LED lights, when compared to halogen or xenon lights, are more efficient, durable, power-efficient and ambient oriented lights. These are also environment friendly and emit less carbon dioxide.
Global Automotive Led Lighting Market Dynamics:
Increasing growth in the automobiles industry has led to high demand for automotive LED lighting globally. Stringent government regulations regarding use of halogen and xenon lights in the recent past has fostered demand for LED lights. Advanced and innovative developments on LED lights over traditional halogen and xenon lights is key factor driving growth of the global Automotive Led Lighting Market. Other factors fueling growth of the global automotive LED lighting market include rising sales of premium, luxury and mid-segment vehicles worldwide, increasing importance of energy-saving, changing preferences for ambient lighting, and high disposable income among consumers in developed and developing countries.
Among the application type segments, the exterior segment is expected to account for largest revenue share of US$ 3,215.4 Mn in 2017, and is expected to continue its dominance during the forecast period. The interior segment is expected to register a lucrative CAGR in next ten years.
Among the car type segments, the passenger cars segment is expected to account for largest revenue share US$ 2,525.6 Mn in 2017, and is expected to continue its dominance during the forecast period, while the commercial cars segment is expected to register a lucrative CAGR in next ten years.
Japan is the leading market, and contributes majority revenue share to the Asia Pacific automotive LED lighting market.
The automotive LED lighting market in Asia Pacific is estimated to account for major revenue share of US$ 1,224.6 Mn in 2017, and is expected to register a lucrative CAGR in next ten years, owing to growing automotive production and presence of prominent players in countries in the region. The Europe market is expected to register second-highest CAGR during the forecast period.
Key Players operating in the global automotive LED lighting market include HELLA GmbH & Co. KGaA, Magneti Marelli S.p.A., Valeo SA., Koito Manufacturing Co. Ltd., Lumberg Holding GmbH & Co. KG, Stanley Electric Co., Ltd., Philips Lighting NV, Osram Licht AG, Toyoda Gosei Co., Ltd., and Neolite ZKW Lightings Pvt. Ltd.
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