The global automotive LED lighting market report says performance, product design, and on-road safety conferred by lighting system in vehicles play a significant role in boosting the sales of vehicles. Automakers in the automotive lighting industry are increasingly focusing on technological innovations to expand their customer base. Also, consumers prefer high performance energy-saving LED lightings to comply with power consumption norms.
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Laser and OLED lights are the most advanced lighting technology that is used in automobiles. However, due to their high costs, these are limited to luxury cars. As these technologies are still nascent, their adoption may increase in all types of cars in the forecast period, as vendors introduce low-cost OLEDs and lasers in a wide range of vehicles. The analysts forecast global automotive LED lighting market to grow at a CAGR of 18.43% during the period 2016-2020.
The automotive LED lighting technology has improved significantly in terms of heat-light ratio. Reduced power consumption, high shock resistance, and longer lifespans are some of the benefits of LED lights.
These features have helped manufacturers develop lighting as per customer requirements to ensure safety, and add aesthetic and functional value to the vehicle. Decreasing prices of raw materials, exponential growth in vehicle production worldwide, and the need to enhance energy efficiency are boosting the global automotive LED lighting market.
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Covered in this report
This report covers the present scenario and the growth prospects of the global automotive LED lighting market for 2016-2020. To calculate the market size, the report considers revenue generated from the total production of automotive of LED lights.
Key players in the global automotive led lighting market are: Hella, Koito, Magneti Marelli and Valeo
Other prominent vendors in the market are: Depo Auto Parts, ICHIKOH, Neolite, OSRAM, SL Corporation, and Ta Yih Industrial.
Further, the automotive LED lighting market report states that rising costs of raw materials used in automotive LED lighting can restrict the growth of the market.
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