Rising Automobile Industry to Augment Automotive LED Lighting Market with a Valuation of USD 21.56 Billion by 2024

Automotive LED Lighting Market By Research Nester
The global market for automotive LED lighting market is anticipated to reach USD 21.56 Billion by expanding at a CAGR of 8.92 % over the period 2017-2024. The stringent government regulations and policies regarding the usage of xenon and halogen automotive lights has led to higher demand for LED lights.

The automotive LED lighting market has been segmented by position into exterior (front, rear and side) and interior position. Among these segments, the exterior position segment dominated the overall automotive LED lighting market in 2016 and is anticipated to continue its dominance over the forecast period. The key trend driving the automotive LED lighting market is innovation and development in LED technology. Further, rising growth of automobile industry across the globe has fostered the growth of automotive LED lighting market.

The global market for automotive LED lighting market is anticipated to reach USD 21.56 Billion by expanding at a CAGR of 8.92 % over the period 2017-2024. The stringent government regulations and policies regarding the usage of xenon and halogen automotive lights has led to higher demand for LED lights. This demand for advanced automotive LED lights is estimated to boom automotive LED lighting market by noteworthy revenue by the end of 2024.In the regional segment, Asia Pacific represented the highest market share in the terms of volume in overall market and is expected to continue its dominance over the forecast period. This can be attributed to the heavy demand for cost effective automotive LED lights and increasing automobile production. Further, with development of technologically advanced LED lights used in luxury cars is expected to showcase a significant rise in automotive LED lights in Europe region over the forecast period. Moreover, Europe and Asia (mainly Japan) accounts for more than 80% market share of the global automotive LED lighting market.

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Rise in Automotive Industry Reflects Significant Opportunities

Expanding sales of automotive vehicles is predicted to trigger the growth of global automotive LED lighting market. Moreover, rising concern about energy efficiency, the need for cost effective, better lighting system and less power consumption are some of the key factors driving the LED market in automotive industry. This factor is believed to supplement the growth of the automotive LED lighting market globally. However, high cost of new technically advanced LED lights is likely to dampen the growth of the automotive LED lighting market in the near future.The report titled Automotive LED Lighting Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the automotive LED lighting market in terms of market segmentation by vehicle type, by adaptive lighting, by position and by region.Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

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This report also provides the existing competitive scenario of some of the key players of the automotive LED lighting market which includes company profiling of SG Automotive, Mercedes Benz, Osram Litcht AG, Magneti Marelli S.P.A, Koninklijke Philips N.V, Stanley Electric Co. Ltd., Pilot Automotive, BROS International Co. Limited, Zizala Lichtsysteme GmbH and Koito Manufacturing Co. Ltd.The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the automotive LED lighting market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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