Automotive LED Lighting Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

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The Automotive LED Lighting by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Automotive LED Lighting , The automotive led lighting market size has grown strongly in recent years. It will grow from $18.84 billion in 2023 to $20.24 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to consumer demand, environmental concerns, improved performance, cost reduction, safety and visibility..

The automotive led lighting market size is expected to see strong growth in the next few years. It will grow to $26.6 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to advancements in autonomous vehicles, innovations in adaptive lighting, electric vehicle (ev) expansion, demand for connected cars, rising focus on energy efficiency.. Major trends in the forecast period include adoption of oled technology, rise of electric and hybrid vehicles, innovations in design and form factors, sustainability and efficiency, enhanced safety features..

The increase in global traffic accidents is expected to propel the growth of the automotive LED lighting market going forward. Traffic accidents refer to any injury caused by a crash of a vehicle partially or entirely on a public road and are a leading cause of death among people. Automotive LED lighting is used to prevent road accidents by increasing the vehicle’s visibility on the road, making it easier for others to spot and avoiding the head-on collisions that occur due to poor visibility. For instance, in January 2023, according to the Centers for Disease Control and Prevention(CDC) report, a US-based national public health agency, each year around 1.35 million people dies on roadways around the world. Moreover, every day almost 3,700 people are killed globally in crashes involving unsafe vehicles such as non-LED lighting vehicles. Further, the U.S. death rate due to accidents or vehicle crashes was 2.3 times higher than the average rate for 28 other high-income countries which increased in 2021. Therefore, an increase in global traffic accidents is driving the growth of the automotive LED lighting market.

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The automotive led lighting market covered in this report is segmented –

1) By Propulsion Type: Internal Combustion Engine (ICE), Electric, Other Propulsion Types

2) By Vehicle Type: Passenger Car, Light Commercial Vehicle (LCV), Bus, Other Vehicle Types

3) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket

4) By Application: Exterior Lighting, Interior Lighting

Technological advancements are a key trend gaining popularity in the automotive LED lighting markets. Major companies operating in the automotive LED lighting market are introducing technologically advanced products to sustain their position in the market. For instance, in October 2022, Hyundai mobiles a South Korean-based automotive supplier company launched ‘Lighting grille’ technology which makes use of LED lighting. This provides a moving grille that features active flaps for better aerodynamics or engine cooling. This includes unique features such as auto-driving mode and it can display various scenarios, such as autonomous driving mode, EV charging mode, welcome light and emergency warning light, compared to other technological products.

The automotive led lighting market report table of contents includes: