Overview and Scope
Automotive LED lighting refers to specialized LED lighting in automobile vehicles that facilitate crystal clear light on traveling, energy efficient night visibility and a long-predicted lifetime lighting.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
North America was the largest region in the automotive LED lighting market in 2023. The regions covered in the automotive led lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the automotive LED lighting market are innovating new products, such as intelligent automotive LED lights, to sustain their position in the market. Intelligent automotive LED lights refer to advanced lighting systems that incorporate smart technology, such as adaptive brightness, automated beam adjustments, and connectivity features, enhancing safety and efficiency in vehicles. For instance, in July 2023, Marelli Holdings Co., Ltd., a Japan-based provider of automotive components, launched the h-Digi microLED. The h-Digi microLED is a module and digital lighting solution for automotive front lighting with a compact design, high energy efficiency, and affordability The h-Digi microLED is a type of intelligent multipixel LED that enables fully adaptive, dynamic headlight operation and image projection with the technology available for vehicles. it is based on a matrix illumination system that provides driver assistance images on the road.
The automotive led lighting market report table of contents includes:
1. Executive Summary
2. Automotive LED Lighting Market Characteristics
3. Automotive LED Lighting Market Trends And Strategies
4. Automotive LED Lighting Market – Macro Economic Scenario
5. Global Automotive LED Lighting Market Size and Growth
…
31. Global Automotive LED Lighting Market Competitive Benchmarking
32. Global Automotive LED Lighting Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive LED Lighting Market
34. Automotive LED Lighting Market Future Outlook and Potential Analysis
35. Appendix
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