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Allied Market Research

Automotive LED Lighting Market by Technology (Halogen, LED, and Xenon), Application (Headlamp, DRL, Sidelights, Turning Lights, CHMSL, Tail Light, Brake Light, Interior Illumination Light, and Interior Indication Light), Sales (OEM and Aftermarket), and Vehicle (Passenger Car, Light Commercial Vehicle (LCV), Bus, and Truck): Global Opportunity Analysis and Industry Forecast, 2021–2027

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Aug 2021 | 468 Views
   
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COVID-19

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Automotive LED Lighting Market Outlook – 2027

The automotive light-emitting diode (LED) light is a semiconductor, which releases light energy when it is activated. Compared to another lights such as halogen or xenon light, the light-emitting diode (LED) lights are more durable, power saving, and efficient. In addition, LED lights offer various advantages compared to other lights, such as less CO2 emission and prolonged service life. The automotive LED lights form an imperative part of modern automobiles. The electric voltage supplied to the P&N junction of an LED via leads brings electrons all together, which results in a release of light of energy. For effectively differentiating from leaders and gaining additional share in the automotive LED light market, manufacturers are majorly concentrating on innovative developments and cost-effective solutions. Potential for LED light market growth will further extend, with improved light-emitting diode LED modules and the introduction of new technologies such as organic LEDs that produce homogenous light. Increase in adaption of advanced technologies across the globe is boosting the LED market.

Automotive LED Lighting Market

Market scope and structure analysis

Report Metric

Details

  Market size available for years

  2020–2027

  Base year considered

  2019

  Forecast period

  2021–2027

  Forecast units

  Value (USD)

  Segments covered

  Technology, Applications, Sales, and Vehicle

  Regions covered

North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)

  Companies covered

OSRAM Licht AG, HELLA KGaA Hueck & Co., Koito Manufacturing Co. Ltd., Stanley Electric Co. Ltd., Koninklijke Philips N.V., Valeo SA, Imasen Electric Industrial Co. Ltd., Texas Instruments, Nichia Corporation, and General Electric Company

 

COVID-19 scenario analysis

  • The COVID-19 has severely impacted the automotive LED lightning industry
  • Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of automotive LED lightning systems across the globe, thereby increasing the supply–demand gap.
  • Thus, insufficiency in raw material supply is expected to hamper the production rate of automotive LED lightning systems, which negatively impacts the market growth.
  • However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

Some of the factors that boost the market growth are increase in adaption of LED and emphasis on road safety. However, high cost of LED lights is anticipated to hamper the growth of the market. Conversely, increase in demand for advanced technology in the vehicle combined with the partnership between automotive OEMs & lighting system manufacturers and the evolution of new technologies are expected to offer lucrative opportunities for the market in the forecasting period.

The automotive LED lighting market trends are as follows:

Increase in adaption of the LED market

The growth of the automotive LED light market has been driven by the stringent lighting regulations in developed economies. Vehicle lighting plays a crucial role, especially when driving on roads with heavy traffic. However, they were gradually adopted for headlights over halogen and xenon light, on the back of their power efficiency and better lighting system. The automotive LED light market continues to gain ground with its increasing adaption in vehicles by various manufacturers, which is expected to boost the automotive LED market during the forecast period.

Rise in emphasis on road safety

The development of the automotive market is influenced by auto manufacturers who focus on customer comfort & safety. In addition, rise in production of electric & hybrid vehicles equipped with LED lights has tremendously increased over the past decade. Moreover, rise in customer awareness toward safety regulations has increased over the past decade, which has forced automakers to adopt the high-end technologies, which are expected to further boost the growth of the automotive LED market during the forecasting period.

Key segments covered

Segments

Subsegments

  Technology

  • Halogen
  • LED
  • Xenon

  Application

  • Headlamp
  • DRL
  • Sidelights
  • Turning Lights
  • CHMSL
  • Tail Light
  • Break Light
  • Interior Illumination Light
  • Interior Indication Light

  Sales

  • OEM
  • Aftermarket

  Vehicle

  • Passenger Car
  • Light Commercial Vehicle (LCV)
  • Bus
  • Truck

 

Key benefits of the report

  • This study presents the analytical depiction of the automotive LED lighting market industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the automotive LED lighting market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the automotive LED lighting market scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in the coming years.

Questions answered in the automotive LED lighting market research report:

  • Which are the leading players active in the automotive LED lighting market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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