Global automotive LED light market is expected to surpass revenues worth US$ 6,000 Mn by 2022-end. Major factors impacting growth of the automotive LED light market include expansion of automobile industry, surging sales of lightweight vehicles across the globe, focus on energy efficiency, and soaring LED penetration. This Fact.MR report discusses key prospects for growth of global automotive LED light market during the forecast period, 2017-2022, offering pragmatic insights to lead market players towards devising & implementing informed strategies. Traditionally utilized as back lights in vehicles, automotive LED lights are now being adopted for headlights, replacing xenon light, and halogen light.
This is mainly attributed to their properties such as better lighting system, and higher power efficiency. LED lighting systems are gaining higher preference in vehicles, with their rising popularity among car owners across the globe. Automobile manufacturers are shifting their concentration towards provision of safety and comfort to customers, coupled with rising production of hybrid as well as electric vehicles integrated with high-quality LED lights. In order to effectively differentiate themselves in the global market, and gain a competitive edge, leading players are focusing on developing innovative systems with cost-effective solutions.
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Extension of LEDs in automotive lighting systems is expected to have a higher potential, with improvements in LED modules, and advent of new technologies, for example – organic LEDs (OLEDs) producing homogenous light. One of the predominant market players, Osram has recently announced its new flexible OLED for automotive lighting systems. The aforementioned factors might fuel expansion of the global automotive LED light market.
Automotive LED Light Market: Vehicle Headlamps to Remain the Leading Application
Automotive LED lights are expected to find the largest application in headlamps of vehicles, with sales poised to exceed US$ 1,000 Mn in revenues by 2022-end. Brake lights are expected to be the second most lucrative application in the automotive LED light market. In addition, automotive LED light sales for application in brake lights and sidelights are projected to register a parallel expansion at 8.7% CAGR through 2022.
Although aftermarket will continue to be the largest sales channel in the automotive LED light market, sales in OEM are anticipated to exhibit a comparatively higher CAGR through 2022. Sales of automotive LED lights in aftermarket will account for over three-fourth revenue share of the market throughout the forecast period.
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Accounting for over one-third share of the automotive LED light market, Asia-Pacific excluding Japan (APEJ) will continue to be the most attractive region in the automotive LED light market, in terms of revenues. Europe is expected to be the second most lucrative region in the automotive LED light market, with sales expanding at a CAGR of 8.5% through 2022.
Key players listed in the Fact.MR’s automotive LED light market report include 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.
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