Growing vehicle production and increasing demand for electric and hybrid vehicles as well as lighting with low energy consumption can propel the market over the forecast period (2017 to 2022). In addition, increasing government regulation regarding driver’s safety is also expected to boost the market growth.
Lightning plays an important role in automotive safety. Increasing need for drive safety and development of advanced features like automatic on/off is among the several lightning solutions are gaining traction in front light applications. Earlier halogen dominated the front lightning. However, several benefits offered by LED such as less consumption of energy, compact size, and operation at low temperature coupled with introduction of innovative technologies like LED projector headlamps has increased the acceptance for these products among the consumers. In addition, concept of ambient lightning was introduced in luxury cars to improve aesthetic value. Presently, these lights are extensively used in entry-level or mid-sized variants to provide modish appearance inside the vehicle. Additionally, the use of LEDs in door panels, cup holders, and map pockets are on rise. This is also expected to augment product demand in the coming years. Moreover, organic light-emitting diode OLED lightning offers flexibility in design and can be used for minute lightning application. This is creating opportunities for manufactures to provide mood lightning application, thereby driving the market growth.
Worldwide automotive LED lighting market can be segmented on the basis of application, product, and region. Based on application, the market can be categorized into Passenger Car, light commercial vehicle (LCV) heavy commercial vehicle (HCV), and others. As per product, the market can be classified into rear, front, interior, and side.
Geographically, the market can be divided into North America, China, Europe, Southeast Asia, Japan, and India.
North America and Europe are expected to dominate the market in terms of demand. Emerging Asian countries such as India and China are expected to show substantial growth in the coming years. This growth can be attributed to increasing automobile production, improving economic conditions, improving purchasing power of consumers, and growing population. Demand for LEDs in exterior application is expected to support the regional growth in these countries. However, high cost of LED in headlamp application in China and India is expected to affect the market to an extent.
Full Research Report On Global Automotive LED Lighting Market Analysis available at: https://www.radiantinsights.com/research/global-automotive-led-lighting-market-professional-survey-report-2018
Some of the leading companies operating in the market include Hella KGaA Hueck & Co., Koito Manufacturing Co., Magneti Marelli, General Electric, and Stanley Electric.
The market is extremely competitive due to existence of few established companies. The market is currently in the growing phase and several new entries are expected to increase the competition in the market in the coming years.
The auto manufacturers are concentrating on driver safety and comfort which is expected to increase the demand for LEDs. Companies are also expected focus on technological developments and new product launch.
For instance, OSRAM has recently introduced an XLS (eXchangable LED Signal), LED light sources for signal light applications, which can be used in the automotive industry. It is the combination of standardized light sources and LED technology to provide a uniform platform with four different light sources, which can cover all the important signal applications in cars. This will enable simple replacements, cuts complexity and costs for car manufacturers.
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