A MarketResearch.biz research report titled, "Global Automotive LED Lighting Market by Application, Sales Channel, Vehicle Type, and Region - Global Forecast to 2026", indicates that first five-year (2017-2021) cumulative revenue is projected to be $22.3 Billion and is expected to increase $36.7 Billion over the latter part of the five-year forecast period (2022-2026). According to the forecast projections, revenue from the global automotive LED lighting market is expected to expand at a CAGR of 10.5%.
Market Dynamics
- Increasing importance for road safety and rising demand for energy-efficient lighting solutions for automobiles are major factors driving growth of the global automotive LED lighting market.
- Increasing sales of luxury cars and premium vehicles is another factor driving growth of the target market.
- Prominent automakers are using LED lighting technology to give special look and brand identity to their vehicles.
- Increasing adoption of automotive LASER lighting technology by luxury cars is a key factor restraining growth of the global automotive LED lighting market.
- High cost of automotive LED lightings is another factor expected to hamper growth of the global market to a certain extent. Development of cost-effective automotive LED lighting system for mid-segment & low-segment passenger cars is expected to create potential business opportunities.
Segmental Snapshot
- By application: The exterior segment is estimated to register a CAGR of over 10%, thereby accounting for highest revenue share among the application segments, over the forecast period.
- By sales channel: The original equipment manufacturer (OEM) segment is estimated to account for highest revenue share among the sales channel segments, and is expected to register a CAGR of over 10% over the forecast period.
- By vehicle type: The passenger cars segment is estimated to account for highest revenue share among the vehicle type segments, and is expected to register highest CAGR during next 10 years.
- By region: The market in Asia Pacific accounted for highest revenue share in the global automotive LED lighting market in 2016, and is expected to record highest CAGR between 2017 and 2026.
If you are ready to drive into the light, but need more details, you can browse the report’s table of contents and/or ask for a free sample report.
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