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%.
- 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.
- 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.
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