Automotive LED Lighting Market Key Players, Trends, Growth Opportunities and Industry Forecast till 2023
“The automotive LED lighting market is expected to grow at a significant CAGR of 20.64%. Factors that are playing a major role in the growth of the market are growing sales of automotive vehicles, increasing concern regarding energy efficiency, cost-efficient lighting, and growing demand for lightweight vehicles.�
Global automotive LED lighting market is expected to grow at a significant CAGR of 20.64% in the upcoming period as the scope and its applications are rising enormously across the globe. Automotive LED lighting is an important part of modern automobiles that give an unmistakable modern look. It provides superior functionality and comfortable ambiance in the vehicle. This two-lead semiconductor light source allows pedestrians and drivers to see a vehicle presence, the direction of travel, position, the speed of travel, and the size of the vehicle. The factors that are playing a major role in the growth of automotive LED lighting market are growing sales of automotive vehicles, increasing concern regarding energy efficiency, cost-efficient lighting, and growing demand for lightweight vehicles. However, strict government policy against use of xenon and halogen light may restrain overall market growth in the years to come. Automotive LED lighting market is segmented based on vehicle type, adaptive lighting, position, application, and region. Heavy commercial vehicle (HCV), passenger car, and light commercial vehicle (LCV) are the vehicle types that could be explored in automotive LED lighting in the forecast period. Based on adaptive lighting, ambient adaptive lighting, front adaptive lighting, rear adaptive lighting, and others could classify automotive LED lighting in the forecast period. Interior and exterior is a lighting position that could be explored in automotive LED lighting in the forecast period. Exterior position sector comprises side lighting, front lighting, and rear lighting. The exterior lighting sector accounted for the substantial market share of automotive LED lighting and is estimated to lead the overall market in the years to come. The market may be categorized based on applications like motorcycle lighting, car lighting, truck lighting, and others that could be explored in automotive LED lighting in the forecast period.