The Fact.MR report on the automotive interior LED lighting market anticipates it to record a sluggish CAGR of 2.9% for the period 2017-2022 and be worth more than US$ 670 million by 2022.
Rockville, MD -- (SBWIRE) -- 11/13/2017 -- Automotive manufacturers are seeking out new ways of differentiating their products in this era of cutthroat competition and an effective way to do so is with automotive interior LED lighting. The automotive interior LED lighting market is characterized by a small number of companies with high barriers to entry. Although consumers have shown a preference for Interior LED lighting, the high price of this technology acts as a major barrier to widespread adoption. In addition, LED lighting is dependent on the temperature in the operating environment. Extreme heat could lead to LED lighting failure, making it challenging to incorporate in automotive interiors that face a large range of temperature variations across different terrains.
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According to Fact.MR, the automotive interior LED lighting market is expected to be worth over US$ 670 million in 2022 – recording a sluggish CAGR of 2.9%.
5 Projections on Automotive Interior LED Lighting Market
1- The high price of automotive interior LED lighting made compact carmakers shy away from this technology for some time. However, the consumer demand has compelled them to incorporate it in their products and this segment now contributes nearly a third of the revenue share in the automotive interior LED lighting market. Compact cars are extremely popular in Europe and APEJ and both these regions are anticipated to cross US$ 50 million by the end of the forecast period
2- The mid-sized segment represents a quarter of the revenue share by vehicle type in the automotive interior LED lighting market. This segment is likely to be worth almost US$ 165 million by end 2022, making it imperative for key stakeholders to target it. On the other hand, the premium passenger car segment has a marginal contribution to the automotive interior LED lighting market and it is likely to decline over the study period
3- Commercial vehicles are usually not the first that come to mind when one thinks of the automotive interior LED lighting market. Nonetheless, the light and heavy commercial vehicle segment combined have a revenue share slightly over a quarter of the automotive interior LED lighting market. Therefore, major players in the automotive interior LED lighting market can ignore this vital segment at their own peril
4- The 12V segment dominates the automotive interior LED lighting market with a revenue share nearing 2/3rd in term of volts. A market opportunity just under US$ 440 million in 2022 should be large enough for all the companies to compete in. The 14V segment occupies the balance 1/3rd revenue share. Companies would do well to focus on Europe and APEJ in the 14V segment of the automotive interior LED lighting market
5- The dashboard light segment is the most important in the automotive interior LED lighting market by product type and should remain so for the foreseeable future. The dashboard is usually the first touch point for vehicle occupants and it makes sense for manufacturers to embellish it with attractive LED interior lighting. Both APEJ and Europe are on track to push past US$ 50 million in end 2022 and companies in the automotive interior LED lighting market are advised to take this into consideration
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The report on the automotive interior LED lighting market has profiled companies involved in the automotive interior LED lighting market. Some of the mentioned ones are Texas Instruments, Changzhou Xingyu Automotive Lighting Systems Co., Ichikoh Industries Ltd, Valeo SA, Koninklijke Philips N.V, Stanley Electric, Koito Manufacturing Co., Magneti Marelli Spa, OSRAM Licht AG, and HELLA KGaA Hueck & Co.
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