Albany, NY -- (SBWire) -- 05/29/2019 --Tail lights are red lights mounted at the rear end of the vehicle. Tail lights are an integral component of the vehicle, as they indicate its presence to vehicles behind it. They play a vital role in preventing backend collisions. LED Tail lights consume less amount of energy and have a longer life than that of conventional Tail lights. Therefore, these are gaining popularity in the global automotive industry. LED Tail lights are one-directional light source, which emits light in only one direction. Other than LED, halogen lights and xenon lights are commonly utilized in vehicles.
Stringent regulations about vehicle safety are primarily driving the global LED Tail lights market. Tail lights indicate the presence of the rear end of the vehicle to the vehicles behind it, which allows the following drivers to take corrective action in order to keep safe distance between the vehicles and avoid accidents. LED Tail lights are long-lasting and consumes less energy, which is a key driver of the global automotive LED tail lights market. Increasing demand for vehicles, increased workload of batteries, and increased concern about electric vehicles are fueling the demand for LED Tail lights across the globe.
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The global automotive LED tail lights market can be segmented based on type, vehicle type, electric vehicle type, sales channel, and region. Based on type, the global automotive LED tail lights market can be classified into two segments. Organic Light Emitting Diodes (OLED) are an advanced development of LED lights, which comprise a thin organic layer. OLEDs are capable of producing very thin layer of light, which makes them suitable for variety of application such as 3D effects.
In terms of vehicle type, the global automotive LED tail lights market can be segregated into two segments. LED Tail lights enhance the rear-end appearance of the vehicle and hence, demand for LED Tail lights is high in passenger vehicles. Luxury and premium-class passenger vehicle manufacturers, prefer LED Tail lights in order to reduce battery workload and enhance vehicle appearance.
In terms of electric vehicle type, the global automotive LED tail lights market can be divided into three segments. Battery electric vehicles (BEVs) utilize power from the battery only, and hence, the battery workload is greater than other type of electric vehicles. In order to reduce battery workload, vehicle manufacturers are focusing on incorporating less power consuming devices into vehicles. Consequently, LED Tail lights are being preferred by electric vehicle manufacturers. Thus, the global automotive LED tail lights market is expected to expand along with the expansion of the electric vehicle market.
In terms of sales channel, the global automotive LED tail lights market can be bifurcated into two segments. The OEM segment holds a prominent share of the market, as vehicle manufacturers are focused on incorporating less energy-consuming devices into vehicles, such as LED lights.
Geographically, the global automotive LED tail lights market can be segmented into five prominent regions. Europe comprise of large number of premium and luxury vehicles, as well as the demand for vehicle enrichment accessories and energy effective accessories is high across the region, therefore Europe holds a prominent share of the global automotive LED tail lights market. China, which accounts for a significantly higher number of electric vehicles and this number is increasing exponentially, is expected to witness a surge demand for LED Tail lights.
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Key players operating in the global automotive LED tail lights market include OSRAM GmbH, Infineon Technologies, The Morey Corporation, Lambert Enterprises, Koninklijke Philips N.V., Proline Automotive Guam, HELLA GmbH & Co. KGaA, Hilux Autoelectric Pvt. Ltd., Stanley Co., Inc., and Lumotech (Pty) Ltd.
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Automotive LED Tail Lights Market Emerging Top Key Players to Watch- OSRAM GmbH, Infineon Technologies, the Morey, Lambert in 2018-2026