Automotive LED lights are expected to find the largest application in headlamps of vehicles, with sales poised to exceed US$ 1,000 Mn in revenues by 2022-end. Brake lights are expected to be the second most lucrative application of automotive LED lights in the global market. In addition, sales of automotive LED lights for application in brake lights and sidelights are projected to register a parallel expansion at 8.7% CAGR through 2022.
Rockville, WA -- (SBWIRE) -- 08/14/2018 -- Fact.MR, in its new research report, projects the global market for automotive LED lights to exhibit an impressive expansion over the forecast period 2017-2022. Revenues from the global automotive LED light market are expected to exceed US$ 6,000 Mn by the end of 2022.
Traditionally utilized as back lights in vehicles, automotive LED lights are now being adopted for headlights, replacing xenon light, and halogen light. This is mainly attributed to their properties such as better lighting system, and higher power efficiency. LED lighting systems are gaining higher preference in vehicles, with their rising popularity among car owners across the globe. Automobile manufacturers are shifting their concentration towards provision of safety and comfort to customers, coupled with rising production of hybrid as well as electric vehicles integrated with high-quality LED lights. In order to effectively differentiate themselves in the global market, and gain a competitive edge, leading players are focusing on developing innovative systems with cost-effective solutions. Extension of LEDs in automotive lighting systems is expected to have a higher potential, with improvements in LED modules, and advent of new technologies, for example – organic LEDs (OLEDs) producing homogenous light. One of the predominant market players, Osram has recently announced its new flexible OLED for automotive lighting systems. The aforementioned factors might fuel expansion of the global automotive LED light market.
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Other factors propelling growth of the market include stringent policies and regulations imposed by the governments regarding utilization of halogen and xenon lights, rising emphasis on energy efficiency, surging sales of lightweight vehicles, and expansion of the automotive industry. In contrast, high prices of LED lights will continue to be a major restraining factor for growth of the market. High cost of LED lights currently affects their sales in the aftermarket, particularly across the developing countries such as South Africa, India, and China.
7 Key Estimations on Future of Global Automotive LED Light Market
In terms of revenues, aftermarket will continue to be the most lucrative sales channel in the global market, with sales poised to account for more than three-fourth share of the market during 2017 to 2022.
Sales of automotive LED lights in OEM will register a comparatively faster expansion than that in the aftermarket through 2022.
Asia-Pacific excluding Japan (APEJ) is expected to retain its dominance in the market, and revenues from the market in this region will account for over one-third market share during the forecast period.
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Europe is anticipated to remain the second most lucrative region for growth of the automotive LED light market, and poised to expand at 8.5% CAGR through 2022.
Headlamps are expected to be the most attractive application segment of automotive LED lights. Revenues from sales of automotive LED lights for headlamps will surpass US$ 1,000 Mn by 2022-end.
Automotive LED light sales for application in sidelights, and brake lights are estimated to exhibit a similar CAGR through 2022.
Key players participating in the market include General Electric Company, Nichia Corporation, Texas Instruments, Imasen Electric Industrial Co., Ltd., Valeo SA, Koninklijke Philips N.V., Stanley Electric Co., Ltd., Koito Manufacturing Co., Ltd., HELLA KGaA Hueck & Co., and OSRAM Licht AG.
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