Automotive Exterior LED Lighting Market to Surpass US $1,243 Mn by 2022
A growing population of the world coupled with increasing demand for automobiles along with the burgeoning production are the driving factors fuelling the growth of the global automotive lights market.
Dublin, Ireland -- (SBWire) -- 09/14/2017 --Lighting is an important functional aspect of any automobile as it enables the driver to drive the vehicle effectively. Lighting also plays an important part in the safety of the vehicle. The lighting components in the automobiles enable the driver to see in darkness and in adverse weather conditions such as intense fog or smog. Besides, the automotive lightings also provide guidelines and visibility for other vehicles and for the pedestrians, enabling them to see the size and direction of the vehicle and take precautionary measures to avoid collision. Besides these functional aspects, the lighting in automobiles also add an aesthetic value and add to the gloss of the vehicle and make it more attractive.
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Presently, LED lightings are being used for the purpose of automotive lighting and have replaced the older technology of halogen lighting. Increasing demands for energy efficiency in vehicles and a number of government regulations regarding vehicle safety have made automotive exterior LED lighting popular.
The growing demand for automobiles around the world, increased customization demands from the consumers and ever growing production of automobiles are driving factors for this market. However, the high cost of LED lighting coupled with an astronomical research and development costs and an uncertain economic situation in European region are projected to restrict the market growth for automotive LED lighting during the assessment period.
The global automotive exterior LED lighting market is slated to touch a value of nearly US$ 1,243 Mn in the year 2022 and grow at a sluggish CAGR during the assessment period.
4 Forecast Highlights on Global Automotive Exterior LED Lighting Market
As per the forecast of Fact.MR, the parking light automotive exterior LED lighting segment is slated to touch a value of nearly US$ 138 Mn in the year 2022. This represents a sluggish CAGR growth during the assessment period of 2017-2022. The parking light automotive exterior LED lighting segment is estimated to account for more than one-tenth of the revenue share of the product type segment by the year 2017 end and is expected to gain in market share by the year 2022 end.
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As per the forecast of Fact.MR, the aftermarket automotive exterior LED lighting segment will reach a value of nearly US$ 655 Mn in the year 2017. This represents a sluggish CAGR growth during the forecast period. The aftermarket automotive exterior LED lighting segment is estimated to account for nearly two-third of the revenue share of the sales channel segment in the year 2017 end and is expected to lose market share by the end of the year 2022.
As per the forecast of Fact.MR, the compact passenger cars segment is slated to reach a value of nearly US$ 344 Mn in 2022. The compact passenger cars segment is expected to gain some market value by the end of the year 2022. The largest share is contributed by the Europe region in the compact passenger cars segment.
Fact.MR forecasts the 12V automotive exterior LED lighting market to grow from nearly US$ 677 Mn in 2017 to nearly US$ 776 Mn in 2022. This represents a compound annual growth rate (CAGR) of 2.8% from 2017 to 2022.
The report has also profiled leading players in the global market for automotive exterior LED lighting, which will remain active through 2022. These include companies such as Changzhou Xingyu Automotive Lighting Systems Co., Ltd., Koninklijke Philips N.V, HELLA KGaA Hueck & Co, Lumax Industries Ltd, OSRAM Licht AG, Texas Instruments Incorporated, Magneti Marelli S.p.A., Imasen Electric Industrial Co., Koito Manufacturing Co., Stanley Electric Co. Ltd, Zizala Lichtsysteme GmbH and Valeo SA.
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