Led Lighting market Materialmarket Size Set to Register Strong Growth of CAGR to 2026
Vehicle drivers normally complain about poor visibility on the road, especially at night, when it becomes hard to see the distance of other vehicles coming from the opposite direction because of the strong glare. It is additionally a reality that around 40% of fatal accidents occur during the night. Nonetheless, with LED (light emitting diodes) lighting being used for car applications, the sprain of the motor vehicle drivers have eased and safety on road has significantly increased as the sufficient visibility is achieved by LED auto headlights. At present, LED based automotive lighting are being used by all major car manufacturers. LEDs has following characteristics that make them better from Xenon and halogen lighting system: LED has longer life cycles and offer better power efficiency.
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The light temperature of the LEDs nearly achieve daylight quality. Further, LEDs lighting solutions provides opportunity to use installation space in headlamps effectively. LEDs are not just energy efficient light source, long lasting, they likewise give OEMs with inventive better approaches to combine lighting function with creative styling to create all kinds of shapes and assemblies that would perfectly match their models. LED lighting are available for low beam and high headlamps, brake lights, interior reading lights, rear combination lamps, side lamps, position and marker lamps etc.
LED Lighting (Automotive) Market: Dynamics
LEDs lighting solution are rapidly becoming the preferred lighting solution in the automotive market and is expected to be the fastest growing technology in the global automotive lighting systems market. LEDs lighting for four wheelers is constantly developing. Their potential in the automotive lighting market is set to extend as LED modules improve and with the introduction of new technologies, for example, OLEDs (organic LEDs), which produce homogenous light will create new opportunity for market growth. Interior automotive lights segments such as backlighting of LCD displays, indicator lights in car body see high penetration levels of LED lighting solution.
Furthermore, auto manufacturers focusing on customer safety and comfort which propels the global LED lighting system in the next few years. Increase in the production of hybrid and electric vehicles equipped with high quality LED lighting systems is another driving factor in the global automotive LED lighting market
However, the high cost of LED lighting remains a hurdle in some areas such as headlamp applications and is predicted to hinder the global LED automotive lighting system market. As of now, the high cost of product significantly affects the aftermarket sales of LED lightings, particularly in growing economies such as China, India and South Africa.
LED Lighting (Automotive): Market Segmentation
On the basis of position, LED automotive lighting market can be segmented into:
- Front lighting
- Rear lighting
- Side lighting
- Interior lighting
On the basis of vehicle type, LED automotive lighting market can be segmented into:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Two – Wheeler
On the basis of sales channel type, LED automotive lighting market can be segmented into
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LED Lighting (Automotive) Market: Region-Wise Outlook
The global LED Lighting (Automotive) market is segmented into seven geographical regions namely North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific (excluding Japan) Middle East & Africa, and Japan. Asia – Pacific region owing to the fast growing automotive industry in developing countries such as India, China and South Korea is expected to show a significant growth in the automotive LED lighting market. Europe and North America are anticipated to dominate the LED lighting market in terms of demand.
LED Lighting (Automotive) Market: Key players
The major players operating in the global LED automotive lighting system market are General Electric, Kononklijke Ichikoh Industries Ltd., Hyundai Mobis., Ichikoh Industries Ltd, Hella KgaA Heuck & Co, Magneti Marelli S.P.A ,Koito Manufacturing Co., Ltd ,Stanley Electric Co Ltd, Osram GmbH, , Philips N.V, Valeo S.A, and Zizala Lichsystems GmbH.