Impact of Covid-19 Outbreak on Automotive LED Lighting Market

28/lug/2020 07:18:27 Automotive Market Research Reports Contatta l'autore

Market Research Future (MRFR) expects the global automotive LED lighting market to achieve an approx. CAGR of 9% during the forecast period (2016-2022). It could reach a rough valuation of USD 20 Billion by 2022.

Primary Drivers and Top Challenges

The cost-effectiveness is of the most appealing qualities of an automotive LED, which boosts its demand in the market. This factor also facilitates the preference for automotive LED instead of conventional halogen automotive lamps. This aspect of the automotive LED also augments its demand in the economy cars segment, which works in favor of the market.

High prevalence of automotive LED in interior automotive lighting has been noted all over the world. In terms of exterior automotive lighting, a noteworthy uptake of automotive LED has been  observed in the premium and high-end vehicle segment. Besides, manufacturers are now making considerable investments in innovation centers as well as advanced technologies, further stimulating growth of the automotive LED market.

Soaring demand for hybrid and electric vehicles is also elevating demand for automotive LED, as automakers are now focusing on attractive interiors which is a USP aspect of their products. Besides, governments of several countries now offer incentives for manufacturing of automotive LED in a bid to promote using energy-saving alternatives.

Market Segmentation

The worldwide automotive LED lighting market can be segregated on the basis of position, vehicle types and adaptive lighting.

The position-wise segments covered by the report are front, rear, side and interior.

The vehicle types mentioned in the report include passenger car, light commercial vehicle and heavy commercial vehicle (HCV).

The adaptive lighting types are rear adaptive lighting, front adaptive lighting, and ambient adaptive lighting. Adaptive headlights note the highest demand in the market, since they are used while driving on winding roads during twilight, at night, or in low-light conditions. These headlights are able to alert the drive of any potentially dangerous situations.

Regional Analysis

The regional analysis of automotive LED lighting market is being studied for region such as Asia pacific, North America, Europe and Rest of the World (RoW).

There is a high possibility of Europe and North America to collectively lead the LED lighting market, with respect to demand. Mounting sales of lightweight vehicles, expanding automobile industry and high focus on energy efficiency stimulates growth of the automotive LED lighting market in these regions. These regions are brimming with potential, given the introduction of latest technologies, such as organic LEDs (OLEDs) that generate homogenous light. In Europe, automakers like Jaguar are making use of automotive LED in their autonomous cars that have innovative applications. They are also trying to identify newer capabilities of automotive LED, which gives further push to market growth. Jaguar came up with a prototype autonomous vehicle that consists of two virtual eyes which makes eye contact with pedestrians so that their safety is ensured while crossing the road. Efforts of these types are providing significant boost to the automotive LED lighting market in North America as well as Europe.

APAC is touted to be among the top contenders in the global automotive LED lighting market. The region provides numerous scopes to well-known participants, most of whom are based in India and China. These renowned companies can be seen harnessing the market potential in these counites and are striving to expand their business. One of the most effective ways that the players adopt to claim a better position in the market is by making considerable investments in the ever-expanding automotive industry. For instance, Lumiled and OSRAM are some of the top players that are constantly indulging in innovative marketing hacks that put them ahead of their rivals in the region.

Top Vendors

Top vendors in the worldwide automotive LED lighting market include Koito Manufacturing Co.Ltd (Japan), Stanley Electric Co.Ltd (Japan), Koninklijke Philips N.V. (Netherlands), Tata Motors Limited (India), Toyota Motor Corporation (Japan), Osram Licht AG (Germany), Mercedes-Benz (Germany), Zizala Lichtsysteme Gmbh (Austria), Hyundai Group (South Korea), Magneti Marelli S.P.A (Italy), among others.

 

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