Automotive LED Light Market Global Demands and Growth Prediction 2017 to 2022

Posted on 2018-05-24 by Mark Hub in Automotive // 0 Comments

ROCKVILLE, US, 2018-May-24 — /EPR Network/ — Recently, a novel report developed using proven research methodologies at the headquarters of Fact. MR has identified various prominent factors and trends prompting market growth of Automotive LED Light Market. The study is titled as “Automotive LED Light Market Forecast, Trend Analysis & Competition Tracking: Global Review 2017 to 2022”, which deeply analyses the global market trends, with historical data from 2016 and 2017, and projections of compound annual growth rates (CAGRs) during the mentioned forecast of (). For the benefit of the readers, the report concludes with a special focus on the detailed profiles of the major vendors in the global automotive led light market.

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LED light, a semiconductor, releases light energy when it is activated. Compared to halogen, or, xenon light, LED lights are more durable, power saving, and efficient. LED lights offer various advantages compared to other lights, such as less CO₂ emission, and long-lasting life. Automotive LED lights form an imperative part of modern automobiles. An electric voltage supplied to p & n junction of an LED via leads brings electrons together, resulting into release of light of energy.

Automotive LED lights were traditionally utilized as back lights, however they were gradually adopted for headlights over halogen, and xenon light, on the back of their power efficiency and better lighting system. LED lighting systems are becoming highly preferred in vehicles, gaining popularity among vehicle owners worldwide. Auto manufacturers are focusing on customer comfort and safety, with the rise in production of electric and hybrid vehicles equipped with LED lighting systems of high-quality. For effectively differentiating from market leaders, and gaining additional market share, the manufacturers are mainly concentrating on development of innovative systems, and cost-effective solutions. Potential of LEDs in the automotive lighting systems is expected to extend, with improved LED modules, and introduction of new technologies such as organic LEDs (OLEDs) that produce homogenous light. Osram, one of the leading market players, recently made an announcement of its flexible OLED lighting systems for vehicles. These factors might influence growth of the global automotive LED light market in the upcoming years.

Automotive LED Lights to Find Largest Application in Headlamps of Vehicles

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.

Accounting for more than one-third revenue share of the global market, Asia-Pacific excluding Japan (APEJ) will continue to be the most attractive market for automotive LED lights, in terms of revenues. Europe is expected to be the second largest market for automotive LED lights, with sales expanding at a CAGR of 8.5% through 2022.

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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.
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.

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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized Automotive Market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.

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