Automotive LED Light Market: Headlamps are Expected to be the Most Attractive Application

Posted on 2019-04-29 by Mark Hub in Automotive // 0 Comments

Rockville, USA, 2019-Apr-29 — /EPR Network/ — A recent study by Fact.MR estimates the global automotive LED light market to register an impressive CAGR during the forecast period 2017 to 2022. Global automotive LED light market is expected to surpass revenues worth US$ 6,000 Mn by 2022-end. Major factors impacting growth of the automotive LED light market include expansion of automobile industry, surging sales of lightweight vehicles across the globe, focus on energy efficiency, and soaring LED penetration. This Fact.MR report discusses key prospects for growth of global automotive LED light market during the forecast period, 2017-2022, offering pragmatic insights to lead market players towards devising & implementing informed strategies. 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.

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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.

Robust expansion of the automotive sector, coupled with soaring sales of lightweight vehicles, rising focus on energy efficiency, and stringent government policies & regulations concerning utilization of halogen and xenon automotive lights has also fuelled expansion of the automotive LED light market. However, high cost remains a major restraint for automotive LED light market growth, such as their application in headlamps. Currently, the high prices of automotive LED lights affects their aftermarket sales, especially across developing economies including India, China, and South Africa.

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

Competition Tracking

Key players listed in the Fact.MR’s automotive LED light market report include OSRAM Licht AG, HELLA KGaA Hueck & Co., Koito Manufacturing Co., Ltd., Stanley Electric Co., Ltd., Koninklijke Philips N.V., Valeo SA, Imasen Electric Industrial Co., Ltd., Texas Instruments, Nichia Corporation, and General Electric Company.

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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 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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