Global Automotive LED Lighting Market 2019-2023 | Emergence of Machine Learning in Automotive LED Lighting to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Oct 8, 2019--
The global automotive LED lighting market is expected to post a CAGR of over 10% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive LED lighting market 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global automotive LED lighting market size is the increasing use of LEDs in automotive intelligent lighting system applications. LEDs have become an essential component in automotive intelligent lighting systems, including taillights, brake lights, and other energy-efficient as well as compact headlights. LEDs not only offer aesthetic lighting for vehicles but are also cost-effective. As a result, major automotive OEMs are offering glare-free lighting, high-definition lighting, and homogenous lighting to meet the evolving needs of automated driving technology. Furthermore, the fact that LEDs help taillights and brake lights to operate at different brightness levels makes them a significant lighting technology for the rear intelligent lighting system.
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As per Technavio, the growing popularity of adaptive lighting systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. The automotive LED lighting market research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global Automotive LED lighting Market: Growing Popularity of Adaptive Lighting Systems
Adaptive lighting systems are increasingly being adopted in modern vehicles owing to their additional safety and comfort features. LED technology is one of the crucial enablers for efficient and reliable operating of these systems. Also, several vendors in the market are enabling automotive OEMs to offer adaptive lighting systems, particularly for the automotive industry. Furthermore, these lights are being tailored to increase visibility around curves and hills, which, in turn, will drive the automotive LED lighting market during the forecast period.
“Increasing development of hybrid LED headlights, the growing popularity of OLED lighting technology, and incorporation of energy-efficient solutions in automobiles will contribute to the growing automotive LED lighting market size during the forecast period,” says a senior analyst at Technavio.
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Global Automotive LED lighting Market: Segmentation Analysis
This market research report segments the global automotive LED lighting market by application (exterior lighting and interior lighting), vehicle type (passenger cars and commercial vehicles), and geographic regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive LED lighting market in 2018, followed by Europe, North America, South America, and MEA, respectively. The dominance of the automotive production industry in the emerging economies, including India, Japan, China, Indonesia, and South Korea is expected to drive the automotive LED lighting market growth in the forthcoming years. Also, consumers’ preference for advanced features and aesthetics has led to the increasing adoption of modern LED lighting solutions, including cabin lighting and LED rear lighting, leading to further growth of the market.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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