Automotive Interior LED Lighting Market to Garner a Valuation of US$ 53.88 Bn by 2032 – PRNewswire

February 14, 2022 by No Comments

The latest research report by Fact.MR provides detailed information on key factors affecting growth in the automotive interior LED lighting market. It presents valuable insights on factors facilitating product development in the automotive interior LED lighting marketTo study, the market has been segmented in terms of by-product, by vehicles, by volts, by sales channel

NEW YORK, Feb. 14, 2022 /PRNewswire/ — The global automotive interior LED lighting market size is to grow at a CAGR of 5% and it is expected that the market will reach a global valuation of US$ 53.88 Bn by the forecast period 2032. 

There has been a global disruption in the automotive supply chain due to the COVID-19 outbreak. In addition to disrupting manufacturing facilities globally, the epidemic has also affected auto sales which have directly affected the global automotive lighting market adversely.

As LED technology has progressed, the role of interior lighting has been elevated to becoming an effective brand differentiator. Also, Manufacturers are increasingly focusing on creating custom interiors with greater adherence to both safety and road legality.

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A global disruption in the automotive supply chain due to the COVID-19 outbreak. Aside from disrupting production facilities around the world, the epidemic has had a negative impact on auto sales, which has had a direct impact on the worldwide automotive lighting business. In 2020, a declining trend in demand for electric vehicles and conventional is expected to further damage the global industry. The COVID-19 epidemic has resulted in a major loss in vehicle manufacturing and sales, with a 20% drop expected by 2020. The automotive lighting business will suffer as a result of this.

Lighting regulations in developed European and North American countries will drive the car lighting market until 2032. The interior lighting of automobiles is likely to alter dramatically, with an emphasis on relaying additional information such as the current driving mode and battery charge level.

The market for Automotive Interior LED Lighting from passenger vehicles is predicted to expand at a rate of approximately 5.5% per year over the next ten years. This market expansion will be aided by manufacturers’ significant expenditure in research and development to produce automotive lighting business that are compatible with driver assistance systems and proximity sensors.

Report Attributes

Values

Market Value in 2020

US$ 30 Bn

Expected Market Value in 2022

US$ 33.08 Bn

Projected Market Value in 2032

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Source: https://www.prnewswire.com/news-releases/automotive-interior-led-lighting-market-to-garner-a-valuation-of-us-53-88-bn-by-2032–301481497.html

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