Automotive LED Lighting Market Predicted to Reach USD – GlobeNewswire

August 16, 2022 by No Comments

New York, US, Aug. 16, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Automotive LED Lighting Market Analysis by By Position, By Vehicle Type, By Adaptive Lighting – Forecast 2030” valuation is poised to reach USD 27,030 million by 2030, registering 5.40% CAGR throughout the forecast period (2022–2030). 

Automotive LED Lighting Market Overview

LED is a device converting electrical energy into light. Based on the requirements, LEDs come in a wide range of colors, patterns, and sizes. The standard LED has a cylindrical shape. Several global producers deploy LED illumination in headlamps as it offers energy-efficient light sources and a longer life cycle. LED lighting is deployed in various applications such as side lamps, market lamps, interior reading lights, and brake lights. The global market for automotive LED lighting has recorded massive growth in recent years. The market’s growth is attributed to the factors such as constant technological developments, rising sales of automobiles across the globe, etc.

Automotive LED Lighting Market Report Scope:

Report Metric Details
  Market Size by 2030 USD 27,030 Million
  CAGR 5.40%
  Base Year 2021
  Forecast Period 2022-2030

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Market USP Covered

Market Drivers

The global market for automotive LED lighting has exhibited enormous growth in the last few years. The market’s growth is attributed to factors such as an increase in LED adaption, emphasis on road safety, and stringent lighting regulations.

Market Restraints

On the other hand, the high cost of implementation may impede the market’s growth.

Automotive LED Lighting Market Segments

Among all the vehicle types, the premium …….

Source: https://www.globenewswire.com/news-release/2022/08/16/2499275/0/en/Automotive-LED-Lighting-Market-Predicted-to-Reach-USD-27-030-Million-Growing-at-a-CAGR-of-5-40-by-2030-Report-by-Market-Research-Future-MRFR.html

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