Automotive Light Emitting Diode (LED) Bulbs Global Market Report 2022 – GlobeNewswire
New York, March 24, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Automotive Light Emitting Diode (LED) Bulbs Global Market Report 2022” – https://www.reportlinker.com/p06247477/?utm_source=GNW
The global automotive light emitting diode (led) bulbs market is expected to grow from $8.02 billion in 2021 to $9.21 billion in 2022 at a compound annual growth rate (CAGR) of 14.9%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $15.61 billion in 2026 at a CAGR of 14.1%.
The automotive light emitting diode bulb manufacturing market consists of sales of LED automobile bulbs that are an upgrade over the standard filament bulbs used in sidelights, fog lights, brake lights, indicators, number plates and more. LED bulbs give off a bright, distinctive glow and last longer than standard bulbs, with up to 5000 hours of rated life.
The main vehicle types of automotive light-emitting diode bulbs are passenger cars, light commercial vehicles and heavy commercial vehicles. Light commercial vehicles are vehicles that are less than or equal to 3.5 tones gross vehicle mass and are designed to transport goods or specialized equipment. Utility vehicles, panel vans, cab chassis vehicles, and goods vans are examples of light commercial vehicles. The automotive light-emitting diode bulb is used in front adaptive lighting, rear adaptive lighting and ambient adaptive lighting that are distributed through OEM and aftermarket sales channels.
Asia Pacific was the largest region in the automotive light emitting diode bulbs market in 2021.North America was the second-largest region in the automotive light emitting diode bulbs market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Technological advancements in the automotive light emitting diode (LED) technology is expected to drive market growth.Some of the new technologies include µAFS LED headlights, bend lighting headlamps and flexible OLED for vehicle lighting.
For example, in January 2019, SLD Laser, a California-based company that develops and produces award-winning visible laser light sources, announced the release of its Laser Light sources for automotive and specialty lighting applications.In the future, Laser Light innovation will allow modern lighting features in the next generation of stand-alone driving applications, using a small 1-millimetre mirror relying on MEMS (Micro-Electro-Mechanical Systems) technology, to direct the light onto the lane.
Thus, increasing technology adoption is expected to drive the demand for advanced automotive LED bulb products going forward.
High cost of advanced LED lights has been a major challenge for the automotive LED bulbs market.As the efficiency and longevity of the LED bulbs is improving, manufacturing costs are rising due to less volume sale.
Automotive LED lights are expensive than halogen bulbs used traditionally in automobiles which is restraining market growth. In 2019, the cost of an LED lighting bulb was $5/km at package level (luminaires costs $20-$100/km) whereas the cost of advanced LED lighting, OLED cost around $300-$500/km at panel level.
With increasing awareness about global warming and carbon emissions, customers are increasingly using Organic LED, whose emitting panels are made of organic material.They can also be color tuned and are used to make light panels.
For instance, car manufacturers BMW and Audi are using OLED taillights due to its flexibility, efficiency and homogeneity.
In October 2019, Minda Industries Ltd., a Gurugram …….