Global Automotive LED Lighting market size to record 9.6% CAGR through 2027 – GlobeNewswire

January 20, 2022 by No Comments

Pune, India, Jan. 20, 2022 (GLOBE NEWSWIRE) — According to credible estimates, worldwide Automotive LED Lighting market was worth USD 8090.1 million in 2020 and is anticipated to record a CAGR of 9.6% during 2021-2027 to reach a valuation of USD 15370 million by the year 2027.

Further, the research literature outlines the key growth drivers as well as the existing and upcoming challenges that will shape the industry dynamics. To explore and understand the key opportunities, the document houses in-depth study on type, application, and geographical segmentation. Proceeding further, it examines the competitive landscape of this vertical by profiling the leading companies in terms of product portfolio, industry share, and financials. Various strategies such as strategic alliances and new product development are also taken into deliberation to aid stakeholders in making well-informed decisions. Additionally, a top-to-bottom analysis of the industry supply chain is contained in the document.

The industry expansion is attributed to rising adoption of energy efficient lighting solutions, along with mandates for ensuring road safety, and extensive incorporation of LED in automobiles are propelling the industry growth.

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For the unversed, a light-emitting diode (LED) is a semiconductor light source with two leads. When triggered, it is a p-n junction diode that emits light. Electrons recombine with electron holes within the device when a proper voltage is given to the leads, releasing energy in the form of photons.

LEDs are used as high-mounted brake lights and turn signals in vehicles because of their fast switching times, prolonged life, and visibility in broad daylight due to high brightness and focus. But many vehicles now employ LEDs for their rear light clusters.

Because of the significant reduction in the time required to fully light or faster rise time, compared to an incandescent bulb, the usage in of LED brakes increases safety of vehicles, providing behind-the-wheel drivers more time to react.

LEDs have stylistic advantages over incandescent lamps having parabolic reflectors because they can produce considerably thinner lights. All these factors are impelling the product adoption, thus multiplying industry share.

COVID-19 impact:

Notably, the COVID-19 outbreak has severely impacted the worldwide Automotive LED Lighting industry trends, due to the insufficiency in raw material supply, owing to restricted movements amid lockdown.

Regional scope:

Considering the regional landscape, Europe is the leading contributor which accounts for around 46% market share at present. Whereas, Japan held 19% industry share in the past year, cite the experts.

To access a sample copy or view this report in detail along with the table of contents, please click the link below:

https://www.marketstudyreport.com/global-automotive-led-lighting-market-size-manufacturers-supply-chain-sales-channel-and-clients-2021-2027

Global Automotive LED Lighting Market, Type Sub-Segments (Value, USD Million, 2016-2027)

  • Interior Lighting
  • Exterior Lighting

Global Automotive LED Lighting Market, Application Sub-Segments (Value, USD Million, 2016-2027)

  • Commercial Vehicle
  • Passenger Car

Global Automotive LED Lighting Market, Geographical Fragmentation (Value, USD Million, 2016-2027)

North America

Europe

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