Global Automotive LED Lighting Market to Grow at YOY of 4.15% between 2022 and 2023, Insights on Post-Covid Analysis and Recovery-Technavio

NEW YORK, Jan. 23, 2023 /PRNewswire/ — According to Technavio, the global automotive LED lighting market size is estimated to grow by USD 2,005.77 million from 2022 to 2027. The market is expected to grow at a CAGR of 4.45%. The market is expected to grow at a CAGR of 4.45%. Moreover, the growth momentum will accelerate. Moreover, the growth momentum will accelerate. The COVID-19 outbreak declined the market growth in the region in 2020. However, in 2021, due to the vaccination drives carried out by the government of several countries many industries, including automotive production, resumed their operations, resulting in an increase in the demand for such lighting products. In addition, the rise in demand for new technology automotive lighting, such as OLED, matrix LED, and laser lighting will foster the growth of the regional market. Hence, such factors are expected to fuel the regional market growth during the forecast period. Request a sample report Technavio has announced its latest market research report titled Global Automotive LED Lighting Market 2023-2027 The supply chain for automobiles has been impacted by the ongoing Russia-Ukraine conflict. Auto sales have fallen slightly in 2022 because of significant price volatility and a constrained product supply. The prolonged confrontation between Russia and Ukraine has caused delays in the production of finished items. This has had a substantial impact on the development of the automotive industry, which has hurt European customers’ interest in the sector. This will negatively impact the growth of the global automotive market during the forecast period. For more insights – buy the report!Global automotive LED lighting market – Five forcesThe global automotive LED market is fragmented, and the five forces analysis covers –Bargaining power of buyersThe threat of new entrantsThreat of rivalryBargaining power of suppliersThreat of substitutesGlobal automotive LED lighting market – Customer landscape The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies. Global automotive LED lighting market – Segmentation assessment Segment overview Technavio has segmented the market based on type (exterior and interior) and application (passenger cars and commercial vehicles). Story continues The exterior segment will grow at a significant rate during the forecast period. This segment includes LED lighting applications for the front, rear, side, and top portions of vehicles. Some of the common application areas include headlights, position lamps, fog lights, DRLs, turn signals, taillights, side mirror lamps, center high-mount stop lights (CHMSLs), license plate lamps, and reflectors. LED lighting is used in modern vehicles for applications such as headlights and DRLs. The rising demand for LED lighting and technological advances enable vendors to lower production costs. These factors will drive the growth of the segment during the forecast period. Geography overview Based on geography, the global automotive LED lighting market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive LED lighting market. APAC is estimated to account for 59% of the growth of the global market during the forecast period. The demand for automotive LED lighting in this region is expected to outpace the demand in North America and Europe. This is because of the growing demand for safety and convenience features in modern vehicles by end-users from emerging markets in the region. Furthermore, consumers’ preference is shifting from fuel efficiency to aesthetics and advanced features, which is also expected to increase the adoption of LED lighting solutions.Download a sample reportGlobal automotive LED lighting market – Market dynamicsKey factor driving market growthThe growing popularity of ambient lighting in automobiles is driving market growth. Ambient lighting enhances the appearance of cabins at night. It uses light pipes, light rings, LED pin spotlights, and diffuser lenses integrated into the vehicle’s console, door panels, instrument panels, and seat frames.LEDs are used for ambient lighting in cabins, as they are small in size and require low energy consumption. Such factors will fuel the market growth during the forecast period. Leading trends influencing the market The growing adoption of adaptive lighting systems is a key trend in the market. Adaptive lighting systems change the distribution of light according to the driving circumstances. LED technology is used for the efficient and reliable operation of these systems, which is increasing their population. Prominent automotive OEMs are also offering adaptive lighting systems. For instance, in 2022, Porsche showcased HD matrix LED headlight technology. Such factors will support the market growth during the forecast period. Major challenges hindering market growth The rising prices of raw materials are challenging market growth. Some of the raw materials used in automotive LED Lighting include aluminum, copper, polyvinyl chloride (PVC), and paper. The prices of these materials have increased in recent years. Furthermore, the rising price of crude oil is increasing the price of PVC. As the prices of raw materials fluctuate frequently, manufacturers find it challenging to maintain stock, which increases the operational cost. factors will hamper the global market growth during the forecast period. Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report! What are the key data covered in this automotive LED lighting market report? CAGR of the market during the forecast period Detailed information on factors that will drive the growth of the automotive LED lighting market between 2023 and 2027 Precise estimation of the size of the automotive LED lighting market and its contribution to the parent market Accurate predictions about upcoming trends and changes in consumer behavior Growth of the automotive LED lighting market across APAC, Europe, North America, South America, and Middle East and Africa A thorough analysis of the market’s competitive landscape and detailed information about vendors Comprehensive analysis of factors that will challenge the growth of automotive LED lighting market vendors Gain instant access to 17,000+ market research reports. Technavio’s SUBSCRIPTION platform Related Reports: The automotive lighting market is estimated to grow at a CAGR of 9.79% between 2022 and 2027. The size of the market is forecast to increase by USD 14,415.24 million. This report extensively covers market segmentation by vehicle type (passenger cars and commercial vehicles), end-user (OEM and aftermarket), and geography (APAC, Europe, North America, South America, and Middle East and Africa). automotive camera market in China is expected to increase by 2,567.82 thousand units from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.02%. This report extensively covers segmentation by vehicle type (passenger vehicles and commercial vehicles) and application (viewing and sensing and viewing only). Automotive LED Lighting Market Scope Report Coverage Details Page number 168 Base year 2022 Historic period 2017-2021 growth 2023-2027USD 2,005.77 millionMarket structureFragmentedYoY growth 2022-2023 (%)4.15Regional analysisAPAC, Europe, North America, South America, and Middle East and AfricaPerforming market contributionAPAC at 59%Key countriesUS, China, Japan, South Korea, and GermanyCompetitive vendorsscapeLeading , market positioning of vendors, competitive strategies, and industry risksKey companies profiledChangzhou Xingyu Automotive Lighting System Co. Ltd., Everlight Electronics Co. Ltd., HELLA GmbH and Co. KGaA, Hyundai Mobis Co. Ltd, Koito Manufacturing Co. Ltd, Koninklijke Philips NV, LG Electronics Inc., Lumax Industries Ltd., Lumileds Hol ding BV, Marelli Holdings Co Ltd, Nichia Corp, OSRAM GmbH, Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., SL Corp., Stanley Electric Co. Ltd., Tungsram Operations Kft., Valeo SA, Varroc Lighting, and Zumtobel Group AGMarket dynamicsParent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.Customization purviewIf our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.Browse for Technavio’s consumer discretionary market reportsTable of contents1 Executive Summary2 Market Landscape3 Market Sizing4 Historic Market Size5 Five Forces Analysis6 Market Segmentation by Type7 Market Segmentation by Application8 Customer Landscape9 Geographic Landscape10 Drivers, Challenges, and Trends11 Vendor Landscape12 Vendor Analysis13 AppendixAbout UsTech Navio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1400 203 893 3200 Email: Website: Automotive LED Lighting Market 2023-2027 CisionView original content to download multimedia: lighting-market-to-grow-at-yoy-of-4-15-between-2022-and-2023–insights-on-post–covid-analysis-and-recovery-technavio-301726833.htmlSOURCE Technavio

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