Global Automotive LED Lighting Market to Grow at YOY of 4.15% between 2022 and 2023
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 the 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
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!
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.
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.
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. Moreover, consumers' preference is shifting from fuel efficiency to aesthetics and advanced features, which is also expected to increase the adoption of LED lighting solutions.
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