Vehicle LED Lighting Market Scope
Vehicle LED lighting are more efficient, durable, power-efficient and ambient oriented lights. These are also environment-friendly and emit less carbon dioxide. Conventionally, LED lights were used for backlights. Nowadays, these are used for headlights, indicators, and interiors as well. The LED lighting is considered an important part of modern automobiles, and have redefined aesthetics for passenger and commercial vehicles. Stringent government regulations regarding the use of halogen and xenon lights in the recent past have projected the demand for LED lights has led to significant growth vehicles LED lighting market in the forecast period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | HELLA GmbH & Co. KGaA (Germany), KOITO MANUFACTURING CO., LTD. (Japan), Magneti Marelli S.p.A (Italy), OSRAM GmbH (Germany), Koninklijke Philips N.V. (Netherlands), Bosch (Germany), Varroc Group (India), Hyundai Mobis (South Korea), Denso (Japan) and North American Lighting (United States) |
CAGR | 6.6% |
The Vendors having a strong hold in the market are HELLA GmbH & Co. KGaA, KOITO MANUFACTURING CO., LTD., Magneti Marelli S.p.A , and OSRAM GmbH. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Vehicle LED Lighting market throughout the predicted period.
HELLA GmbH & Co. KGaA (Germany), KOITO MANUFACTURING CO., LTD. (Japan), Magneti Marelli S.p.A (Italy), OSRAM GmbH (Germany), Koninklijke Philips N.V. (Netherlands), Bosch (Germany), Varroc Group (India), Hyundai Mobis (South Korea), Denso (Japan) and North American Lighting (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Renesas Electronics Corporation (Japan), Lumax (India), Aptiv PLC (Netherlands), Grupo Antolin (Spain), Lear Corporation (United States), Keboda (China), NXP (Netherlands), Gentex (United States), FlexNGate (United States), Federal-Mogul (United States), Stanley Electric (Japan), Ichikoh (Japan) and Zizala (Austria).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Vehicle LED Lighting market by Type , by Application (External Lighting and Internal Lighting) and Region with country level break-up.
On the basis of geography, the market of Vehicle LED Lighting has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
On 4 October 2018, HELLA and Faurecia showcased a first demonstration of a unique ambient lighting experience for a more comfortable, dynamic and versatile environment integrated into a Cockpit of the future. They are working together on technologies for vehicle interiors.
On 11 September 2019, HELLA has consistently developed its Matrix LED systems further and has launched the next generation of lighting technology on the market.
Influencing Trend:
Increasing High Demand for Adaptive Lighting in Developing Economies
Market Growth Drivers:
Increasing Growth in the Automobiles Industry has led to high demand for, Automotive LED Lighting Globally, Rising in Demand for Premium Segment Vehicles in Emerging Economies and Increasing Lighting Regulations for Better Visibility and Safety from Various Countries
Challenges:
Rising in Competition From Local Companies Offering Counterfeit/Retrofit Solutions
Restraints:
High Cost of Associated with LED Lights and Low Penetration of Advanced Lighting in Hatchback, Compact Sedan, and Entry-Level Suv
Opportunities:
Rising Partnership Between Automotive OEMs and Lighting System Manufacturers is Creates Opportunities for Market, Advanced and Innovative Developments on LED Lights over Traditional and Halogen and Xenon Lights
Key Target Audience
Vehicle LED Lighting Manufacturers, Auto Parts Manufacturers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors and Other