Automotive Interior LED Lighting Market to Experience Significant Growth during the Forecast Period 2017 to 2022
Soaring demand for autonomous vehicles and driver safety are anticipated to be key factors driving the adoption of automotive interior LED lighting through 2022. Fact.MR’s extensive report on the global automotive interior LED lighting market delivers key actionable insights on various dynamics including drivers, trends, and challenges shaping the market over the forecast period of 2017-2022. However, expensive installations and hot heat source, resulting in subsequent LED failure are critical factors restraining the widespread adoption of automotive interior LED lighting, translating into a sluggish CAGR of 2.9% by 2022.
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Growing popularity of compact cars in APEJ and Europe will contribute significantly to the automotive interior LED lighting market, accounting for approximately one-third of the total revenue share. Moreover, mid-segment vehicles would present notable growth opportunities as opposed to premium vehicles over the forecast period, predicts Fact.MR. The study also records increased adoption in mid and low-segment vehicles owing to better efficiency and longer lifetime for interior lighting, further resulting in marginal contribution from premium vehicles to the global automotive interior LED lighting market.
With revenue share close to 2/3rd, 12V automotive interior LED lighting is poised to remain the most preferred LED type in terms Volts throughout the assessment period, low electromagnetic radiation and wide operating temperature and diming range. The 12V segment is anticipated to present a market opportunity of approximately US$ 440 million through 2022, forecasts Fact.MR.
Observing product-wise application of the automotive interior LED lighting, dashboard lighting is projected to hold nearly one-third of the total revenue share, considering dashboards and center consoles are key touch points the driver makes any contact with. Research suggests that more and more automotive giants are focusing on bringing design changes to dashboard lighting in the automotive interior LED lighting market including innovations in brightness of LED backlights to complement natural lighting during day and night. A US$ 210 million opportunity for key stakeholders, dashboard lighting is predicted to remain an attractive area of investment. Predicted to record a CAGR of 3.8% through 2022, adoption of automotive interior LED for ambient lighting will witness increased traction-more so in the compact cars segment to make the vehicles look more attractive to the customers. Owing to increasing demand for situational awareness and safety, head-up display lighting would present a US$ 6 million opportunity-mostly in the high end premium and luxury vehicles segment, predicts Fact.MR.
In terms of sales channel, the aftermarket channel is predicted to dominate the automotive interior LED lighting market, considering marginal OEM installations at the manufacturing level. Moreover, since the interior LED lighting was previously reserved for only premium and luxury car segments, growing demand for compact and mid-segment vehicles has placed the aftermarket sales of interior LED lighting on an upward growth trajectory over the projection year, with more and more customers opting for fitments and customizations after buying the vehicle.
The report on global automotive interior LED lighting market provides detailed company profiles of 10 leading players with a detailed company overview along with a detailed analysis of their product list, sales data, key financials and developments, and SWOT study. While strategic partnerships would remain the key forward market strategy in an effort to enhance the product offerings, key players are also likely to invest in various research and development activities and optimize the power of digital technologies to equip passengers and drivers with smarter in-car choices. Key players profiled in the report on global automotive interior LED lighting market include Hella KGaA Hueck & Co., Osram Licht AG, Magneti Marelli S.p.A., Koito Manufacturing Co., Ltd., Stanley Electric, Koninklijke Philips N.V, Valeo SA, Texas Instruments, Changzhou Xingyu Automotive Lighting Systems Co., Ltd.
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