Automotive LED Light Market Projected to Augment at a Notable CAGR during the Forecast Period until 2022
LED light, a semiconductor, releases light energy when it is activated. Compared to halogen, or, xenon light, LED lights are more durable, power saving, and efficient. LED lights offer various advantages compared to other lights, such as less CO2 emission, and long-lasting life. Automotive LED lights form an imperative part of modern automobiles. An electric voltage supplied to p & n junction of an LED via leads brings electrons together, resulting into release of light of energy.
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Automotive LED lights were traditionally utilized as back lights, however they were gradually adopted for headlights over halogen, and xenon light, on the back of their power efficiency and better lighting system. LED lighting systems are becoming highly preferred in vehicles, gaining popularity among vehicle owners worldwide. Auto manufacturers are focusing on customer comfort and safety, with the rise in production of electric and hybrid vehicles equipped with LED lighting systems of high-quality. For effectively differentiating from market leaders, and gaining additional market share, the manufacturers are mainly concentrating on development of innovative systems, and cost-effective solutions. Potential of LEDs in the automotive lighting systems is expected to extend, with improved LED modules, and introduction of new technologies such as organic LEDs (OLEDs) that produce homogenous light. Osram, one of the leading market players, recently made an announcement of its flexible OLED lighting systems for vehicles. These factors might influence growth of the global automotive LED light market in the upcoming years.
Robust expansion of the automotive sector, coupled with soaring sales of lightweight vehicles, rising focus on energy efficiency, and stringent government policies & regulations concerning utilization of halogen and xenon automotive lights has also fuelled higher demand for LED lights in vehicles. However, high cost of LED lights remains a major challenge to its adoption in few areas, such as their application in headlamps. Currently, the high prices of automotive LED lights affects their aftermarket sales, especially across developing economies including India, China, and South Africa. A recent study by Fact.MR estimates the global automotive LED light market to register an impressive CAGR during the forecast period 2017 to 2022. Global sales of automotive LED lights are expected to surpass revenues worth US$ 6,000 Mn by 2022-end.
Automotive LED Lights to Find Largest Application in Headlamps of Vehicles
Automotive LED lights are expected to find the largest application in headlamps of vehicles, with sales poised to exceed US$ 1,000 Mn in revenues by 2022-end. Brake lights are expected to be the second most lucrative application of automotive LED lights in the global market. In addition, sales of automotive LED lights for application in brake lights and sidelights are projected to register a parallel expansion at 8.7% CAGR through 2022.
Although aftermarket will continue to be the largest sales channel for automotive LED lights, sales in OEM are anticipated to exhibit a comparatively higher CAGR through 2022. Sales of automotive LED lights in aftermarket will account for over three-fourth revenue share of the market throughout the forecast period.
Accounting for more than one-third revenue share of the global market, Asia-Pacific excluding Japan (APEJ) will continue to be the most attractive market for automotive LED lights, in terms of revenues. Europe is expected to be the second largest market for automotive LED lights, with sales expanding at a CAGR of 8.5% through 2022.
Key market players listed in the Fact.MR’s report include OSRAM Licht AG, HELLA KGaA Hueck & Co., Koito Manufacturing Co., Ltd., Stanley Electric Co., Ltd., Koninklijke Philips N.V., Valeo SA, Imasen Electric Industrial Co., Ltd., Texas Instruments, Nichia Corporation, and General Electric Company.
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