Rockville, MD, Aug. 04, 2024 (GLOBE NEWSWIRE) -- As per an updated study published by Fact.MR, a leading market research and competitive intelligence provider, the global automotive LED light market is projected to reach a value of US$ 8.35 billion in 2024 and expand at a CAGR of 8.6% from 2024 to 2034.
Increasing deployment of automotive LED lights is being driven by their several applications, benefits, and versatility. Both manufacturers and users are increasingly recognizing the advantages of LED technology across various automotive sectors. Fleet operators and environmentally conscious consumers are drawn to LED lights for their long lifespan and superior energy efficiency. Growing popularity of these lights can be largely attributed to the enhanced safety and visibility they offer, especially in regions with stringent safety regulations. Adaptability of LED designs allows for creative styling in vehicles, appealing to those seeking modern aesthetics. Consequently, LED lights are becoming a popular choice in the expanding aftermarket modification sector.
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Beyond private cars, LED technology is also being used in off-road vehicles, emergency services, and commercial trucks due to its durability and performance in tough conditions. Rising demand for energy-efficient solutions, spurred by urbanization and the development of smart cities, is also driving market growth.
East Asia is the leading regional market for automotive LED lights, closely followed by North America. Deployment is commercial vehicles is higher compared to others, and though two/three wheelers account for a small market share, this segment will increase gradually over the coming years.
Key Takeaways from Market Study
- The global automotive LED light market is forecasted to reach a size of US$ 19.05 billion by the end of 2034.
- The South Korea market is evaluated to expand at a CAGR of 10.5% from 2024 to 2034.
- The North American market is forecasted to expand at a CAGR of 5.3% through 2034.
- East Asia is projected to hold a global market share of 31.9% by 2034.
- The United States is projected to occupy a share of 83.7% in North America by 2034. The market has been analyzed to reach US$ 4.03 billion by the end of 2034.
- Based on applications, the side lights segment is forecasted to expand at a CAGR of 9.2% and hold a market share of 11% by 2034.
“Increasing use of automotive LED lights in electric vehicles and commercial vehicles is fueling market growth. Advancements in electric vehicle technology will be a key factor benefiting LED light makers,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Automotive LED Light Market
Key Players in the automotive LED light market are 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, General Electric Company.
Growing Adoption of Adaptive LED Headlights
Development of adaptive LED headlights, which adjust their beam patterns based on road conditions to enhance driver safety and comfort, is gaining traction. Matrix LED technology is becoming increasingly popular due to its capability to selectively dim individual LEDs while maintaining high-beam illumination without causing glare for oncoming traffic. This feature is particularly appealing in the premium car market.
Organic LEDs (OLEDs) are revolutionizing taillight design with their thin, flexible nature, offering unprecedented styling options. Meanwhile, Micro-LED technology delivers even greater brightness and energy efficiency in a more compact form. Another significant advancement is the integration of LED lights with advanced driver assistance systems (ADAS), allowing these lights to project warning signals or navigational aids directly onto the road.
Automotive LED Light industry News:
- November 2023 saw the launch of HELLA's Value Fit BLADE auxiliary headlight series, which is primarily intended for use on trucks and off-road vehicles. These additional headlights come with bespoke market research services. Should the aforementioned report not fully satisfy your requirements, we can customize the research for you. Our custom study will include all the business facts you require to make profitable and well-informed business decisions. innovative LED lighting technology and present a new direction for market growth in the LED vehicle lighting industry.
- In July 2023, HELLA and Porsche unveiled the first matrix LED-powered high-resolution headlamp in history. As a result, automotive lighting technology made significant progress.
- In July 2022, HELLA also unveiled the upcoming generation of ambient lighting. The new HELLA Slim Light System allows for the subtle adjustment of the interior environment and the activation of wide-area lighting, such as that in the entrance. The most notable aspects of this system are how thin and light it is. It can be implanted between many layers and up to eight millimeters thick. For comparison, the current systems measure roughly 20 millimeters.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the automotive LED light market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on technology (halogen, LED, xenon/HID), application (headlamps, DRL, sidelights, turning lights, CHMSL, tail lights, break lights, interior illumination lights, interior indication lights), and sales channel (OEMs, aftermarket), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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