(MENAFN - America News Hour) LED light is a semiconductor which releases energy in the form of light when activated. LED lights are more efficient, power saving and durable than halogen or xenon light. When an electric voltage is supplied to p and n junction through leads, electrons started to come together and release energy in the form of light. It offers various other advantages over other lights such as long lasting life and less CO2 emission. Automotive.
'Final Report will add the analysis of the impact of COVID-19 on this industry.'
LED lights are considered as an important part of modern automobiles. Traditionally, automotive LED lights were used as back lights but due to their better lighting system and power efficiency, nowadays they are used as headlights over the xenon and halogen light. Rising growth of automobile industry across the globe has fostered the growth of automotive LED lighting system. The stringent government regulation and policies regarding the usage of xenon and halogen automotive lights has led to higher demand for LED lights. The key trend driving the automotive LED lighting market is innovation and development in LED technology.
On 7 may, 2017, Osram, one of the leading manufacturers of automotive LED lights, announced flexible OLED's for vehicle lighting. Further, on 31st January, Magneti Marelli, one of the key companies, announced their investment of USD 35 million for an automotive lighting facility in Independence Township (MI).
The global automotive LED lighting market is anticipated to reach USD 21.56 billion witnessing a CAGR of 8.92 % over the forecast period 2017-2024. Asia-Pacific accounted for the highest market share in the terms of volume in overall global market. The market is expected to continue its dominance over the forecast period. Further, it is anticipated to maintain its dominance owing to the heavy demand for cost effective automotive LED lights and increasing automobile production. The presence of automotive LED lighting manufacturing industries in Japan is expected to bolster the automotive LED light market over the forecast period.
The market of global automotive LED light is led by Asia-Pacific followed by Europe and North America. Europe is expected to showcase a significant rise in automotive LED light over the forecast period owing to the development of technologically advance LED lights used in luxury cars. Moreover, presently Europe and Asia (mainly Japan) accounts for more than 80% market share of the global automotive LED lighting market.Global Smart Shelves Market
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Smart shelves refer to the shelf that is transistorized with a radio frequency identification reader (RFID) sensor which is equipped inside, above or behind the shelves. Nowadays, hypermarkets are opting for smart shelves as they help in optimization and increase their sales. Consumers prefers to go to smart shelves equipped hypermarket because smart shelves offers discounts or offers as the consumer picks up a product. The market share of the smart shelves has constantly been rising due to the increasing adoption of smart shelves as they provide benefits to both customers as well as hypermarkets and offers various advantages over the normal shelves. The evolutionary advantages that smart shelves offer over normal shelves are automatic low end stock alert, better operations management, observing consumer preferences and theft identification. Further, the normal shelves do not offer these features and result in decreased efficiency of hypermarket staff and low sales figure.
However, the smart shelves are integrated systems offering better control and connectivity of hypermarket inventory. The smart shelves are meshed with weight sensors which send notification to the back end system when an item is lifted. Further, these shelves do send a message as misplaced items to the back end system when it detects a product that does not relate to that segment. Smart shelf gives various information to the retailers which they use to increase their customer service. The retail sector is expected to be more addressable to the consumer demands and provide better shopping experience by digitizing the stores and hypermarkets.
Market Size and Forecast
The market is anticipated to witness a robust growth over the forecast period. Increasing consumer expectation is resulting in the increased demand for digitized retail stores. Further, profit maximization of the retail stores is one of the key factors anticipated to fuel the demand for smart shelves market.
smart shelves market
North America held the largest market of smart shelves market till 2016 and is expected to continue its dominance over the forecast period as they are early adopters of new technologies. Moreover, roughly 90% purchase is done in offline stores such as retails and hypermarket which is expected to provide a robust growth to the smart shelves market in North America.
North America is the largest market of smart shelves followed by Europe and Asia-Pacific. Moreover, Europe is the second largest market and expected to witness a significant growth over the forecast period. Rising consumer expectation for personalization and customization need and increasing share of the economy is anticipated to fuel the demand for smart shelves in the European countries.
Further, Asia-Pacific is expected to show a rise in the demand for smart shelves market owing to the increasing population and rising disposable income.
Our in-depth analysis segmented the global smart shelves market in the following segments:
By Type of Retail Outlet
Others ( Dollar stores, malls, pharmacy store)
Global smart shelves market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers and Challenges
Disruptive technology and increasing customer personalization and customization is expected to drive the global smart shelves market over the forecast period i.e. 2017-2024. Moreover, the benefits of smart shelves such as profit maximization of the retailer and delivering customized shopping experience are expected to positively shape the global smart shelves market. In addition to this, increased level of customer satisfaction is projected to escalate the global smart shelves market.
However, the higher cost of smart shelves is likely to dampen the growth global smart shelves market. Moreover, shifting of customers to online retail store is anticipated to slow down the demand of smart shelves.
Key Product Offerings
NeWave Sensor Solutions
Scope and Context
Overview of the Parent Market
The Global smart shelves market is segmented as follows:
By Type of Retail Outlet Market Size & Y-O-Y Growth Analysis
By Region Market Size & Y-O-Y Growth Analysis
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