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Automotive LED Lighting Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UNITED KINGDOM, September 30, 2024 /EINPresswire / -- The automotive LED lighting market has experienced robust growth in recent years, expanding from $18.84 billion in 2023 to $20.24 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to consumer demand, environmental concerns, improved performance, cost reduction, safety, and visibility.
What Is The Estimated Market Size Of The Global Automotive LED Lighting Market And Its Annual Growth Rate?
The automotive LED lighting market is projected to continue its strong growth, reaching $26.6 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to advancements in autonomous vehicles, innovations in adaptive lighting, electric vehicle (EV) expansion, demand for connected cars, rising focus on energy efficiency.
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Growth Driver of The Automotive LED Lighting Market
The increase in global traffic accidents is expected to propel the growth of the automotive LED lighting market going forward. Traffic accidents refer to any injury caused by a crash of a vehicle partially or entirely on a public road and are a leading cause of death among people. Automotive LED lighting is used to prevent road accidents by increasing the vehicle's visibility on the road, making it easier for others to spot and avoiding the head-on collisions that occur due to poor visibility.
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Which Market Players Are Driving The Automotive LED Lighting Market Growth?
Key players in the market include Hyundai Mobis, Hella KGaA Hueck & Co., Koito Manufacturing Co. Ltd., Marelli Holdings Co. Ltd., Osram Licht AG, Stanley Electric Co. Ltd., Valeo, ZKW Group, Magneti Marelli S.p.A, Mercedes-Benz, Samsung Electronics Co. Ltd., Toyota Motor Corporation, Changzhou Xingyu Automotive Lighting System Co. Ltd., Everlight Electronics Co. Ltd., LG Electronics Inc., Nichia Corporation, Seoul Semiconductor Co. Ltd., SL Corporation, General Electric Company, Koninklijke Philips N V, Hyundai Mobis Co. Ltd., Denso Corporation, Federal-Mogul Corporation, Grupo Antolin, Continental AG, Varroc Lighting Systems, DEPO Auto Parts Ind Co. Ltd., Flex-N-Gate Corporation, Lumax, Guangzhou Loyo Electronic Factory, TYC Brother Industrial.
What Are The Key Trends That Influence Automotive LED Lighting Market Share Analysis?
Major companies operating in the market are innovating new products, such as intelligent automotive LED lights, to sustain their position in the market. Intelligent automotive LED lights refer to advanced lighting systems that incorporate smart technology, such as adaptive brightness, automated beam adjustments, and connectivity features, enhancing safety and efficiency in vehicles.
How Is The Global Automotive LED Lighting Market Segmented?
1) By Propulsion Type: Internal Combustion Engine (ICE), Electric, Other Propulsion Types
2) By Vehicle Type: Passenger Car, Light Commercial Vehicle (LCV), Bus, Other Vehicle Types
3) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
4) By Application: Exterior Lighting, Interior Lighting
Geographical Insights: North America Leading The Automotive LED Lighting Market
North America was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Automotive LED Lighting Market Definition
Automotive LED lighting refers to specialized LED lighting in automobile vehicles that facilitate crystal clear light on traveling, energy efficient night visibility and a long-predicted lifetime lighting.
Automotive LED Lighting Global Market Report 2024 from TBRC covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global automotive LED lighting market report covering trends, opportunities, strategies, and more
The Automotive LED Lighting Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive LED lighting market size, automotive LED lighting market drivers and trends, automotive LED lighting market major players and automotive LED lighting market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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