Technavio has published a new market research report on the global automotive LED lighting market from 2018-2022. (Photo: Business Wire)
LONDON—The global automotive LED lighting market is expected to register a CAGR of close to 21% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the market’s growth is the reduction in the cost of LED lighting. LED lights are the most economical substitutes to halogen lights in vehicles. Apart from being energy-efficient, these lights are easier to maintain than halogen and Xenon lights. The substantial use of LEDs in various industries led to a decline in their prices, which increased their procurement by automakers when compared with halogen and xenon lighting systems.
This market research report on the global automotive LED lighting market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
Global automotive LED lighting market: Growing popularity of adaptive lighting systems
The adoption of adaptive lighting systems in vehicles is increasing due to the additional safety and comfort offered for the driver. AFL and adaptive emergency braking lights are crucial adaptive lighting systems. LED technology is becoming a key enabler for efficient and reliable operation of these systems compared with other lighting technologies. Thus, growing popularity of these adaptive lighting systems is a positive trend for the concerned market.
“Adaptive headlights are a dynamic safety feature tailored to make driving at night and in low-light conditions safe by increasing visibility around curves and on hills. While driving around a curve or a bend in the dark, standard headlights continue to light straight ahead, illuminating the side of the road and not the road in front of the driver. Adaptive headlights turn their beams conferring to the steering input so that the vehicle’s desired path is illuminated,” says a senior analyst at Technavio for research on automotive components.
Global automotive LED lighting market: Segmentation analysis
This market research report segments the global automotive LED lighting market into the following applications (exterior lighting and interior lighting) and key regions (the Americas, APAC, and EMEA).
The exterior lighting segment held the largest market share in 2017, accounting for nearly 96% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC held the highest share of the global automotive LED lighting market in 2017, accounting for a market share of approximately 48%. The market share occupied by this region is anticipated to increase by nearly 3% during 2018-2022.Tagged with automotive, market outlook