LONDON--(BUSINESS WIRE)--Technavio has been monitoring the automotive led lighting market and it is poised to grow by USD 1.29 billion during 2020-2024, progressing at a CAGR of almost 4% during the forecast period. The market growth can be attributed to factors such as the use of LEDs in automotive intelligent lighting system applications, the growing popularity of ambient lighting in automobiles, and the incorporation of energy-efficient solutions. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the automotive led lighting market. The market growth in 2020 is likely to decrease compared to the market growth in 2019.
Frequently Asked Questions:
Based on segmentation by type, which is the leading segment in the market?
The passenger cars segment led the market in 2019.
What are the major trends in the market?
The development of hybrid LED headlights is the major trend in the market.
At what rate is the market projected to grow?
The market is projected to grow at a CAGR of almost 4% during 2020-2024.
Who are the top players in the market?
HELLA GmbH & Co. KGaA, Hyundai Mobis Co. Ltd., Koito Manufacturing Co. Ltd., LG Electronics Inc., Magna International Inc., Marelli Holdings Co. Ltd., OSRAM GmbH, Stanley Electric Co. Ltd., Valeo SA, and Varroc Engineering Ltd. are the top players in the market.
What are the key market drivers and challenges?
The market is driven by the growing popularity of ambient lighting in automobiles. However, rising prices of raw materials might challenge growth.
How big is the APAC market?
APAC dominated the market with a 64% share in 2019.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. HELLA GmbH & Co. KGaA, Hyundai Mobis Co. Ltd., Koito Manufacturing Co. Ltd., LG Electronics Inc., Magna International Inc., Marelli Holdings Co. Ltd., OSRAM GmbH, Stanley Electric Co. Ltd., Valeo SA, and Varroc Engineering Ltd. are some of the major market participants. Although the growing popularity of ambient lighting in automobiles will offer immense growth opportunities, rising prices of raw materials are likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this automotive led lighting market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Automotive LED Lighting Market 2020-2024: Segmentation
Automotive LED Lighting Market is segmented as below:
- Passenger Cars
- Commercial Vehicles
- Exterior Lighting
- Interior Lighting
- North America
- South America
Based on the type, the market saw maximum growth in the passenger cars segment. The growth can be attributed to the introduction of premium features in entry and MI-segment vehicles coupled with the high sales of passenger cars. The market growth in the segment will be significant over the forecast period.
APAC accounted for 64% of the market share in 2019. The region is expected to continue its dominance over the forecast period. China, Japan, and South Korea (Republic of Korea) are the key markets for automotive LED lighting in APAC.
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Automotive LED Lighting Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The automotive led lighting market report covers the following areas:
- Automotive LED Lighting Market Size
- Automotive LED Lighting Market Trends
- Automotive LED Lighting Market Industry Analysis
This study identifies the development of hybrid LED headlights as one of the prime reasons driving the Automotive LED Lighting Market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Automotive LED Lighting Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist automotive led lighting market growth during the next five years
- Estimation of the automotive led lighting market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the automotive led lighting market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of automotive led lighting market vendors
Table of Contents:
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019-2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- Exterior lighting - Market size and forecast 2019-2024
- Interior lighting - Market size and forecast 2019-2024
- Market opportunity by Application
Market Segmentation by Type
- Market segments
- Comparison by Type
- Passenger cars - Market size and forecast 2019-2024
- Commercial vehicles - Market size and forecast 2019-2024
- Market opportunity by Type
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- HELLA GmbH & Co. KGaA
- Hyundai Mobis Co. Ltd.
- Koito Manufacturing Co. Ltd.
- LG Electronics Inc.
- Magna International Inc.
- Marelli Holdings Co. Ltd.
- OSRAM GmbH
- Stanley Electric Co. Ltd.
- Valeo SA
- Varroc Engineering Ltd.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.