The presented report on Automotive Exterior LED Lighting Market is replete with detailed analysis from a thorough research, especially on questions that border on market size, development environment, futuristic developments, operation situation, pathways and trend of Automotive Exterior LED Lighting. All these are offshoots of understanding the current situation that the industry is in, especially in 2017. In this report, the global Automotive Exterior LED Lighting is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2017 and 2022.
Lighting is an important aspect in automobiles and plays a vital role in safety of the vehicle. Automobiles possess different kinds of lights to enhance the visibility in dark conditions and also in the bad weather conditions like fog and smog. In addition, automotive lighting also enhance the visibility of the vehicle. The lighting system in an automobile consists of lighting and signaling devices. Such kind of lighting equipment are located in different places in the vehicle such as front, rear and top. Besides the above functional uses, the automotive lighting also provides illumination for the driver in order to drive the vehicle. It aids the other vehicle drivers and pedestrians on the road to see the position of the vehicle, gauge the direction of the vehicle and its size and to take precautionary measures. Besides, the lightings also add an aesthetic value to the vehicle making it look glossy and beautiful.
A growing population of the world coupled with increasing demand for automobiles along with the burgeoning production are the driving factors fuelling the growth of the global automotive lights market. Besides, increasing concerns for vehicle safety and government regulations are also considered as growth factors for this market. Additionally, the rise in the purchasing power of the consumers all around the world, especially in the developing economies of APEJ are also driving the market growth. LED is the most prominent automotive lighting technology, replacing the older halogen lighting technology. Increasing demand for energy efficiency, high flexibility and a longer life are the reasons why the switch to LED lighting took place. A number of technological innovations and different types of lighting products are being created to cater to the demands of the customers for automotive exterior LED lighting. On the other hand, higher costs of LED lighting and skyrocketing research and development costs coupled with an uncertain economic situation in the European region are projected to restrict the market growth for automotive exterior LED lighting during the forecast period.
Automotive exterior LED lighting is used for vehicle illumination purposes. They are placed in different places on the vehicle including the top, front and rear. Automotive exterior LED lighting is used both for the purpose of lighting and as well as for signaling. Lighting helps to maintain the safety of the vehicle and enables the driver to drive while in darkness or in fog or smog.
This Fact.MR report on the global automotive exterior LED lighting market forecasts that the global automotive exterior LED lighting market will touch a value of nearly US$ 1,243 Mn in the year 2022 and grow at a sluggish CAGR during the assessment period.
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Europe Market Set to Dominate the Global Automotive Exterior LED lighting Market in Terms of Revenue
The market in Europe is set to dominate the global automotive exterior LED lighting market in terms of value and this trend is projected to sustain itself throughout the assessment period. Europe automotive exterior LED lighting market is the most attractive market, growing at a sluggish CAGR over the assessment period.
Front Light Segment Poised to Touch a Value of Nearly US$ 221 Mn in 2022
As per the forecast of Fact.MR, the front light segment is expected to reach a value of nearly US$ 221 Mn in the year 2022. This represents a sluggish CAGR during the forecast period of 2017-2022. Front light segment is expected to account for nearly one-fifth of the revenue share of the product type segment by the year 2017 and is expected to lose market share by the end of the year 2022.
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OEM Automotive Exterior LED lighting Segment to exhibit a CAGR of 3.1% During the Assessment Period
As per the forecast of Fact.MR, the OEM automotive exterior LED lighting segment is slated to touch a figure of nearly US$ 499 Mn in the year 2022. This represents a CAGR of 3.1% during the assessment period from 2017 till the year 2022. This segment is expected to gain market share by the end of the year 2022. The OEM automotive exterior LED lighting segment is expected to account for more than one-third of the revenue share of the sales channel segment by the year 2017.
4 Forecast Highlights on Global Automotive Exterior LED Lighting Market
- As per the forecast of Fact.MR, the parking light automotive exterior LED lighting segment is slated to touch a value of nearly US$ 138 Mn in the year 2022. This represents a sluggish CAGR growth during the assessment period of 2017-2022. The parking light automotive exterior LED lighting segment is estimated to account for more than one-tenth of the revenue share of the product type segment by the year 2017 end and is expected to gain in market share by the year 2022 end.
- As per the forecast of Fact.MR, the aftermarket automotive exterior LED lighting segment will reach a value of nearly US$ 655 Mn in the year 2017. This represents a sluggish CAGR growth during the forecast period. The aftermarket automotive exterior LED lighting segment is estimated to account for nearly two-third of the revenue share of the sales channel segment in the year 2017 end and is expected to lose market share by the end of the year 2022.
- As per the forecast of Fact.MR, the compact passenger cars segment is slated to reach a value of nearly US$ 344 Mn in 2022. The compact passenger cars segment is expected to gain some market value by the end of the year 2022. The largest share is contributed by the Europe region in the compact passenger cars segment.
- MR forecasts the 12V automotive exterior LED lighting market to grow from nearly US$ 677 Mn in 2017 to nearly US$ 776 Mn in 2022. This represents a compound annual growth rate (CAGR) of 2.8% from 2017 to 2022.
Competition Tracking
The report also profiles companies that are expected to remain active in the expansion of global automotive exterior LED lighting market through 2022, which include HELLA KGaA Hueck & Co, OSRAM Licht AG, Magneti Marelli S.p.A., Koito Manufacturing Co., Ltd, Stanley Electric Co. Ltd, Koninklijke Philips N.V, Valeo SA, Zizala Lichtsysteme GmbH, Texas Instruments Incorporated, Lumax Industries Ltd, Imasen Electric Industrial Co., Ltd and Changzhou Xingyu Automotive Lighting Systems Co., Ltd.
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