The global automotive light-emitting diode (LED) lighting market is expected to witness significant growth during the forecast period, on account of the growing production of passenger cars and heavy-duty vehicles, low cost of the LED, and long endurance life of LED lamps.
On the basis of vehicle type, the automotive LED lighting market has been categorized into passenger cars, light commercial vehicles, and medium and heavy commercial vehicles. During the forecast period, the market for LED lights is anticipated to witness the fastest growth in the category of passenger cars, mainly due to the increased sales of these cars in developing economies such as China, Thailand, Indonesia, and India, owing to rise in the standard of living in these nations. For instance, in October 2018, sales of passenger cars in India stood at 2,84,220 units as compared to 279,881 units in October 2017, demonstrating an increase of near about 1.5%. These numbers are expected to grow exponentially in the coming years, which in turn, will boost the growth of the market.
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Geographically, Asia-Pacific (APAC) is the largest automotive LED lighting market. China leads the APAC market, with Japan and India making substantial contributions to the growth of the market. In 2018, car production in China stood at 28 million units, being the highest among all the countries globally. This is mainly driven by improving standard of living in developing countries and increasing demand for personal vehicles. Additionally, improving per capita income, coupled with rapid urbanization in the developing economies of the region such as Thailand, Indonesia, and India, is also supporting the growth of the market in the region.
Growing automotive industry, increasing focus of original equipment manufacturers (OEMs) toward vehicle modularization, rising concerns regarding road safety, and emerging government regulations are the key factors driving the growth of the automotive LED lighting market. Additionally, with the rising disposable income in developing countries, primarily China, India, and Indonesia, the adoption of personal vehicles is growing at a significant rate, thus contributing to the growth of the automotive industry. Also, the market for light commercial vehicles, and medium and heavy commercial vehicles has also witnessed considerable growth in recent years, owing to increasing demand for public transportation and growing logistics demands in developed and developing economies. Thus, the growth of the automotive industry has directly influenced the growth of the automotive LED lighting industry.
The growth of the automotive LED lighting market is primarily constrained by high cost of LED lights, due to increasing raw materials’ cost and high investment in research and development for advanced LED lights, which is likely to restrict the market growth.
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Some of the key players operating in the global automotive LED lighting market are General Electric Company, HELLA GmbH & Co. KGaA, Hyundai Mobis Co. Ltd., Koito Manufacturing Co. Ltd., Magneti Marelli S.p.A., Namyung Lighting Co. Ltd., OSRAM Group, Koninklijke Philips N.V., Samsung Electronics Co. Ltd., Stanley Electric Co. Ltd., Valeo SA, Varroc Group, and ZKW Group.
