The global automotive interior LED lighting market size is to grow at a CAGR of 5% and it is expected that the market will reach a global valuation of US$ 53.88 Bn by the forecast period 2032.
There has been a global disruption in the automotive supply chain due to the COVID-19 outbreak. In addition to disrupting manufacturing facilities globally, the epidemic has also affected auto sales which have directly affected the global automotive lighting market adversely.
As LED technology has progressed, the role of interior lighting has been elevated to becoming an effective brand differentiator. Also, Manufacturers are increasingly focusing on creating custom interiors with greater adherence to both safety and road legality.
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A global disruption in the automotive supply chain due to the COVID-19 outbreak. Aside from disrupting production facilities around the world, the epidemic has had a negative impact on auto sales, which has had a direct impact on the worldwide automotive lighting business. In 2020, a declining trend in demand for electric vehicles and conventional is expected to further damage the global industry. The COVID-19 epidemic has resulted in a major loss in vehicle manufacturing and sales, with a 20% drop expected by 2020. The automotive lighting business will suffer as a result of this.
Lighting regulations in developed European and North American countries will drive the car lighting market until 2032. The interior lighting of automobiles is likely to alter dramatically, with an emphasis on relaying additional information such as the current driving mode and battery charge level.
The market for Automotive Interior LED Lighting from passenger vehicles is predicted to expand at a rate of approximately 5.5% per year over the next ten years. This market expansion will be aided by manufacturers’ significant expenditure in research and development to produce automotive lighting business that are compatible with driver assistance systems and proximity sensors.
Key Takeaways:
- The Global Automotive Interior LED Lighting Market saw a 20% reduction in sales as a result of the epidemic.
- Asia Pacific to lead the industry with a 5% CAGR.
- North America is expected to grow at a 4.5% CAGR
- Europe is expected to be the fastest expanding market in the future, with a CAGR of 6%.
- By vehicle type, passenger vehicles segment is anticipated to grow at a rate of 5.5%.
- By product type, ambient automotive interior LED lightning will rise by more than 10% by the end of 2022.
- By volt, the 12V segment is expected to generate nearly US$ 716 million in revenue.
Growth Drivers:
- Various new applications and rising demand for autonomous vehicles is expected to spur the automotive interior LED lighting market growth.
- Increasing technological advancements and automotive interior LED lighting offering long service life and extreme vibration resistance to propel the market demand.
Competitive Landscape:
The competitive landscape of the automotive interior LED lighting market focuses on forming joint ventures, companies are expanding their global footprint
- Valeo announced its entry into the dynamic LED lighting market by announcing the acquisition of 10.5% of the shares of Aledia, a high-tech startup company focused on designing cutting-edge LED lighting for general and automotive use.
- The Koito Automotive Company has inaugurated the Hubei Koito Automotive Lamp Co., Limited plant in China.
- A new automotive lighting solution called Rallye was introduced by Osram India in 2017.
Key Companies Profiled by Fact.MR
- Changzhou Xingyu Automotive Lighting Systems Co., Ltd
- Texas Instruments
- Hella KGaA Hueck & Co.
- Magneti Marelli S.p.A.
- Valeo SA
- Koninklijke Philips N.V
- Stanley Electric
More valuable insights on the automotive interior LED lighting Market:
Fact.MR, in its report, offers a market analysis of the global automotive interior LED lighting Market analysing the forecast period through 2022 and beyond. This survey reveals the growth of technology in the automotive interior LED lighting market with detailed segmentation as follows:
- By Product
- Dashboard Lights
- Ambient Lighting
- Dome and Map Lighting
- Center Stack
- Head-up Display
- Reading Lights
- By Vehicle Type
- Compact Passenger Cars
- Mid-sized Passenger Cars
- Premium Passenger Cars
- Luxury Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- By Volts
- 12V
- 14V
- By Sales Channel
- OEM
- After Market
Key Questions covered in the automotive interior LED lighting Report
- What is the current valuation of the automotive interior LED lighting market?
- What will be the outlook of the market during the forecast period?
- What are key drivers for the growth of this market in 2022?
- Which are the most lucrative regions of this market during the forecast period?
- With what CAGR will Europe be driving this market?
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