When a semiconductor, such as an LED light, is turned on, it emits light energy. LED lights are more durable, power-saving, and efficient than halogen or xenon lights. LED lights have a number of advantages over conventional types of lighting, including lower CO2 emissions and a longer lifespan.
According to Fact.MR’s research report, the global market for automotive LED lighting is expected to grow at a rapid pace from 2021 to 2031. By the end of 2031, revenues from the global automotive LED light market are estimated to top US$ 6,000 million.
Automotive LED lights are an essential component of today’s vehicles. An electric voltage applied via leads to the p & n junction of an LED causes electrons to collide, resulting in the emission of light energy.
Key projections for the global automotive LED light market’s future
In terms of revenue, the worldwide aftermarket will continue to be the most profitable sales channel, with sales expected to account for more than three-quarters of the market between 2021 and 2031.
Through 2031, sales of automotive LED lights in OEM will grow at a faster rate than those in the aftermarket.
During the projection period, Asia-Pacific excluding Japan (APEJ) is likely to maintain its market dominance, with revenues from this region accounting for over one-third of total market revenue.
The automotive LED light market is expected to develop at an 8.5 percent CAGR through 2031 in Europe, which is expected to remain the second most attractive region for growth.
The most appealing application segment for automotive LED lights is expected to be headlamps. By the end of 2031, sales of automotive LED lights for headlamps will have surpassed US$ 1,000 million.
Sales of automotive LED lights for use in sidelights and brake lights are expected to grow at a similar rate through 2031.
Key players listed in the Fact.MR’s automotive LED light market report include
- OSRAM Licht AG
- HELLA KGaA Hueck & Co.
- Koito Manufacturing Co., Ltd.
- Stanley Electric Co. Ltd.
- Koninklijke Philips N.V.
- Valeo SA
- Imasen Electric Industrial Co., Ltd.
- Texas Instruments
- Nichia Corporation
- General Electric Company.
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