Rockville, Sept. 05, 2023 (GLOBE NEWSWIRE) -- According to a new study by Fact.MR, a market research and competitive intelligence provider, the global Automotive Exterior LED Lighting Market stands at US$ 1.33 billion in 2023 and is projected to expand at a CAGR of 7.6% from 2023 to 2033.
Rising road safety concerns, energy efficiency demand, and aesthetic preferences in the automotive sector are driving the sales of automotive exterior LED lighting technologies. Light-emitting diode (LED) technology is revolutionizing automotive lighting systems by offering brighter and more efficient illumination compared to traditional halogen or incandescent lights.
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Key Segments of Automotive Exterior LED Lighting Industry Research Report
| By Vehicle Type | By Sales Channel | By Voltage |
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Adaptive LED automotive headlights and automotive dynamic turn signal lights are gaining prominence. These advanced technologies are enhancing the car’s exterior illumination and lowering the risk of accidents. Rising demand for electric and hybrid vehicles, growing trend of vehicle customization, and ever-increasing sales of passenger cars are augmenting the adoption of automotive exterior LED lighting technologies.
Key Takeaways from Market Study
- The global automotive exterior LED lighting market is forecasted to reach US$ 2.77 billion by 2033-end.
- Worldwide sales of 12V automotive exterior LED lights are projected to increase at a CAGR of 7.2% between 2023 and 2033.
- The United States market for automotive exterior LED lights is projected to expand at a CAGR of 7.4% through 2033.
- Automotive exterior LED lighting sales in China are estimated to reach US$ 1.8 billion by 2033.
- Europe, a luxury and premium car manufacturing hub, will account for high adoption of advanced LED lighting systems.
“Integration of LED lights with advanced driver assistance systems (ADAS) is boosting global automotive exterior LED lighting market growth,” says a Fact.MR analyst.
Winning Strategy
Leading automotive exterior LED lighting companies are investing in R&D activities to develop cutting-edge LED technologies and maintain a competitive edge in the market. They are also collaborating with automakers to supply LED lighting solutions as original equipment. This move is expected to increase their market shares.
- In August 2021, ZKW introduced a ground-breaking micromirror module designed for dynamic lighting functions. This innovation brought together several prominent companies, including TDK Electronics, Silicon Austrian Labs, Evatec, EV Group, and ZKW, to collaborate and harness the power of micromirror technology.
| Report Attributes | Details |
| Forecast Period | 2023 – 2033 |
| Value Projection (2033) | US$ 2.77 Billion |
| Growth Rate (2023-2033) | 7.6 % CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 327 Tables |
| No. of Figures | 111 Figures |
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Competitive Landscape
Leading the way in car exterior LED light production are prominent companies including Osram Licht AG, Koninklijke Philips N.V, Hella KGaA Hueck & Co, Magneti Marelli S.p.A., Stanley Electric Co. Ltd, and Imasen Electric Industrial Co., Ltd.
Innovations Driving the Industry Forward
Osram, with a vision to enhance driver safety through innovative lighting solutions, has introduced the Oslon Boost HX, a futuristic automotive exterior LED lighting system. This groundbreaking system operates akin to a projector, assisting drivers in navigating roadwork zones, identifying on-road hazards, and maneuvering icy patches with heightened safety.
An individual LED within this system emits an impressive 1,400 lumens, positioning the company as a pioneer in delivering an enhanced user experience in response to the growing demand for specialized lighting solutions.
Meanwhile, Osram Opto Semiconductors has expanded its automotive exterior LED lighting portfolio by incorporating Infrared (IR) LEDs, or IREDs. These additions cater to a range of exterior applications, including pedestrian detection, night vision enhancement, and lane departure detection. Osram Opto Semiconductors' innovative approach aligns with the industry's drive to provide cutting-edge solutions that not only enhance vehicle aesthetics but also significantly contribute to road safety.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive exterior LED lighting market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on vehicle type (passenger cars, commercial vehicles), sales channel (OEMs, aftermarket), and voltage (12V, 14V), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Checkout More Related Studies Published by Fact.MR Research:
Automotive Interior LED Lighting Market: In 2020, the global automotive interior LED lighting market was valued at US$ 30 Bn, and is expected to be worth US$ 33.08 Bn in 2022. During the forecast period 2022-2032, the market is expected to grow at a steady CAGR of 5% and it is expected that this market will reach a global valuation of US$ 53.88 Bn by the end of 2032.
Automotive Lighting Market: The global automotive lighting market is set to enjoy a valuation of US$ 36.8 billion in 2022 and further expand at a CAGR of 6.4% to reach US$ 68.2 billion by the end of 2032. Adoption of LED will grow with the highest CAGR of 7% and likely to hold around 1/4th by the end of 2022.
Automotive LED Light Market: The global automotive LED light market is estimated at USD 6.4 Billion in 2022 and is forecast to surpass USD 14.7 Billion by 2032, growing at a CAGR of 8.6% from 2022 to 2032. The global automotive LED light market held around 17.1% share in the global automotive lighting market during 2021.
About Us:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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