Automotive Automotive LED Lighting Market | Page 2

The global automotive LED lighting market is segmented into position such as
interior and exterior. Among these segments, exterior automotive LED light
segment is expected to occupy top position in overall automotive LED lighting
market during the forecast period. This can be attributed to rising installation of
LED headlamps, LED fog lights and LED rear lights in automobiles. Apart from
this, growing need of efficient and better lighting system is anticipated to fuel the
growth of the global automotive LED lighting market.
Global automotive LED lighting market is expected to flourish at a significant
CAGR of 8.92% during the forecast period. Moreover, the global automotive LED
lighting market is expected to garner USD 21.56 Billion by the end of 2024. High
utilization of led lights for interior application such as displaying indicator light,
back lights and other lights are rapidly developing the market of automotive LED
lighting. Further, innovation in automotive lighting is expected to strengthen the
growth of automotive LED lighting market in the upcoming years.
Asia Pacific dominated the overall automotive LED lighting market and is
expected to continue its dominance over the forecast period. This can be
attributed to robust growth of automotive industry in the region. Apart from this,
rising demand for vehicle design differentiation among new generation is
anticipated to boost the demand for automotive LED lighting. Europe is making
significant contribution in the market share of global automotive LED lighting
market. Presence of premium car manufacturers and high penetration rate of
LED lightings in luxury cars are two major factors spurring the demand for
automotive LED lightings in the region.
Growing Demand for Vehicle Design Differentiation
Increasing demand for vehicle designed with stylish interior and exterior lights
are propelling the growth of the automotive LED lighting market. Apart from
this, rising preference for LED lighting by OEMs and drivers owing to its cost
effectiveness, high performance and energy saving concerns is believed to
accelerate the growth of automotive LED lighting market during the forecast
period.
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Technological Advancements in Automotive LED lighting
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