Global automotive LED lighting market growth is expected to be majorly driven due to revenue contribution by Asia Pacific market

The global automotive LED lighting market revenue is expected to expand at a lucrative CAGR over the forecast period.  Growing importance towards road safety and preference for energy efficient and brighter light for better visibility in vehicles is a major factor driving growth of the automotive LED lighting market. In addition, increasing demand for cost effective lighting systems by passenger and commercial vehicles is another major factor driving growth of the global automotive LED lighting market.

The global automotive LED lighting market is estimated to value US$ 3.3 Bn in 2016 and is projected to register a CAGR of 10.5% in terms of value during the forecast period 2017–2026.

However, easy availability of cost effective lights such as halogen light and xenon light is expected to hamper growth of the global automotive LED lighting market to a certain extent.

The global automotive LED lighting market is segmented on the basis of vehicle type, sales channel, application, and region.

On the basis of vehicle type, the global market is segmented into passenger cars and commercial cars. The passenger cars segment is projected to dominate over the forecast period, owing to high adoption of passenger cars in developing and developed countries and increasing demand for LED lights.

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On the basis of sales channel, the global automotive LED lighting market is segmented into OEM and aftermarket. On the basis of application, the global market is segmented exterior lighting and interior lighting. On the basis of region, the global automotive LED lighting market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Key players operating the global automotive LED lighting market include HELLA GmbH & Co. KGaA, Magneti Marelli S.p.A., Valeo SA., Koito Manufacturing Co. Ltd., Lumberg Holding GmbH & Co. KG, Stanley Electric Co., Ltd., Philips Lighting NV, Osram Licht AG, Toyoda Gosei Co., Ltd., and Neolite ZKW Lightings Pvt. Ltd.

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