Report Code : A10752
The global semiconductor shortage has halted assembly lines across the world. According to an industry analysis, shortage of semiconductor chips is expected to cost $ 210 billion in revenue for the global automotive industry in 2021. It also forecasted loss of 7.7 million units of production in 2021, up from 3.9 million. These shortages have forced some original equipment manufacturers (OEMs) to delay production or completely stop production. As a result, the waiting time period for popular, feature-rich and high-quality passenger car models is further extended. Sale of passenger vehicles including SUVs and high-end sedans dropped significantly. Thus, the global shortage of semiconductor chips adversely affects automotive LED lighting industry.
Sneha Kamble - Lead Analyst
Automotive and Transportation at Allied Market Research
According to a new report published by Allied Market Research, titled, “Automotive LED Lighting Market," The automotive led lighting market was valued at $16 billion in 2021, and is estimated to reach $32.2 billion by 2031, growing at a CAGR of 7.4% from 2022 to 2031.
In 2021, Asia-Pacific dominated the market, in terms of revenue, followed by Europe, North America, and LAMEA. Increase in vehicle production and rise in demand for luxury vehicles with adaptive lighting in Asia-Pacific drive growth of the automotive LED lighting market in the region.
The prominent key factors that drive growth of the automotive LED lighting market are growth in emphasis toward road safety, increase in demand for advanced technology in vehicle, and rise in implementation of electronic systems in vehicle. Increase in adoption of LED in automotive lighting is observed globally. Though the prices of LED lights are presently high, low-energy consumption and longer life span are factors that are expected to increase the demand for these lights. However, ongoing R&D activities are anticipated to diminish the prices of LED lights in future; thereby, providing lucrative opportunities for the market growth. Presently, companies such as Koito Manufacturing Co. Ltd., Stanley Electric, Hella, and others provide automotive LED lights in various shapes for various automotive applications.
The automotive LED lighting market is segmented on the basis of position, sales channel, vehicle type, propulsion type, and region. By position, it is divided into front, rear, side, and interior. By sales channel, it is bifurcated into OEM and aftermarket. By vehicle type, it is categorized into passenger cars, and commercial vehicles. By propulsion type, it is fragmented into ICE, electric, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
COVID-19 Impact Analysis
KEY FINDINGS OF THE STUDY
The Key players that operate in this automotive LED lighting market include APTIV, Denso Corporation, Federal-Mogul Corporation (Tenneco Inc.), Grupo Antolin, HELLA GmbH & Co. KGaA, Hyundai Mobis, Koito Manufacturing Co., Ltd., Koninklijke Philips N.V., Marelli Holdings Co., Ltd., NXP Semiconductors, Osram GmbH, Robert Bosch GmbH, Stanley Electric Co., Ltd., Valeo, and ZKW.
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Automotive LED Lighting Market by Position (Front, Rear, Side, Interior), by Sales Channel (OEM, Aftermarket), by Vehicle Type (Passenger Car, Commercial Vehicle), by Propulsion Type (ICE, Electric, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
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