According to Fact.MR, the global automotive interior LED lighting market is estimated to reach US$ 30 Bn by 2020 and US$ 33.08 Bn by 2022. Market growth is expected to be steady from 2022-2032 at a CAGR of 5%, and it is expected that this market will reach a global valuation of US$ 53.88 billion by the end of 2032.
Due to the COVID-19 outbreak, the automotive supply chain has been disrupted globally. Furthermore, the epidemic has adversely affected auto sales during the past five years in addition to disrupting manufacturing facilities worldwide. In 2020, vehicle sales and production dropped by at least 20% as a result of the COVID-19 outbreak.
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The market is predicted to be driven by various factors such as customizing the lights. This will likely add an emotional element to the rather sterile interior lighting, therefore increasing demand for automotive interior LED lighting. As a result of the combination of integrated electronics and automotive interior LEDs, key players also predict that interior LED lighting will be used for entertainment and communication in addition to navigation and vehicle information.
Key Takeaways from the Market Study
- Due to the pandemic, there was a 20% drop in sales in the Global Automotive Interior LED Lighting Market.
- Asia Pacific to lead the market since with a 5% CAGR.
- North America contributed to the global market with a growth of CAGR of 4.5%
- With a CAGR of 6 %, Europe is forecasted to be the fastest growing market in the future
- The segment of passenger vehicles is expected to grow at a rate of 5.5%
- By the end of 2022, the ambient automotive interior Led Lightning will grow more than 10%.
- Market opportunities for the 12V segment are estimated to be approximately US$ 716 Mn through 2022.
“There is considerable growth in this market due to an increase in production of various vehicles, as well as an increase in demand for and sales of luxury cars and with the growing disposable incomes of middle-class consumers, low-cost vehicle sales have also increased and helped push the market forward,” comments a Fact.MR analyst.
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The key manufacturers of automotive components and suppliers of automotive components continue to invest in R&D. In order to establish a global footprint, the key players in the market are forming various profitable joint venture and expanding operations on a global platform.
- Hubei Koito Automotive Lamp Co., Limited was inaugurated by the Koito Automotive Company in China.
- In 2017, Osram India introduced the Rallye lighting solution for automotive applications.
- Valueo announced its entry into the dynamic LED lighting market by purchasing 10.5% of Aledia, a high-tech startup that designs cutting-edge LED lighting for general and automotive use.
Key Players Profiled
- Changzhou Xingyu Automotive Lighting Systems Co., Ltd
- Texas Instruments
- Hella KGaA Hueck & Co.
- Magneti Marelli S.p.A.
- Valeo SA
- Koninklijke Philips N.V
- Stanley Electric
- Koito Manufacturing Co., Ltd.
- Magneti Marelli S.p.A.
- Osram Licht AG
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Key Segments Covered in the Automotive Interior LED Lighting Market
- Dashboard Lights
- Ambient Lighting
- Dome and Map Lighting
- Center Stack
- Head-up Display
- Reading Lights
By Vehicle Type
- Compact Passenger Cars
- Mid-sized Passenger Cars
- Premium Passenger Cars
- Luxury Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel
- After Market
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