The latest research report from Fact.MR provides in-depth insights into the major factors affecting growth in the automotive interior LED lighting Marlet. It presents valuable insights into the factors facilitating product development in the automotive interior LED lighting Marlet. To study, the market has been segmented in terms of by-product, by vehicles, by volts, by sales channel
NEW YORK, February 14, 2022 /PRNewswire/ — The global automotive LED interior lighting market size is expected to grow at a CAGR of 5% and the market is expected to reach a global valuation of US$53.88 billion by the 2032 forecast period.
There has been a global automotive supply chain disruption due to the COVID-19 outbreak. In addition to disrupting manufacturing facilities around the world, the outbreak has also affected automotive sales, which directly negatively affected the global automotive lighting market.
As LED technology has advanced, the role of interior lighting has been elevated to become an effective brand differentiator. Additionally, manufacturers are increasingly focusing on creating custom interiors with greater respect for both safety and road legality.
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A global automotive supply chain disruption due to the COVID-19 outbreak. In addition to disrupting production facilities around the world, the outbreak negatively impacted automotive sales, which directly impacted the global automotive lighting business. In 2020, a downward trend in demand for electric and conventional vehicles is expected to further hurt the global industry. The COVID-19 outbreak has resulted in a significant loss in vehicle manufacturing and sales, with a 20% drop expected by 2020. The automotive lighting business will suffer.
Lighting regulations in developed countries of Europe and North America will drive the automotive lighting market till 2032. Automotive interior lighting is likely to change drastically with emphasis on on the transmission of additional information such as the current driving mode and the level of battery charge.
The passenger vehicle automotive interior LED lighting market is expected to grow at a rate of approximately 5.5% per year over the next ten years. This expansion of the market will be favored by the significant expenditure by manufacturers in research and development to produce automotive lighting compatible with driving assistance systems and proximity sensors.
Market value in 2020
Expected market value in 2022
Projected market value in 2032
CAGR over the forecast period, 2022-2032
Key points to remember:
- The global automotive interior LED lighting market saw a 20% reduction in sales due to the outbreak.
- Asia Pacific to lead the industry with a CAGR of 5%.
- North America is expected to grow at a CAGR of 4.5%
- Europe expected to be the fastest growing market in the future with a CAGR of 6%.
- By vehicle type, the passenger vehicle segment is expected to grow at a rate of 5.5%.
- By product type, automotive interior ambient LED lighting will increase by more than 10% by the end of 2022.
- In volts, the 12V segment should generate close to $716 million In income.
- Various new applications and growing demand for autonomous vehicles are expected to drive the growth of the automotive interior LED lighting market.
- Growing advancements in technology and automotive interior LED lighting provide long life and extreme vibration resistance to propel market demand.
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The competitive landscape of Automotive Interior LED Lighting Market Focuses On Forming Joint Ventures, Companies Expand Global Footprint
- Valeo has announced its entry into the dynamic LED lighting market by announcing the acquisition of 10.5% of the shares of Alédia, a high-tech start-up specializing in the design of advanced general-purpose LED lighting and automobile.
- Koito Automotive Company inaugurated the Hubei Koito Automotive Lamp Co., Limited factory in China.
- A new automotive lighting solution called Rallye was introduced by Osram India in 2017.
Top Companies Featured by Fact.MR
- Changzhou Xingyu Automotive Lighting Systems Co., Ltd
- Texas Instruments
- Hella KGaA Hueck & Co.
- Magneti Marelli SpA
- Valeo SA
- Koninklijke Philips NV
- Electric Stanley
More valuable information about the automotive interior LED lighting Marlet:
Fact.MR in its report offers a market analysis of the global Automotive Interior LED Lighting Market analyzing the forecast period till 2022 and beyond. This survey reveals the technology growth in the Automotive LED Interior Lighting Market with detailed segmentation as follows:
- By product
- Dashboard lights
- Ambient lighting
- Dome and map lighting
- Central console
- Head-up display
- Reading lamps
- By type of vehicle
- Compact passenger cars
- Mid-size passenger cars
- Premium passenger cars
- Luxury passenger cars
- Light commercial vehicles
- Heavy duty vehicles
- By volts
- By sales channel
Key Questions Covered by Automotive Interior LED Lighting Reporting
What is the current valuation of the automotive interior LED lighting market?
What will be the market outlook during the forecast period?
What are the key growth drivers for this market in 2022?
Which are the most lucrative regions in this market during the forecast period?
What CAGR goes with Europe drive this market?
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