August 14, 2019 by Steve Blade
The automotive interior LED lighting market has been analyzed in detail to offer definitive forecast insights on the market for the period 2017-22. This report is an exhaustive compilation of a detailed overview of automotive interior LED lighting market and analyzes the market in terms of market dynamics, macro and micro-economic determinants that shape market growth, also shedding light on other relevant factors that direct future prospects of the market trajectory.
The automotive industry has emerged as one of the fastest growing markets round the globe. With innovative design nuances in automotive industry, backed by transitioning consumer preferences for sophisticated car interior aesthetics, adoption of advanced technologies and lighting innovations are poised to slate enormous growth in automotive interior LED lighting market. Tremendous advances in automotive electronics and consumer inclination towards luxury car accessories are likely to direct automotive interior LED lighting market towards exponential growth. Significant traction in adoption of luxury cars and EVs are likely to supplement onward growth.
With revenue share close to 2/3rd, 12V automotive interior LED lighting is poised to remain the most preferred LED type in terms Volts throughout the assessment period, low electromagnetic radiation and wide operating temperature and diming range. The 12V segment is anticipated to present a market opportunity of approximately US$ 440 million through 2022, forecasts Fact.MR.
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Growing Demand for Autonomous Vehicles to Shift the Functionality of Automotive Interior LED Lighting
Owing to advancing technology and increased acceptance of autonomous vehicles, automotive interior lighting is likely to change significantly-with focus shifting towards conveying more information including current driving mode and battery charge level. Moreover, top automotive manufacturers also predict that interior LED lighting will not just help in navigation and present vehicle information, but also be used for entertainment and communication-achieved through a combination of integrated electronics and automotive interior LEDs.
Technological Innovations to Bring Along a Bright Future for Automotive Interior LED Lighting Market
Offering long service life and extreme vibration resistance, automotive interior LED lighting is becoming more and more popular. Previously used in high-end vehicles, auto makers are increasingly adopting LED lighting systems in the mid and low-segment cars owing to increasing efficiency and decreasing prices of LEDs amongst other factors such as faster rise time. Moreover, apart from just a personalization feature, use of automotive interior LED lighting makes car interiors look bigger and spacious. Innovations in heat management of LEDs is likely to create manufacturing opportunity considering the hot heat source of LEDs that further lowers its life expectancy. Manufacturers are experimenting with polycarbonate to replace aluminum in the headlamps, also offering additional design freedom
Observing product-wise application of the automotive interior LED lighting, dashboard lighting is projected to hold nearly one-third of the total revenue share, considering dashboards and center consoles are key touch points the driver makes any contact with. Research suggests that more and more automotive giants are focusing on bringing design changes to dashboard lighting in the automotive interior LED lighting market including innovations in brightness of LED backlights to complement natural lighting during day and night. A US$ 210 million opportunity for key stakeholders, dashboard lighting is predicted to remain an attractive area of investment. Predicted to record a CAGR of 3.8% through 2022, adoption of automotive interior LED for ambient lighting will witness increased traction-more so in the compact cars segment to make the vehicles look more attractive to the customers. Owing to increasing demand for situational awareness and safety, head-up display lighting would present a US$ 6 million opportunity-mostly in the high end premium and luxury vehicles segment, predicts Fact.MR.
Automotive interior LED Lighting Market: Competition Landscape
Hella KGaA Hueck & Co., Osram Licht AG, Magneti Marelli S.p.A., Koito Manufacturing Co., Ltd., Stanley Electric, Koninklijke Philips N.V, Valeo SA, and Texas Instruments are a few key players in the competitive space of the global automotive interior LED lighting market. Fact.MR’s report on the aforementioned market offers a comprehensive analysis of the company profiles, forward market strategies, and future market prospects. Key players, in order to solidify their market positions and expand the product offerings, are focusing on elaborating the applicability of automotive interior LED lighting and open new manufacturing opportunities.
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