Increasing investments in the Asia Pacific Region to Provide Greater Business Opportunities for Major Market Players
An assessment of the automotive LED market at a global level reveals its spread across the seven key regions, including North America, Latin America, Eastern Europe, Western Europe, Japan, Middle East and Africa (MEA), Asia Pacific excluding Japan.
The key market players are seen engaging in various strategies for expanding their businesses in the promising regions. The Asia Pacific is expected to be amongst the key regions that would provide the scope and increasing opportunities for major participants in the automotive LED market. In countries such as China and India in the Asia Pacific region, the key companies are seen harnessing the potential of these nations and extending their business in these regions. With increasing investments in this region, market players are able to strengthen their global presence owing to the ever-growing automotive industry. For instance, key players such as OSRAM and Lumiled are seen extending their capabilities in the Asia Pacific market.
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The European automotive LED market is also one of the key markets that contribute to the overall growth of the market. The increasing use of automobiles in the European region is expected to provide major growth prospects for the companies that are involved in automotive LED manufacturing.
From Halogen Lamps to Automotive LED Lights, the Industry to Exhibit Major Transformation
The cost effectiveness associated with automotive LED is amongst the key factors that facilitate the shift from conventional halogen automotive lamps to automotive LED. This has further led to the adoption of automotive LED in the economy cars segment, which is amongst the major drivers for the penetration of the automotive LED market.
The prevalence of automotive LED in interior automotive lighting is comparatively higher. When it comes to exterior automotive lighting, there is a noteworthy uptake of automotive LED in the high-end and premium vehicle segment. Moreover, manufacturers are seen investing in innovation centers and advanced technologies, which is further expected to boost the market for automotive LED. OSRAM’s automotive LED are being incorporated for interior lighting to achieve a stylish ambience in the vehicles.
The increasing demand for hybrid and electric vehicles is expected to foster the demand for automotive LED owing to the automakers’ emphasis on attractive interiors to be a major differentiating factor. Furthermore, the governments of various nations are providing incentives for the manufacturing of automotive LED in light of their aim to promote the use of energy saving alternatives. The automotive LED market is influenced by these major factors that could contribute to its growth.
Auto-makers such as Jaguar are implementing automotive LED into their autonomous cars with innovative applications and are identifying newer capabilities of automotive LED. The company developed a prototype autonomous vehicle with two virtual eyes with the idea of making an eye contact with pedestrians to ensure that they feel safe when they cross the road.
Although being widely used, government regulations such as those imposed by the UK government are to be followed when automotive LED lamps are fitted into vehicles. Moreover, with drivers being distracted with bright lights in their rear view mirrors, it could be a restraining factor for the automotive LED market.
Automotive LED Market Players to Harness Future Opportunities with Innovative Offerings and Competitive Strategies
The automotive LED market participants are seen engaging in major strategic functions to ensure that they could grab a bigger share of the overall market. New product developments carried out by market players are anticipated to help the automotive LED market players differentiate their brand offerings in the global market.
- OSRAM’s new automotive LED, Oslon Boost HX, is designed with innovation that helps headlights gain high resolution and project the relative information onto the road.
- Lumiled had opened its new innovation center in Shanghai with an aim to reinforce its Asian commitments.
- HELLA was seen partnering with Volkswagen for the development of the LED Matrix Headlamp
Automotive LED Market Segmentation helps Analyze the Sub-divisions of the Market
The automotive LED market is segmented based on three major factors which include application, type of vehicle, and sales channel. Based on the application, the segments in which the automotive LED market is sub-divided into interior and exterior lighting.
The segments in the interior automotive lighting include footwell lighting, dash, dome, and others while the exterior automotive lighting include fog lamps, turn signals, side makers light, daytime running lights (DRLS), tail lights, parking lights, and others. According to the vehicle type, the automotive LED market is segmented as LCV, passenger car, and HCV. The sales channels included in the segmentation of the automotive LED market are OEM and after-market.
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The extensive research report on automotive LED market presents an effective assessment of the market and includes current data, historical data, and thoughtful insights. The information included in the report in an industry-verified data that backed by statistics. The report on automotive LED market also contains estimations using a set of methodologies and assumptions. The report provides evaluation and data in terms of geographies, types, market segments, applications, and technology.