The Asia Pacific Automotive LED Lighting Market would witness market growth of 7.3% CAGR during the forecast period (2023-2029).
Homogeneous light is produced by organic LEDs (OLEDs), opening new opportunities for commercial expansion. Furthermore, the market for the product has a lot of room to grow due to the penetration of LED lighting into interior automotive lighting categories, including indication lights in car bodies and backlighting LED displays.
Due to the significant impact of LED lighting in the automobile industry, the current growth trends of the automotive LED lighting market are significantly influenced by the customer base's transition toward LED lights. Furthermore, the demand for LED lights in multiple automotive applications is fuelling the market for automotive LED lighting, as are the synergies between improved driver assistance systems and their rising acceptance and penetration among the middle-class population.
Due to the growing use of LEDs in vehicles, from innovative and elegant installations to energy-efficient solutions, the market for automotive LED lighting is expected to expand dramatically. The market for automotive LED lighting has been shown to have huge potential and is most likely to broaden with the advent of new technologies like OLEDs.
A 68.12% increase in ten years has been seen in China's motor vehicle population, which increased from 207 million in 2010 to 348 million in 2019. Consequently, road safety is one of the most important public health issues in the APAC region. Ensuring safe driving and following regulations has caused significant concern among corporations that produce vehicles to provide effective safety features. Thus, the APAC region is anticipated to witness growth in the market for automotive LED lighting.
The China market dominated the Asia Pacific Automotive LED Lighting Market by Country in 2022; thereby, achieving a market value of $2,607.2 million by 2029. The Japan market is exhibiting a CAGR of 6.6% during (2023 - 2029). Additionally, The India market would register a CAGR of 7.9% during (2023 - 2029).
Based on Position, the market is segmented into Rear, Front, Side, and Interior. Based on Sales Channel, the market is segmented into OEM and Aftermarket. Based on Vehicle Type, the market is segmented into Passenger Car and Commercial Vehicle. Based on Propulsion Type, the market is segmented into ICE, Electric and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Automotive LED Lighting Market is Projected to reach USD 24.9 Billion by 2029, at a CAGR of 6.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NXP Semiconductors N.V., Robert Bosch GmbH, Valeo SA, OSRAM GmbH (AMS AG), Grupo Antolin-Irausa, S.A., HELLA GmbH & Co. KGaA, Aptiv PLC, Denso Corporation, Hyundai Mobis Co., Ltd., and Koninklijke Philips N.V.
By Position
By Sales Channel
By Vehicle Type
By Propulsion Type
By Country
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