The Europe Automotive LED Lighting Market would witness market growth of 6.3% CAGR during the forecast period (2023-2029).
Due to their many advantages and extensive use, LED lights are often the best option for car illumination. Due to its advantages over conventional lighting, including longer lifespan, directed light, smaller size, and reduced energy consumption, LED lighting has been included in all major automakers' vehicles. As a result, automotive LED lighting is expected to continue being the market's fastest-growing technology as LED lighting has quickly gained acceptance within the sector. As LED illumination for automobiles continues to progress and adopt new technologies, it is quickly becoming the manufacturer's first choice for lighting, both for its efficiency and appealing appearance.
To keep vehicles safer on the road, particularly in places with high traffic volumes, automotive illumination restrictions have been placed. This greater emphasis on safety has stimulated innovation and development in the automotive LED lighting market and will keep propelling market expansion in the future. Since the manufacture of LED lights is growing, and they use less electricity and have a longer lifespan than halogen or HID lights, automakers are interested in incorporating them into their vehicles. Aside from superior light-emitting diodes, LED lights exceed all other lighting technologies in toughness and longevity. The automotive LED lighting market is growing due to the rising acceptance of new technology.
For Europe's economy to grow, the car industry must expand. 2.6 million workers, or 8.5% of all manufacturing jobs in the EU, are employed in the automotive sector. In addition, many of the top automakers in the world have their headquarters in the EU. In terms of private R&D spending, the automobile sector is the greatest. The European Commission advocates for technical concord and funds R&D to increase its competitiveness and maintain its technology leadership.
The Germany market dominated the Europe Automotive LED Lighting Market by Country in 2022; thereby, achieving a market value of $1,620.6 million by 2029. The UK market is experiencing a CAGR of 5.4% during (2023 - 2029). Additionally, The France market would witness a CAGR of 7.1% during (2023 - 2029).
Based on Position, the market is segmented into Rear, Front, Side, and Interior. Based on the 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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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