The Latin America, Middle East and Africa Automotive LED Lighting Market would witness market growth of 10.2% CAGR during the forecast period (2023-2029).
Increasing lighting requirements for greater safety and visibility due to market growth is one of the main reasons fuelling the market's expansion. The market for automotive LED lighting is expanding due to the increased production of LED lights, which use less electricity and have a longer lifespan than previous types of lights. In addition, the market for automotive LED lighting is growing due to the rising acceptance of new technology.
Because they are more energy-efficient, durable, and adaptable than conventional lights like halogen and xenon, LED lights are being used in more and more vehicle applications. Brake lights, side lamps, reading lights, and marker lamps all use them. Due to the greater visibility, they offer, the use of LED lights in automobiles has significantly improved road safety. Drivers may be better able to identify potential risks due to greater visibility, which lowers the risk of accidents. Additionally, LED lights use less energy, which may contribute to a car's battery last longer. They are also renowned for their dependability, longevity, and color possibilities, which give automakers and owners of the vehicles design flexibility.
The LAMEA region's automotive industry is one of the key pillars of the UAE's economic expansion. The sector, which is currently one of the Gulf Cooperation Council's (GCC) automotive sectors, is essential to the economy as the nation looks to the future. The UAE government is putting a lot of effort into growing the automotive industry, which shows it wants to leverage this sector to help the nation's economy grow. As Dubai enters a new era of growth, it is projected to establish itself as the region's main automotive hub, growing through the export and re-export of vehicles to the Middle East.
The Brazil market dominated the LAMEA Automotive LED Lighting Market by Country in 2022; thereby, achieving a market value of $485.9 million by 2029. The Argentina market is anticipated to grow at a CAGR of 10.8% during (2023 - 2029). Additionally, The UAE market would experience a CAGR of 9.9% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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