Automotive LED Lighting Global Market Report 2024

The automotive led lighting market size has grown strongly in recent years. It will grow from $18.84 billion in 2023 to $20.24 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. During the historical period, the growth in automotive LED lighting can be attributed to several factors, including increased consumer demand for advanced lighting systems, rising environmental concerns leading to the adoption of energy-efficient solutions, improved performance offered by LED technology, cost reduction initiatives driving affordability, and the emphasis on safety and enhanced visibility provided by these lighting systems.

The automotive led lighting market size is expected to see strong growth in the next few years. It will grow to $26.6 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The anticipated growth in the forecast period is expected to be driven by advancements in autonomous vehicles, innovations in adaptive lighting systems, the expansion of electric vehicle (EV) technologies, the increasing demand for connected cars, and a growing emphasis on energy efficiency within the automotive LED lighting sector. Major trends projected in this period encompass the adoption of Organic Light-Emitting Diode (OLED) technology, the continued rise of electric and hybrid vehicles, ongoing innovations in design and form factors of LED lighting systems, a focus on sustainability and efficiency improvements, as well as the integration of enhanced safety features within automotive lighting solutions.

The anticipated increase in global traffic accidents is poised to drive the growth of the automotive LED lighting market. Traffic accidents, a leading cause of fatalities globally, prompt the need for enhanced safety measures. Automotive LED lighting plays a crucial role in accident prevention by improving a vehicle's visibility on the road, reducing the risk of head-on collisions resulting from poor visibility. As reported by the Centers for Disease Control and Prevention (CDC) in January 2023, approximately 1.35 million people lose their lives annually in road accidents worldwide. Moreover, nearly 3,700 people succumb daily to crashes involving vehicles without LED lighting. The United States, experiencing a death rate 2.3 times higher than the average for 28 other high-income countries in 2021, underscores the critical role of automotive LED lighting in addressing road safety concerns. Consequently, the rise in global traffic accidents is a driving force behind the growth of the automotive LED lighting market.

The increasing demand for electric vehicles (EVs) is expected to contribute significantly to the expansion of the automotive LED lighting market. EVs, powered by electric motors and relying on batteries for energy storage, employ automotive LED lighting to optimize headlight direction and range based on factors such as speed and steering input. Additionally, LED lighting consumes less power compared to traditional lighting technologies. According to the International Energy Agency in July 2023, global electric vehicle sales reached 10 million in 2022, with projections indicating a further increase to 14 million sales in 2023. The growing demand for electric vehicles is a key driver propelling the automotive LED lighting market's growth.

Technological advancements emerge as a prominent trend in the automotive LED lighting market, with major companies introducing cutting-edge products to maintain their market position. Hyundai Mobis, a South Korean automotive supplier, exemplifies this trend with the launch of the 'Lighting Grille' technology in October 2022. This innovative technology utilizes LED lighting, providing a moving grille with active flaps for improved aerodynamics or engine cooling. It includes unique features such as auto-driving mode and the display of various scenarios, such as autonomous driving, EV charging, welcome light, and emergency warning light. This commitment to technological innovation showcases the efforts of major players to stay at the forefront of the automotive LED lighting market.

Major players in the automotive LED lighting market are actively engaged in product innovation, particularly in the development of intelligent automotive LED lights, as a strategic move to maintain their market position. Intelligent automotive LED lights encompass advanced lighting systems equipped with smart technology, including features such as adaptive brightness, automated beam adjustments, and connectivity functions, thereby enhancing safety and efficiency in vehicles. An example of this innovative trend is the introduction of the h-Digi microLED by Marelli Holdings Co., Ltd., a Japan-based provider of automotive components, in July 2023. The h-Digi microLED stands out as a module and digital lighting solution for automotive front lighting, featuring a compact design, high energy efficiency, and affordability. This intelligent multipixel LED module facilitates fully adaptive, dynamic headlight operation and image projection, utilizing matrix illumination to provide driver assistance images on the road.

In September 2021, Toyota Motor Corporation, a Japan-based multinational automotive manufacturing company, acquired Renovo Motors Inc., although the financial details remain undisclosed. Renovo Motors Inc., based in the United States, operates an automotive technology platform. This acquisition aligns with Toyota's broader vision of transforming global mobility by leveraging the expertise and talent of Renovo Motors Inc. in automated driving technology, next-generation mapping, and vehicle operating systems. This strategic acquisition reflects Toyota's commitment to staying at the forefront of innovation and technology in the automotive industry.

Major companies operating in the automotive led lighting market report are Hyundai Mobis, Hella KGaA Hueck & Co., Koito Manufacturing Co. Ltd., Marelli Holdings Co. Ltd., Osram Licht AG, Stanley Electric Co. Ltd., Valeo, ZKW Group, Magneti Marelli S.p.A, Mercedes-Benz, Samsung Electronics Co. Ltd., Toyota Motor Corporation, Changzhou Xingyu Automotive Lighting System Co. Ltd., Everlight Electronics Co. Ltd., LG Electronics Inc, Nichia Corporation, Seoul Semiconductor Co. Ltd., SL Corporation, General Electric Company, Koninklijke Philips N V, Hyundai Mobis Co. Ltd., Denso Corporation, Federal-Mogul Corporation, Grupo Antolin, Continental AG, Varroc Lighting Systems, DEPO Auto Parts Ind Co. Ltd., Flex-N-Gate Corporation, Lumax, Guangzhou Loyo Electronic Factory, TYC Brother Industrial.

North America was the largest region in the automotive LED lighting market in 2023. The regions covered in the automotive led lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive led lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main propulsion types associated with automotive LED lighting are internal combustion engine (ICE), electric propulsion, and other propulsion methods. Electric propulsion involves the use of electrical power to accelerate propellant through electrical and magnetic means, commonly used in certain vehicle technologies. These lighting systems cater to various vehicle types, including passenger cars, light commercial vehicles (LCVs), buses, and other vehicle categories. Sales channels for these products encompass both original equipment manufacturers (OEMs) and the aftermarket. Automotive LED lighting finds application in various areas within vehicles, including both exterior and interior lighting functions.

The automotive LED lighting market research report is one of a series of new reports that provides automotive LED lighting market statistics, including automotive LED lighting industry global market size, regional shares, competitors with an automotive LED lighting market share, detailed automotive LED lighting market segments, market trends and opportunities and any further data you may need to thrive in the automotive LED lighting industry. This automotive LED lighting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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