The purpose of this rich study presented by FactMR is to elaborate the various market projections impacting the global automotive interior led lighting market during the period until 2028. This assessment delivers high-end statistics concerning market size (US$ 440 million), Y-o-Y growth and revenue share (US& Mn) linked to different geographies and segmentation types. Readers can acquire precise insights about growth trends along with opportunities that are expected to reshape the overall structure of the automotive interior led lighting market during the forecast period.
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Originally developed to provide better readability to the driver, interior lightings in automotive have come a long way than just enhancing the car’s interior. With the introduction of LED, the role of interior lighting has been upgraded to being an important brand differentiator. With the help of latest technology, automotive companies are making focused efforts to customize every part of the car’s interior with greater adherence to safety of drivers and road legality. Moreover, the general trend of miniaturization of components is pushing for more versatile application of automotive LEDs for interior lighting.
New Applications to Boost Automotive Interior LED Lighting Market
Considering an increase in the demand for personalized driving experience, consumers are also demanding personalized colors for their interior lighting-transforming cars to a more distinctive and feel-good zone. Customizing the lights are likely to add an emotional component to the rather more conventional use of traditional interior lighting, thereby increasing the demand for automotive interior LED lighting. Moreover, extensive application areas of interior lighting at the functional level will also drive the market for automotive LEDs for interior lighting. Different colored-lighting to indicate economy or sports mode and dynamic lighting sequence in semi-autonomous vehicles to relay information to the driver.
Owing to advancing technology and increased acceptance of autonomous vehicles, automotive interior lighting is likely to change significantly-with focus shifting towards conveying more information including current driving mode and battery charge level. Moreover, top automotive manufacturers also predict that interior LED lighting will not just help in navigation and present vehicle information, but also be used for entertainment and communication-achieved through a combination of integrated electronics and automotive interior LEDs.
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Offering long service life and extreme vibration resistance, automotive interior LED lighting is becoming more and more popular. Previously used in high-end vehicles, auto makers are increasingly adopting LED lighting systems in the mid and low-segment cars owing to increasing efficiency and decreasing prices of LEDs amongst other factors such as faster rise time. Moreover, apart from just a personalization feature, use of automotive interior LED lighting makes car interiors look bigger and spacious. Innovations in heat management of LEDs is likely to create manufacturing opportunity considering the hot heat source of LEDs that further lowers its life expectancy. Manufacturers are experimenting with polycarbonate to replace aluminum in the headlamps, also offering additional design freedom.
Hella KGaA Hueck & Co., Osram Licht AG, Magneti Marelli S.p.A., Koito Manufacturing Co., Ltd., Stanley Electric, Koninklijke Philips N.V, Valeo SA, and Texas Instruments are a few key players in the competitive space of the global automotive interior LED lighting market. FactMr’s report on the aforementioned market offers a comprehensive analysis of the company profiles, forward market strategies, and future market prospects. Key players, in order to solidify their market positions and expand the product offerings, are focusing on elaborating the applicability of automotive interior LED lighting and open new manufacturing opportunities.
Key player Hella, aims to use digital technologies to optimize their existing service offerings and digitize automotive lighting. Moreover, considering the shift in the lighting market, OSRAM Licht AG is said to invest around "€3 billion in new technologies and applications by 2020", of which €2 billion would be spent on R&D to further strengthen the company’s technological leadership and help in market expansion. Valeo SA’s innovation strategy is aimed at developing intuitive operations and reducing CO2 emissions to cater to new market demands pertaining to vehicle electrification.
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Automotive Interior LED Lighting Market Indicates Notable CAGR growth at (2.9%) until 2022
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