The automotive industry has emerged as one of the fastest growing markets round the globe. With innovative design nuances in automotive industry, backed by transitioning consumer preferences for sophisticated car interior aesthetics, adoption of advanced technologies and lighting innovations are poised to slate enormous growth in automotive interior LED lighting market. Tremendous advances in automotive electronics and consumer inclination towards luxury car accessories are likely to direct automotive interior LED lighting market towards exponential growth. Significant traction in adoption of luxury cars and EVs are likely to supplement onward growth.
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Observing product-wise application of the automotive interior LED lighting, dashboard lighting is projected to hold nearly one-third of the total revenue share, considering dashboards and center consoles are key touch points the driver makes any contact with. Research suggests that more and more automotive giants are focusing on bringing design changes to dashboard lighting in the automotive interior LED lighting market including innovations in brightness of LED backlights to complement natural lighting during day and night. A US$ 210 million opportunity for key stakeholders, dashboard lighting is predicted to remain an attractive area of investment. Predicted to record a CAGR of 3.8% through 2022, adoption of automotive interior LED for ambient lighting will witness increased traction-more so in the compact cars segment to make the vehicles look more attractive to the customers. Owing to increasing demand for situational awareness and safety, head-up display lighting would present a US$ 6 million opportunity-mostly in the high end premium and luxury vehicles segment, predicts Fact.MR.
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Automotive interior LED Lighting Market: Competition Landscape
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. Fact.MR’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.
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