The global automotive light emitting diode (LED) bulbs market size is expected to grow from $8.02 billion in 2021 to $9.21 billion in 2022 at a compound annual growth rate (CAGR) of 14.9%.The growth in the automotive light emitting diode (LED) bulbs market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The automotive light emitting diode bulb manufacturing market is expected to reach $15.61 billion in 2026 at a CAGR of 14.1%.
What is the Global Automotive Light Emitting Diode (LED) Bulbs Market?
The automotive light emitting diode bulb manufacturing market consists of sales of LED automobile bulbs that are an upgrade over the standard filament bulbs used in sidelights, fog lights, brake lights, indicators, number plates and more. LED bulbs give off a bright, distinctive glow and last longer than standard bulbs, with up to 5000 hours of rated life.
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What drives the Global Automotive Light Emitting Diode (LED) Bulbs Market?
Technological advancements in the automotive light emitting diode (LED) technology is expected to drive market growth. Some of the new technologies include µAFS LED headlights, bend lighting headlamps and flexible OLED for vehicle lighting. In the future, Laser Light innovation will allow modern lighting features in the next generation of stand-alone driving applications, using a small 1-millimetre mirror relying on MEMS (Micro-Electro-Mechanical Systems) technology, to direct the light onto the lane. Thus, increasing technology adoption is expected to drive the demand for advanced automotive LED bulb products going forward.
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Global Automotive Light Emitting Diode (LED) Bulbs Market Segments
The global automotive light emitting diode (LED) bulbs market is segmented:
By Vehicle Type: Passenger Car, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
By Adaptive Lighting: Front Adaptive Lighting, Rear Adaptive Lighting, Ambient Adaptive Lighting
By Sales Channel: OEM, Aftermarket
By Geography: The regions covered in the automotive light emitting diode (LED) bulbs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Automotive Light Emitting Diode (LED) Bulbs Global Market Report 2022 provides market size and growth forecasts for the global automotive light emitting diode (LED) bulbs market, automotive light emitting diode (LED) bulbs market global share, automotive light emitting diode (LED) bulbs market segments and geographies, automotive light emitting diode (LED) bulbs market competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive light emitting diode (LED) bulbs market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Automotive Light Emitting Diode (LED) Bulbs Industry Players include SG Automotive, Hella, KOITO, Magneti Marelli, OSRAM, Valeo, Stanley Electric Co. Ltd., Varroc, Koninklijke Philips N.V., Magneti Marelli, and Koito Manufacturing. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
