Automotive Interior LED Lighting Market Size Estimated to Reach US$ 54.28 Billion at a CAGR of 5.2% by 2034 | Fact.MR Report
Rockville, MD, Aug. 26, 2024 (GLOBE NEWSWIRE) -- According to a recently updated industry report by Fact.MR, the global automotive interior LED lighting market is projected to reach US$ 32.7 billion in 2024 and increase thereafter at a CAGR of 5.2% CAGR from 2024 to 2034.
Consumers are demanding customized colors for their interior lighting, which turns cars into more unique and enjoyable spaces, in response to an increase in demand for a personalized driving experience. Demand for automotive interior LED lighting is expected to rise at a steady pace as a result of customization, which is likely to add an emotive element to the rather more traditional use of traditional interior lighting. In addition, a wide range of functional interior lighting applications is projected to fuel the growth of the automotive interior LED lighting market during the forecast period.
In semi-autonomous vehicles, different colored lighting indicates a sports or economy mode and a dynamic lighting sequence provides the driver with information. The automotive interior lighting space is expected to undergo a significant change as a result of technological advancements and the growing acceptance of autonomous vehicles.
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Key Takeaways from Market Study:
- The market is forecasted to climb to a value of US$ 54.28 billion by the end of 2034.
- The market in the United States is expected to reach a value of US$ 4.42 billion in 2024.
- Japan is projected to account for a market share of 6% in East Asia in 2024.
- The passenger car segment is forecasted to reach US$ 41.04 billion by 2034.
- The market in East Asia is analyzed to expand at a CAGR of 8% from 2024 to 2034.
“East Asia and North America will be key regional markets for automotive interior LED lighting solutions over the next ten years, mainly driven by high vehicle production volumes,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Automotive Interior LED Lighting Market:
Changzhou Xingyu Automotive Lighting Systems Co., Ltd., Texas Instruments, Hella KGaA Hueck & Co., Magneti Marelli S.p.A., Valeo SA, Koninklijke Philips N.V., Stanley Electric, Koito Manufacturing Co., Ltd., Magneti Marelli S.p.A., Osram Licht AG, Toshiba Corporation, DRÄXLMAIER Group, Oshino Lamps Limited, Innotec Group, Grupo Antolin, DOMINANT Opto Technologies Sdn. Bhd.
Interior Lighting in Cars Reducing Driver Fatigue While Driving at Night:
Interior LED lighting enhances a vehicle's appearance, interior space, ride comfort, and safety. In emergencies, it sets the driver's mood and provides alerts. For instance, it boosts light levels in the passenger compartment, reducing driver fatigue during night driving and helping keep the driver calm and focused, thereby improving the overall driving experience.
Competitive Landscape:
Leading companies in the automobile interior LED lighting market are emphasizing the use of cutting-edge technology, providing excellent after-sale products and services, and offering lightweight textile and fabric designs. Major players in the market are also placing a strong emphasis on strategies like expanding their distribution networks and offering customized items, both of which can help surface lighting for car interiors sell more.
Automotive Interior LED Lighting Industry News:
- Leading American producer of indoor and outdoor lighting and display solutions, LSI Industries Inc., unveiled its long-term strategic growth strategy in March 2023. The plan includes new financial targets for each of the next five years, through FY28.
- In December 2021, Toyoda Gosei, a manufacturer of automotive components, revealed that full-color LED lighting would be developed for use inside vehicles.
- A Scottish producer of LED lighting technology, well-known for creating cutting-edge LED goods, was purchased by equipment provider Faurecia in June 2021 for an undisclosed sum. The company, situated in Livingston, has created adaptable technology that is becoming more and more appropriate for applications involving human-machine interfaces (HMIs) and automotive lighting.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the automotive interior LED lighting market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges insights into the interior LED lighting based on product (dashboard lights, ambient lighting, dome & map lighting, center stacks, head-up displays, reading lights), vehicle type (compact passenger cars, mid-sized passenger cars, premium passenger cars, luxury passenger cars, light commercial vehicles, heavy commercial vehicles), voltage (12V, 14V), and sales channel (OEMs, aftermarket), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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