Tuesday, May 6, 2025

Automotive LED Lighting Market Forecast: Projected Growth from $16 Billion in 2021 to $32.2 Billion by 2031, Reflecting a CAGR of 7.4%

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Automotive LED Lighting Market Forecast: Projected Growth from Billion in 2021 to .2 Billion by 2031, Reflecting a CAGR of 7.4%
A recent report from Allied Market Research reveals that the global automotive LED lighting market, valued at $16 billion in 2021, is expected to grow to $32.2 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 7.4% from 2022 to 2031. The Asia-Pacific region currently leads the market, driven by increased vehicle production and a growing demand for luxury vehicles featuring adaptive lighting. Key factors fueling this growth include a heightened focus on road safety, the rise of advanced technologies, and the integration of electronic systems in vehicles. Despite current high prices for LED lights, their low energy consumption and extended lifespan are anticipated to boost demand. The report also notes that the COVID-19 pandemic impacted the market but future prospects remain optimistic due to advancements in intelligent lighting systems and increasing consumer safety demands. Major players in the market include Koito Manufacturing, Stanley Electric, and Hella.
Original source:
https://www.newstrail.com/automotive-led-lighting-market-outlook-doubling-from-16b-in-2021-to-32-2b-by-2031-at-7-4-cagr/

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