OEM And Aftermarket Products to Trigger Growth in the Automotive LED Lighting Worldwide
Lighting is considered an important component of the automotive vehicles and ensures automotive safety. Earlier, halogen being cost –effective and readily available technology, was the most popularly used lighting technology. But the constant developments in the automotive lighting technology soon paved way for others like Xenon and LED. Amongst, all these lighting technologies, LED would observe an increased growth during the forecast period 2014 to 2020. In an article published in “Semiconductor Today”, “LEDInside” revealed that the automotive LED market, majorly in DRLs, fog lights and high headlamp would see a CAGR of 48 percent from 2014 – 2018. Research manager of “LEDInside” Duff Lu mentioned “The worldwide automotive-use LED market (combination of before market and after market) is projected to reach US$ 2.5 billion by 2018, with a compounded growth rate of 9% from 2014-2018. In particular the automotive LED market value in before market is projected to reach US$1.9 billion and the automotive LED market value in after market is also forecasted to reach US$620 million.”
Furthermore, there has been a tremendous demand for LED lighting in dashboard, Global Positioning System, backlight products and other panel applications. According to a news published in “Biz LED “magazine, “Everlight Electronics Co.” indicated that its automotive LED lighting segment would generate upto US$967.75 million in 2015. Automotive LED lighting segment in terms of product sale is categorized into OEM Product and aftermarket products. OEM’s in the LED lighting segment are now seen appointing experienced sales professionals, collaborating, expanding their team size , developing new product and invading new markets to grow their business as well as industry expertise worldwide. Last month, Solid Apollo LED had introduced dimmable magnetic transformers to their existing portfolio to power the LED lights. Meanwhile , another LED lighting manufacturer ”LEDified” witnessed Anacacia Capital take a major share in the company. Commenting on this MD of Anacacia Capital, Jeremy Samuel said “The LEDified team has an outstanding offering that can deliver material savings and quality to property owners. It’s an exciting opportunity.”
Similarly, demand to make the cars stand out from the rest has also awakened the need for innovative LED automotive lighting and thus growth of aftermarket products. Wencor Group in June confirmed the signing of a distribution agreement for 5 – year to reach the global market for lighting solution. A recent published by “Allied Market Research” titled “World Automotive Lighting - Market Opportunities and Forecasts, 2014 - 2020 “ covers the key market drivers , challenges and opportunities in the automotive lighting worldwide.
Research Analyst at Allied Market Research
Ranjan has over 4 years of experience in market research and consulting across multiple domains which include technology, FMCG and durable consumer goods, heavy machinery, and automotive. He has hands on expertise in predictive and exploratory research projects for studying regional and global demand potential, market estimation & forecast, perceptions; analyzing macro and micro markets in terms of key gaps and opportunities. Ranjan is part of multiple consulting as well as syndicated report assignments and is actively involved in all the stages of project completion from planning, execution to delivery as per clients satisfaction.
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