Paris, Nov. 24, 2022 (GLOBE NEWSWIRE) — The global automotive ceramics market valued at US$1.18 Billion in 2021 and in 2022 be valued at US$1.24 Billion. During the 2022-2032 period of assessment, demand is expected to rise at a 7.6 % value CAGR, likely to reach US$2.6 Billion by the end of the said forecast period
Rapid technological advancements in the automotive sector is fuelling the demand for the more efficient and low-power-consuming lighting system. Growing consumer inclination toward energy-efficient LED system and stringent government regulation drive the demand for automotive exterior LED lighting.
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Falling prices of high power LED is substantially impacting the lighting technology space, especially automotive exterior LED lighting market. Reduced LED prices are presumed to straightaway translate into improved automotive exterior LED lighting market penetration over the next few years.
Furthermore, auto manufacturers focusing on customer safety and comfort which propels the global automotive exterior LED lighting system in the next few years. Increase in the production of hybrid and electric vehicles equipped with high quality LED lighting systems is another driving factor in the global automotive exterior LED lighting market.
The market has witnessed use of advanced materials for the manufacturing of high strength, lightweight, and durable automotive exterior accessories. The market is projected to extend beyond established regions such as North America towards emerging regions such South Asia
Key Takeaways from Market Study
- The global automotive exterior LED lighting demand is likely to surge at a 7.6% CAGR during the forecast period.
- North America dominates the global automotive exterior LED lighting market
- Based on Volts, 12 Volt Segment are expected to hold the largest market share of 7.2% in 2022.
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Leading market players are looking to expand their existing production facilities in emerging markets and are making strategic investments in technological innovation and R&D initiatives to increase brand equity. Companies are also focusing on diversifying their product portfolio and are moving away from single sales channels to increase market growth and profitability.
Some of the development are as follows-
- In November 2020 – Marelli, Japan, will open a production facility for electric drivetrains in Cologne, Germany. Start of production is targeted for the first half of 2021.
- In July 2021 – Marelli Automotive Lighting, and Samvardhana Motherson Automotive Systems Group (SMRP BV), have signed a MOU to explore new technological partnership focused on Smart illuminated exterior body parts. This intends to focus on components such as front grills and bumpers, along with other car parts that can be illuminated. These components are expected to become a growing trend in the future of mobility, with increased adoption of Advanced Driver-Assistance Systems (ADAS) and Autonomous Driving (AD) in the coming years.
- In April 2022 – The brand new Range Rover illuminates the road with an innovative lighting system from ZKW. The “Digital Light Processing” LED headlights not only generate stepless, glare-free high beam that automatically hides oncoming or other road users. The smart, digital front lighting also makes it possible to project animated images onto the road.
Key Companies Profiled
- 3M Company
- CeramTec GmbH
- CoorsTek Inc.
- Corning Inc.
- Dyson Technical Ceramics Ltd.
- Elan Technology
- IBIDEN Co. Ltd.
- Kyocera Corporation
- McDanel Advanced Ceramic Technologies LLC
- Morgan Advanced Materials Plc.
- NGK Insulators Ltd.
- Saint Gobain Performance Ceramics & Refractories
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Key Segments Covered in Market Study
- Functional Automotive Ceramics
- Structural Automotive Ceramics
- Alumina Oxide Automotive Ceramics
- Titanate Oxide Automotive Ceramics
- Zirconia Oxide Automotive Ceramics
- Other Material Automotive Ceramics
- Automotive Ceramics for Engine Parts
- Automotive Ceramics for Exhaust Systems
- Automotive Ceramics for Electronics
- Automotive Ceramics for Other Applications
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the automotive exterior LED lighting market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the Automotive Exterior LED Lighting Market Analysis Report by Sales Channel (OEM, Aftermarket) by Volts (12V, 14V)
By Region – Global Forecast 2022-2032
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