LED now dominant light source in automotive lighting, says Strategy Analytics
12 Jul 2021
Value demand for LEDs in sector will almost triple from 2020 to $3.9 billion by 2024.
Carmakers are increasingly looking at styling with LED-based systems.Value demand for Light Emitting Diodes (LEDs) alone in automotive lighting will nearly triple from $1.4 billion in 2020 to $3.9 billion by 2024.
The latest report Automotive Lighting: Who Can Challenge LED's Dominance? from the Strategy Analytics Powertrain, Body, Safety & Chassis Service, predicts that OEM requirements for styling and functionality will further increase demand for LED-based automotive lighting systems.
The analyst notes that LED has seen further developments in efficiency and Tier 1 vendors have developed cost effective solutions for LED headlight modules.