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Technavio has been monitoring the automotive led lighting market and it is poised to grow by USD 1.29 billion during 2020-2024, progressing at a CAGR of almost 4% during the forecast period. The market growth can be attributed to factors such as the use of LEDs in automotive intelligent lighting system applications, the growing popularity of ambient lighting in automobiles, and the incorporation of energy-efficient solutions. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
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Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the automotive le