Product ID: SQMIG20D2168
Global Automotive LED Drivers Market Size, Share, Growth Analysis, By Application(Interior Lighting, Exterior Lighting), By Type(Constant Current, Constant Voltage) - Industry Forecast 2024-2031
Report ID:
SQMIG20D2168 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|
Tables:
63 |
Figures:
76
Global Automotive LED Drivers Market Insights
Global Automotive LED Drivers Market size was valued at USD 6.79 Billion in 2022 and is poised to grow from USD 8.39 Billion in 2023 to USD 45.38 Billion by 2031, at a CAGR of 23.5% during the forecast period (2024-2031).
The global Automotive LED driver market attempts to fulfill the increasing demand for energy-effective and environmentally friendly lighting solutions that also have a place within automobiles; Therefore, LED drivers act as electronic devices and have a key role to control the power given to an LED light system in cars. The importance of these is that they limit voltage and current to focus the LEDs, making them effectively functional over a long period. The last five years recorded a growth rate of 1.4 times resulting in the utilization of automotive LED lights for headlamps, and observing the trend pattern, it is set to increase by an additional 2.1 times in near future Secondly, the sidelight sector is likely to record a strong growth-rate of 9.5% CAGR in the ensuing years that amounts up to an enormous opportunity worth USD 1.2 billion by the end of that forecasted estimates period. The phenomenal boom in the automotive LED light market that has recently taken place can be credited to the growing global love of luxury passenger cars. In the foreseeable future, the growing population of the world is a positive factor to remain attractive demand of auto led lights remains.
This market is being driven by high rates of product replacement, particularly in the sense that new LED lights are replacing older halogen light technologies. This move is prompted by the ability of LED drivers to increase the lifespan for the LED illuminations. The constant development of LED drivers in increasing their technological compatibility allows for more compact and versatile storable drivers, which can be applied to light fixtures and applications to fit a wide range of present-day lighting technology. Increased usage of miniature LEDs in multitudinous aspects of automotive components like interior lighting, dome lights, courtesy lamps, car headlights along with fast acting tail-lights as well had highly driven the demand for LED drivers which act as another important driver factor for this electronic solutions market. Additionally, the gradually changing trend towards energy-saving alternatives coupled with the fact that governments began to tighten regulatory laws requiring safety measures such as powerful headlights to turn off blind oncoming drivers and prevent crashes provide further stimuli expanding the automotive LED driver market.
US Automotive LED Drivers Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Automotive LED Drivers Market Report Snapshots
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