Global Automotive LED Taillight Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle), By Sales Channel (OEMs, Aftermarket), And By Geography - Forecasts From 2022 To 2027
- Published : Nov 2022
- Report Code : KSI061613121
- Pages : 138
The global automotive LED taillight market is expected to grow at a CAGR of 5.50% during the forecast period, reaching a total market size of US$382.780 million in 2027 from US$263.105 million in 2020. This growth is attributed to improving automotive taillight technologies and the shift of preference over LED bulbs, which are brighter, more efficient, and also last longer.
Automotive LED taillights, which are also known as tail lamps, are a type of automotive lighting system that is positioned at the rear right and rear left of the vehicle. These lights help in indicating the driver’s actions to other vehicles as well as helping other vehicles see the vehicle in front of them, also illuminating the nearby surroundings of the vehicle, making nighttime driving easier. They can also be referred to as safety components for the vehicle.
Taillights consist of various components such as the taillight bulb, the taillight lens, the tail light guard, the taillight wiring harness, the taillight cover, the taillight bezel, taillight panels, the taillight rims, taillight circuit board, taillight connector plate, taillight bracket, and taillight housing. The key players are involved in introducing new taillight designs and products to improve market conditions. For example, J.W. Speaker Corporation is offering LED taillights with a SmartHeat feature that does not let the lenses fog out in cold weather and offer a clear view of the surroundings. Also, Audi has featured OLED taillights provided by the company Osram in its vehicle Audi TT RS. Also, the company has developed a new swarm light technology that is made up of OLEDs that respond to the movement and direction of the car. Another company Volkswagen has introduced interactive LED taillight clusters that are a type of matrix taillights that can incorporate warnings in the taillight which makes driving safer.
As the demand for better technologies in the lighting systems of vehicles is rising, there are better technologies being incorporated in cars to improve driving safety and driving experience so that people can enjoy a comfortable drive. These factors are driving the global automotive LED taillight market.
By Vehicle Type
On the basis of vehicle type, the global automotive LED taillight market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Passenger vehicles hold a significant amount of share of the market due to the increasing production and demand for passenger vehicles and more demand for better lighting system technologies to improve driving safety.
By Sales Channel
On the basis of the sales channel, the global automotive LED taillight market is segmented into OEMs and aftermarkets. OEMs hold a notable amount of market share due to the fact that most of the vehicles produced come with some type of taillight fitted to make driving safer and more convenient.
By geography, the global automotive LED taillight market is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. Asia-Pacific holds a significant share of the market owing to the fact that the demand and production of vehicles are higher in this region.
The global automotive taillight market is competitive owing to the presence of well-diversified international, regional, and local players. The competitive landscape details strategies, products, and investments being made by key players in different technologies and companies to boost their market presence.
- January 2022: HELLA, a key market player launched the Black Magic LED series in the European market, known to be dustproof and waterproof with robust construction and specially designed for off-roading use.
- December 2021: Bosch launched a 4W lighting solution, the LED Retrofit. The product was said to provide a greater level of luminosity, thus promoting safety.
COVID-19 Impact on Automotive LED Taillight Market
The COVID-19 pandemic caused a disruption in the automotive supply chain worldwide. The outbreak did not only disrupt production facilities around the world for these LED lights but also negatively affected vehicle sales globally. For instance, in China, sales fell by 71% in February and by April, the US and Europe experienced a plunge of 47% and 80% respectively. This automatically decreased the demand for these tail lights, leading to a decline in the market. Furthermore, the budget allocated for R&D was also significantly affected during this period, which deeply affected the development of fresh and innovative automotive LED tail lights. The demand for this lighting equipment is directly proportional to vehicle production and with the outbreak of COVID-19, this demand for significantly disrupted. However, companies took various measures in order to tackle the situation head-on.
- For instance, in April 2020, Valeo revised its costs across all its plants via part-time working arrangements. The company did this for costs on support activities, like administration and R&D. It also brought down its investments that were not as essential for the continuity of business.
- Furthermore, Continental scrutinized the necessity of all its expenditures as well as investments in order to explore measures for saving that would have an instant effect on the situation. The company also ceased its activities temporarily from mid-March, 2020 at more than 40% of its production facilities worldwide. This was done in order to safeguard employees and also as a response to dropping in demand.
Global Automotive LED Taillight Market Scope:
|Market Size Value in 2020||US$263.105 million|
|Market Size Value in 2027||US$382.780 million|
|Growth Rate||CAGR of 5.50% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Vehicle Type, Sales Channel, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Koninklijke Philips N.V., OSRAM GmbH, Peterson Manufacturing Company, Lambert Enterprises LLC, ORACLE LIGHTING, hyundai mobis, DENSO Corporation, Hella GmbH & co. KGaA, Robert Bosch GmbH, Valeo Group|
|Customization Scope||Free report customization with purchase|
- By Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- By Sales Channel
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Driver
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL AUTOMOTIVE LED TAILLIGHT MARKET, BY VEHICLE TYPE
5.2. Passenger Vehicle
5.3. Light Commercial Vehicle
5.4. Heavy Commercial Vehicle
6. GLOBAL AUTOMOTIVE LED TAILLIGHT MARKET, BY SALES CHANNEL
7. GLOBAL AUTOMOTIVE LED TAILLIGHT MARKET, BY GEOGRAPHY
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Koninklijke Philips N.V.
9.2. OSRAM GmbH
9.3. Peterson Manufacturing Company
9.4. Lambert Enterprises LLC
9.5. ORACLE LIGHTING
9.6. hyundai mobis
9.7. DENSO Corporation
9.8. Hella GmbH & co. KGaA
9.9. Robert Bosch GmbH
9.10. Valeo Group
Koninklijke Philips N.V.
Peterson Manufacturing Company
Lambert Enterprises LLC
Hella GmbH & co. KGaA
Robert Bosch GmbH
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